Textbook Notes (369,133)
Canada (162,403)
MGTA02H3 (363)
Chapter 84

Chapter 8 4Ps.doc

8 Pages
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Department
Management (MGT)
Course Code
MGTA02H3
Professor
Chris Bovaird

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Description
Chapter 8 4Ps PromotionPromoting products and servicesPromotion is any technique designed to sell a productIt is part of the communication mix The total message a company sends to consumers about its productIt must communicate the uses features and benefits of products Sales promotions also include various programs that add value beyond the benefits inherent in the productInformation and Exchange ValuesA business uses promotional methods to communicates information about itself and its products to communicate information about itself and its products to consumers and industrial buyers From an industrial standpoint it seeks to accomplish things with potential consumers make them aware of products make the knowledgeable about products persuade them to like products persuade them to purchase products The promotional program then whether at the introduction stagepromoting for new product awareness or maturity stagepromoting brand benefits and customer loyalty can determine the success or failure of any business or productPromotional objectivesThe objective of any promotion is to increase sales Marketer uses promotion to communicate information position products add value and control sales volumeCommunicating information Information may be communicated in writing verbally or visuallyPositioning Products It establishes an easily identifiable image of a produc in the minds of consumers With product positioning the company is trying to appeal to specific segment of the market rather than to the market as a wholeAdding Value Value conscious customers gain benefits when the promotional mix is shifted so that it communicates value add benefits in its productsControlling Sales VolumeBy increasing promotional activities in slow periods these firms can achieve more stable sales volume throughout the year They can thuse keep production and distribution systems running evenly Promotion can turn slow season into peak sales periods
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