Establish and adjust the marketing mix Essay
Establish and adjust the marketing mix
Promotions are not just aimed at increasing usage of the products. Followings are five other specific promotional aims.
There have two term of campaigns, long term and short term campaigns. In a short-term, the main aim would be to drive revenues or cash flow, it also trigger the buyer actions. In the long-term campaign, the main aim would be intended to lead optimized profit margins. Especially for a new business they might aim to build a customer base in order to cover new start-up business costs and maintain a sustainable business. For the established companies, their aim would be to generate more business during slow or off season periods, and to expand the business into the newer markets.
One of the most popular promotional objectives would be building or maintaining brand recognition. The objective is to let customers or people know and well recognized your brand logo, other symbols or characters. Customers identify it with your company and hopefully associated with good impression to it, this might lead to customers will advertise our brand to his/her friends. It also gives people something to remember you by , that helps the business stand out even more. Understanding and connecting with the image of your brand is critical to long-term customer’s loyalty and profits.
As customers become more familiar with your brand, the next stage is to motivate purchase intent. The goal is to eliminate, neutralize or blocks the efforts of competitors to grab market share. You need to lure customers away from aggressive competitors. Promotional activities can be used such as refreshing trial use, encouraging existing customers to consume more quantity it occurs when customers are satisfied and can see no reason to buy form another company and more frequency and getting customers to switch from competing options. Some customers are so satisfied with your services they cannot imagine shopping somewhere else A variety of promotional tools are used in this endeavor, including free trial offers or first-time buyer discounts Create Awareness
Increased market awareness is a primary promotional objective. A mature product that is providing something new such as a product improvement or enhancement can also turn to promotion. A product that’s new to the marketplace will need promotion to be introduced to consumers. In all these cases, the objective is to make noise in the market that results in sales.
One ongoing objective of companies is to promote goodwill with the public and also public relation campaign. Staying active in community activities and giving to charities are common promotional tools with public relationship. Coinciding with building and maintaining goodwill, public relationship and other promotional campaigns are sometimes used to combat negative publicity already festering. Wal-Mart often uses advertising to promote positive attributes of the company in the face of criticism for some of its business practices.