Chapter 1 - Introduction to Promotion.ppt - IMD202 IMD 202...

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IMD 202 Promotion of Information Products and Services Week 1 & 2: Promotion IMD202 Chapter 1
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Definition - Promotion Communication by marketers that informs, persuades , and reminds potential buyers of a product in order to influence an opinion or elicit (extract) a response (McDaniel, Lamb & Hair, Introduction to marketing) The act of informing or reminding consumers about a specific product or a brand (Madura, Jef. Introduction to business) Chapter 1 IMD202
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Background of Promotion Used to supplement the other marketing strategies. The purpose of promotion : 1. To make consumer aware of a new product 2. To remind consumers the product exists 3. To remind consumers the product’s qualities and the advantages it offers 4. To induce consumer to purchase a specific products 5. To protect a product’s image and retain its market share Effective promotion should increase demand for Effective promotion should increase demand for the product and generate a higher level of sales the product and generate a higher level of sales Chapter 1 IMD202
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Objectives of Promotion The goals and tasks of promotion can be divided into three: » Inform the target audience » Persuade the target audience » Remind the target audience Chapter 1 IMD202
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Informative Promotion Increasing the awareness of a new brand , product class, or product attribute Explaining how the product works Suggesting new uses for a product Building a company image Chapter 1 IMD202
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Persuasive Promotion Encouraging brand switching Changing customers’ perceptions of product attributes Influencing customers to buy now Persuading customers to call Chapter 1 IMD202
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Reminder Promotion Reminding consumers that the product may be needed in the near future Reminding consumers where to buy the product Maintaining consumer awareness Chapter 1 IMD202
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Promotion Objective Objectives must be made based on the stages of buying readiness called hierarchy of effects The stages are: Awareness : to build familiarity with the product and the brand name Knowledge : goes beyond awareness, therefore enterprise has to find a way to quickly and easily inform consumers how its service is unique Chapter 1 IMD202
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Promotion Objectives (cont.) Liking : promotion can be used to move knowledgeable audience from being indifferent to liking a brand Preference : distinguishing among brands such that the market finds your brand more attractive than
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