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Promotional Strategies

Promotional strategies inform, persuade and influence the consumer’s decisions. It mainly seeks to develop primary and selective demand. While primary demand mainly focus on the desire for general products, selective demand puts more focus on the desire for selective or particular products. The objectives of these strategies vary among organizations. Some use this approach to hold their current position in the market, others to expand their market and still others to present a corporate viewpoint on a public concern or issue. Businesses can also use these strategies to reach selected markets.
An effective promotional strategy has so many advantages. It can help a business provide the right business information, differentiate its products, increase sales, accentuate the value of their product and stabilize sales. Through the provision of specific product information, consumers become aware of the availability of a product in the market. Through product differentiation, a business is able to differentiate its good and service from those of the competitors.
The main objective of a promotional strategy is to increase sales value. Generally, there are strategies that mainly focus on primary demand while others focus on selective demands. Some businesses even target specific audiences in order to increase their sales volume. In addition to increasing sales value, businesses are also implementing promotional strategies to help them stabilize sales. Some businesses offer prize contests like vacation trips or scholarship.
A business with a stable sales pattern is able to improve its marketing, financial and purchasing plan. This means that the business is able to even out their production cycle and reduce production and product management costs. Generally, if your business has an effective product promotional strategy, you will be able to increase leads, increase sales and close deals, increase its referrals and trust and lastly, increase the visibility of the business as a whole. Building trust should be among the top reasons for identifying an effective promotional strategy. Building trust will not only help you increase the number of customers to your business but also help you be a leader in the market.
The promotional strategies that will be utilized to bring awareness to the new “BBQ Sauce” are as follows:
• Advertising - advertising is any paid form of non-personal presentation and promotion of goods and services by the identified sponsor in the exchange of a fee. Through advertising, we the marketers will try to build a pull strategy; wherein which the customer will be instigated to try the product at least once. The complete information along with the attractive graphics of the product will be shown to the customers which will grab their attention and influence the purchase decision. Our advertising will take on the traditional form of television, radio as well as print ads.
• Personal Selling - This is one of the traditional forms of promotional tool wherein the salesman interacts with the customer directly by visiting them. It is a face to face interaction between the company representative and the customer with the objective to influence the customer to purchase the product. The sales promotion team will be sent out after being trained to approach customers at supermarkets, wholesales to persuade them to buy the “BBQ Sauce”.
• Public Relations - The marketers try to build a favourable image in the market by creating relations with the general public. Grace already has a strong public image and has been a trusted brand for many years, hence, it will not be difficult for us to launch the new product to the public.
• Sales Promotion - The sales promotion is the short term incentives given to the customers to have an increased sale for a given period. Discounts, Coupons, Freebies, are the sales promotion schemes that we will be utilising. This is aimed at increasing short-term profits, by attracting both the existing and the new customers. For a short period of time we will be offering the “BBQ Sauce” smaller size that customers can get with their purchase of the “Jerk BBQ Sauce”. We will also be doing sampling of the Sauce in select supermarkets as well as during our promotional campaigns.
• Direct Marketing - With the intent of technology, companies reach customers directly without any intermediaries or any paid medium. The e-mails, text messages, Fax, are some of the tools of direct marketing. We will send emails and messages to the customers if they need to be informed about the new offering which is our “BBQ Sauce” as well as our sales promotion schemes.






Outline how the elements of the marketing mix will be blended together
Product
In order to design or identify a suitable product, we will have to conduct thorough research into the tastes, requirements and buying habits of our target audience. This research-backed approach provides a surer path to commercial success than simply creating a product under the assumption it will find its place in the market.
Price
The product should be sold at a price which the target audience deems to be good value-for-money. When calculating a product’s price, we must take into account all the costs entailed in producing, promoting and delivering that product. If production and promotion are set to carry relatively high costs, this should be reflected in an appropriately high price. Effective pricing is not a simple matter of offering a cheaper alternative to the competition.
Place
The product should be available where the customer expects to find it, e.g. in supermarkets. Further, we must identify how the product should be presented in each context. For example, which aisle of a supermarket should a Grace product be stocked in? Should it be sold in a trade promotion? In which contexts should it appear as an online ad? Place also takes into account the logistical factors affecting a product’s profitability, such as storage and distribution.

Promotion
The product should be promoted to the appropriate audience via appropriate channels, using advertising methods which resonate with that audience. The product benefits and features highlighted through promotion will align with the audience’s most compelling requirements.
People
The team involved in the delivery of the project will possess the skills and qualities needed to ensure its success. As such, the marketing team must put in place processes and best practices for how customer representatives behave publicly and communicate with customers. Methods for doing this include distributing a social media policy, paying attention to communication skills when hiring customer service representatives, providing training on good communication, and imposing disciplinary measures to deter misbehaviour.
Process
The processes involved in a product’s delivery will significantly affect the customer’s experience, level of satisfaction, and lifetime value to your business. This factor is totally dependent on the customer service personnel’s.
Physical evidence
This is all about ensuring every component involved with the product adheres to the same brand values as the product itself. In order to achieve a consistent, convincing experience for the customers, we will have to ensure that all seven P’s are accounted for.

References
https://www.business.qld.gov.au/running-business/marketing-sales/marketing-promotion/marketing-basics/seven-ps-marketing
52 Types of Marketing Strategies – cultbranding.com. (n.d.). Retrieved from
http://cultbranding.com/ceo/52-types-of-marketing-strategies/
Boone, L. E., & Kurtz, D. L. (2019). Contemporary marketing. Boston, MA: Cengage
Learning.
Fifield, P. (1998). Marketing strategy(2nd ed.). Oxford: Butterworth-Heinemann.

Food and Services. (n.d.). Retrieved from https://gracekennedy.com/index.php/what-we-do/food-
services/distribution
GraceKennedy Group - GraceKennedy Financial Services ... (n.d.). Retrieved from
http://www.gracekennedy.com/


==Status or progress==
==Status or progress==

Revision as of 16:54, 25 August 2020

Look up promotion in Wiktionary, the free dictionary.

Promotion may refer to:

Marketing

Status or progress

  • Promotion (chess), when a pawn reaches the eighth rank
  • Promotion (Germany), the German term for the doctoral degree
  • Promotion (rank), the advancement of an employee's rank or position in an organizational hierarchy system
  • Promotion and relegation, in sports leagues, is a process where some teams are transferred between multiple divisions based on their performance for the completed season

Arts, entertainment, and media

Other uses

See also

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