I’m working on a marketing multi-part question and need an explanation and answer to help me learn.
Assume that you are the vice president of marketing for a small brand. You are trying to increase market share in the Chicagoland area.
How would you plan for your brand to improve its current product strategy?
- Budget: You have $50,000 to spend on promotions.
- What are your recommendations on the Promotional Mix?
- How will you allocate your money?
- What is your rationale? Why did you select the various amounts of money to spend on each promotional element in your plan?
- Traditional advertising: paid non-personal promotion by an identified sponsor that is delivered through media channels like T.V, radio, magazines, billboards
- Personal selling: face to face presentation to a prospective buyer. It allows for an exchange of ideas and to clear up any misconceptions.
- Sales promotion: Marketing activities that are designed to get the consumer to act immediately. Options include coupons and samples, displays, shows and exhibitions, buy one get one (BOGO)
- Public relations: Programs that are designed to promote an image or gain acceptance of the company in the marketplace. Public relations can include publicity and special events.
- Social media: The use of social media such as Facebook, Twitter, Pinterest, Instagram, and various blogs to generate “buzz” about a product or company.
- E-commerce: Using the company’s website to gain orders and collect information.
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