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Role of Promotion in Marketing

Promotion can generally be referred to as a type of marketing strategy that is used to enlighten target audiences about the advantages of a product or service and is usually compelling in nature. Lamb et al. (2020) argues that "few goods or services, no matter how well developed, priced, or distributed, can survive in the marketplace without effective promotion" (p. 819). This more or less affirms the importance of promotion to the perseverance of goods and services in the market. However, promotion can be utilized, however, by a concept called "promotional strategy."

Promotional strategies are carefully crafted plans that are designed for the best use of promotion, for example, sales promotion, social media, advertising, and so on, in order to realize the company's goals and marketing objectives, while a comparative advantage can be seen as a collection of special characteristics of a firm, in addition to its products and services, that the target market recognizes as preferable to the products and services of the competition.

The Effects of Advertising

Advertising can be defined as a popular form of promotion, especially for customer-packaged goods and services (Lamb et al., 2020, p. 869). In simpler words, advertising is the tactic utilized to bring products, services, etc., to the notice of the general public. Basically, advertising is done to make the public aware of a company's products.

The effects that advertising has on customers are diverse. For example, advertising can further strengthen a consumer's positive attitude towards a specific brand, either for a specific product or service, or the brand in general.

The Major Types of Advertising

There are two popularly known major types of advertising They are: institutional advertising and product advertising. Institutional advertising is also known as "corporate advertising" and is usually engineered to promote, remold, or establish the image or identity of a corporation. It mostly involves persuading the target audience to maintain a positive attitude towards the company and its goods and services. Product advertising, on the other hand, aims to reveal and promote the particular advantages of a company's particular good or service.

The Importance of The Key Learning Points

1. Promotion, as discussed earlier, is used to enlighten specific audiences about the availability and advantages of a product or service. In a typical marketing environment, for example, in the beverage market, if a company is willing to release its goods or services into the market, it first has to gain recognition for those products and/or services. This can be done by marketing those products, and one of the most celebrated strategies of marketing is promotion. Basically, promotion makes a business unique and differentiates it from its competitors.

2. The most apparent importance of advertising in a marketing environment is that it can speed up the growth of a business while increasing the exposure of the company’s brand to the relevant customers. Advertising can help a new business reach specific audiences with positive and enlightening messages that can bring in customers. Advertising is mainly done by companies to convince the market of the superiority of their products and/or services.

3. In a marketing environment, following conventional beliefs does not always work. If I establish a business and I convince myself that advertising the way that other companies, with similar orientation and products, are advertising, I might actually be digging a proverbial grave for my business. This is because what works for one business might not work for mine. This is why the types of advertising are important because, as a business owner, I should be able to evaluate the types and mediums of advertising and see which one will work best for my business. For example, advertising a mobile phone on a social media site would be easily accessible to young customers on a social media site. (Hazelden, 2019).

References:

Lamb, W. C., Hair, F. J., McDaniel, C. (2019). MKTG13. Principles of marketing, 13th Edition ISBN: 978-0-357-12780-3

Hazelden, B. (2019). “Importance of Advertising in Business.” Small Business – Chron.com, 12 Feb. 2019, https://smallbusiness.chron.com/importance-advertising-business-3260.html