Posted: 02.23.2018
Welcome to our blog!
Last week we explored pricing strategies within the product/service lifecycle. This week, let's take a look at promotion strategies.
Promotion is a broad term. It intails clearly communicating a value to consumers. Since consumers vary widley, so do promotion strategies. Below are a few key methods:
#1. Advertising: Not just communicating "sale" prices, advertising across multiple media forms can educate, build awareness, and position brands effectively.
#2. Public Relations: PR teams develop a positive relationship between companies, the media, and the public.
#3. Sales Promotion: Short-term increases in demand fueled by price discounts, coupons, discount codes, etc.
#4. Sponsorship: Commonly used in sporting events; player's clothing and stadiums will be covered in the company's branding, etc. This tactic is commonly used locally as well, i.e. softball league team sponsorship.
As with pricing, promotion strategy and tactics change throughout the lifecycle:
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