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16 Cards in this Set
- Front
- Back
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Advertising |
Can promote goods and services and the brand's image through various forms of media including TV, newspapers, radio, etc. |
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Main downside to advertising |
Very expensive, especially at prime times. The cost must be worth it in terms of the extra sales or awareness created. Also need to follow legal constraints, such as alcohol and cigarette advertising regulations. |
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Digital Advertising |
Can target particular customers who have shown a particular interest online using big data. Can save money by advertising within apps where the company is only charged for each time the advert is clicked on. Viral marketing gets consumers to share adverts through their social media, often in exchange for something such as a competition or something free. |
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Specialist Media |
Advertises specialist products to a niche market, such as advertising fishing equipment in a fishing magazine rather than The Times newspaper. |
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Advertising at launch of a product
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Often heavy and informative to tell customers about the product. |
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Advertising during the growth phase of a product |
Aims to persuade customers how the product is differentiated from competitors', hopefully so sales increase to grow or maintain market share. |
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Advertising during the maturity/saturation phase of a product |
Customers need to be reminded of the product. If being used as an extension strategy, customers need to be aware of any improvements made. |
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Branding |
Differentiates a product from competition. If customers can be convinced that a particular brand is superior, a business can charge a premium price. Customers will often remain loyal to companies with strong branding. Needs to distinguish from competition and increase barriers to entry for new competitors. Could have an ethical/environmental image to form part of their USP. |
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Sales Promotions |
Special offers such as allowing "buy one get one free". Can raise awareness and increase sales of a product. Could be aimed at a retailer from a manufacturer to get them to stock more of their products. |
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Merchandising |
Retailers display a company's products as effectively as possible. Could also offer point of sale displays to increase awareness. |
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Direct Mail |
Uses big data to target customers based on their interests. Need to be targeted towards the customers contacted, otherwise it's more than likely going to be binned which is a waste of money. |
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Personal Selling |
Personal communication between a salesperson and a customer. Includes sales assistants in shops, as well as travelling salespeople and phone salespeople. |
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Relationship Marketing |
Forming long-term relationships with customers. Costs less than continually trying to attract new customers. Very easy to do using social media! |
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Event Sponsorship |
Makes customers aware of a firm and helps develop brand image. |
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Direct Response TV Marketing |
Encourages consumers to contact the advertiser directly to buy the product they've seen on TV. Used by shopping channels. |
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Public Relations |
Liasing with the media, writing press releases and answering press enquirires. Also write brochures, newsletters and leaflets giving information about the company. Deals with things such as product launches, conferences and other special events. |
