What different ways can companies use to promote their products or brands? What are the characteristics, advantages and disadvantages of each?
There are several different ways that companies can use to promote their products or brands. Firstly, advertising reports on the characteristics of a given product or service and tries to persuade consumers to buy it. Advertising is probably the most effective and becuase of its importance, most companies have decided to create their own advertising departments or contract an advertising agency in order to reach consumers trough the mass media (TV commercials, billboards, and so on). Nevertheless requires many costs to implement it and there is a lot of competence.
Another way is Public Relations that represent the whole range of activities undertaken by the company to keep, improve or protect an image that has been planned. The most common element used by public relations is publicity which is cheaper than advertising and it is prefered by the consumers. Despite being cheaper also entails costs.
Sales promotions are also a way of promotion which tries to increase sales of a product through various effective tactics such as free accessories, price reductions, coupons and so on. In fact, this tactics are only used in the maturity stage of the life cycle until the product enters the decline stage.
Finally, the Personal selling can act in several ways such as a complement to advertising or also suggesting the consumer about company’s product or service trying to sell these product or service and resolving any doubt that consumers have. Personal selling is a very important channel of information because the only person that consumer see represents a company. As disadvantage this method is scarcely used because is the most expensive
Mark = 5