Role of Promotion in the Marketing: Function and Benefits

In a dynamically developing economic environment, it is important for companies to remain competitive. Marketing management and promotion are used in combination with each other to …

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FAQs about Role of Promotion in the Marketing: Function and Benefits Coupon?

Why is marketing promotion important?

Without effective promotion, the product awareness may remain low in the market and lead to lower than expected revenue. But on the other hand, marketing promotion also would require dedicated budget but it helps in creating the awareness in the market enabling the organization to drive additional revenue. ...

What is promotion in marketing?

Promotion in marketing refers to the various activities and strategies employed to communicate with the target audience about a product or service. It aims to inform potential customers about the product’s features and benefits, persuade them to make a purchase, and remind them about the product to build brand loyalty. ...

Why is promotion important in a competitive market?

Promotion helps people know that the right product at right price is available at the right place. In a competitive market, without promotion, practically no sale is effected. Promotion is the process of marketing communication to inform, persuade, remind and influence consumers in favour of a product or service. ...

What is a promotion & how does it work?

Promotion: Promotions are a form of short-term marketing strategy that is designed to increase brand awareness and encourage consumers to buy a particular product or service. They are typically offered with an incentive, such as a discount or free goods, and often have a time limit to create a sense of urgency in buyers. ...

Why is promotion important?

Promotion also serves to keep the product top-of-mind for customers. This is particularly important in markets with high competition and frequent purchases. Regular promotional activities ensure that your product remains the preferred choice. ...

What is the importance of a promotion strategy?

The importance of a promotion strategy depends on your objectives. Promotions can accomplish several different goals: Boost brand awareness. Convince people to try a new product at least once. Provide information. If your product is new, promotion can make people aware of its benefits and why it's better than the competition. Increase customer use. ...