In the United States, over $3B worth of coupons and rebates are redeemed each year – indicating that it is an effective form of sales promotion.According to various academic studies, around 20% to 30% of consumers will be actively involved in the collection and redemption of coupons. These consumers tend to be more price sensitive […]
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Sales promotions are short-term incentives designed to drive sales. They are part of the promotional mix within the marketing 4P’s. Because they often carry pricing incentives, such as discounts, they also have a crossover with the pricing mix in the 4P’s as well.Two common promotional vehicles used in a sales promotion program are coupons and
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Sales promotions are short-term incentives designed to drive sales. They are part of the promotional mix within the marketing 4P’s. Because they often carry pricing incentives, such as discounts, they also have a crossover with the pricing mix in the 4P’s as well.Sales promotions are usually executed through retailers, but service firms and other direct
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What is a product improvement?When a firm improves one of their existing products, which they are already market and sell to consumers, in some manner, then this is known as a product improvement.Product improvements can be quite substantial or quite minor. For example, for a food product one of the ingredients may be changed to
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In the classification of new products, product repositioning is considered to be a new product task. There are a numerous challenges and benefits associated with product repositioning as discussed in the following article. Please refer to a separate article for the benefits of repositioning, as well as an example of repositioning.What is product repositioning?Product repositioning
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As you know, many new products fail in the marketplace, which means that evaluation of new products, prior to development and launch, is critical.
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Let’s evaluate the key differences between the evolving IMC definitions to understand how the perception and role of integrated marketing communications has progressed.Broader than just consumersThe audience is much broader than just consumers. While communicating to consumers obviously remains very important and probably the focus of communication for most firms – firms also need to
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Marketing strategy in the promotional eraToday most firms operate in line with the marketing concept or the societal marketing concept. However, if we go back in time, firms tended to operate with a sales and/or promotional focus.This video highlights Crocker Bank from 1970. It is taken from a documentary on the advertising industry entitled Art
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NAB’s Repositioning in the Australian Banking MarketThis video highlights a major campaign undertaken by the National Australia Bank (NAB). As you will see, this is probably one of the best executed campaigns that you will see, given that it uses so many different communication tools and its core message was effectively communicated in a very
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The changing media environmentThe process of communicating in marketing is far more challenging in today’s environment due to the complexity of media choices and the interaction between consumers and the resultant effect on consumer shopping behavior. In the “old days”, a firm’s promotional mix was almost exclusively made up of its sales function and advertising
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