Product promotion is the act of advertising a good or service with the goal of increasing sales. Many companies use different techniques to promote their products through a vast array of communication media. In this day and age, there is not necessarily one communication medium that is better than another simply because the most effective medium is based on what type of product you are promoting. There is the physical form of product promotion and the digital form, both of which require clear and concise textual information about the product being advertised.
Since the turn of the 21st century, many companies have been trying to utilize online social media for product promotion. Some of the most popular forms of online social media are Facebook, Twitter, and MySpace. Within an online social media network, companies have the ability to advertise and promote their products to anyone, at any time, anywhere in the world. Because of the vast popularity of social media, companies have had great success on marketing products to the younger generation who otherwise might not have seen an ad in a newspaper or on TV.
Promotion is one of the five market mix elements: personal selling, advertising, sales promotion , direct marketing, and publicity. A promotional plan specifies how much attention to pay to each of the five subcategories and how much money to budget for each. A promotional plan can have a wide range of objectives, including sales increases, new product acceptance, creation of brand equity, positioning, competitive retaliations, or the creation of a corporate image. Fundamentally, however there are three basic objectives of promotion. These are to present information to consumers as well as others, to increase demand, and to differentiate a product.
Promotion
Promotion is one of the market mix elements.
There are different ways to promote a product in different media. Promoters use internet advertisement, special events, endorsements, and newspapers to advertise their product. Many times with the purchase of a product there is an incentive like discounts, free items, or a contest. This is to increase the sales of a given product.