Promotional Strategies

38 Pages 9452 Words

n Greenwich, CT. (Promo staff, Do Clients Think Promotion Marketing Strategy is More Important than Brand Advertising?)

Planning of effective promotional campaigns is strongly based on careful research and deep analysis of internal and external factors. Following the economic slowdown “promotion-related research increased in spending by 1.0 percent to $1.47 billion in 2001 only, according to PROMO estimates based on industry sources”, after previous year increase in spending by 9.0 percent to $1.46 billion. (Promo staff, Research: Reaching Beyond Scanners) Research of the market allows companies to foresee marketing problems and opportunities by means of recording and analysis of information collected during the research period. It can stress out different issues that are the most important and relevant to the company’s future operations. Every research is a subject to collection and interpretation of primary and secondary data needed by the company to make further strategic decisions to accomplish its goals. This information further applies “to each step of SMP process: identifying environmental threats and opportunities, comparing the potentials of diverse markets, selecting target markets, establishing realistic missions and goals, formulating and implementing goal-oriented strategic plans, and controlling marketing performance.” (Sandhusen, p. 167) Advertising and marketing firms also appeal to psychologists for help in “finding kid’s hot buttons in order to sell”, so that they could communicate promotional and advertising offers more accurately. (Promo, Psycho Analysis) There are many professional organizations that can be hired to research and consult business enterprises, but it is also possible to perform a research on it’s own since information collected before and during every campaign can have a strong impact in evaluation of marketing mixes and strategies, measurement of past performance, and forecasting...