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The third stage can be regarded as the most sophisticated one, since it deals with decreasing existing competition in the industry by providing a product or service that is different from the rest, and is not as generic as those of the competitors.main points above demonstrate that the concept of promotion has diverse objectives and primarily deals with sales boosts, positioning, competitive relations through product acceptance and differentiation as well as such aspects as bond development and even nostalgia triggering by establishing brand awareness and maintaining brand s image consistency. Promotion is ultimately about increasing sales and solidifying the brand, product or service in the minds of consumers in such a way that differentiation can be achieved successfully and competition dealt with accordingly.
promotion financial communication flow
1.3 DRIP Model
of promotion can also be the following: persuasion, informing, reminding and reinforcing. The following goals are commonly abbreviated as the DRIP model, which easily describes the main points that promotional activity should cover. There are certain aims of the DRIP elements, it is a communication flow model of promotion.
: first element deals with the product or service differentiation from others in the same domain. Although it is difficult but it can be done by understanding how a product is positioned in the market. The goal here is to develop awareness and appeal, liking for the product among our target group from the pool of other similar products. Commonly 7P s of service marketing and digital marketing are used for this. An example would be a comparative advertisement, where one company claims that it is better than the other one, thus differentiating itself from its competitor in the process.: The aim can be as a reminder to consumers of the benefits of a product or service, or persuading them to start a new transaction. A brand can be described as an experience wrapped in a promise. The brand s message needs to be appropriately reinforced. Reinforcement can be achieved via demonstrating experiences, since such demonstration should show why your product is superior or why is it different from others. There may be cognitive dissonance in the minds of consumers and that is exactly the reason why one should remind about their product. (Inform): simple as its name, informing about a certain offering or making the target group aware about it - that is informing- the process of communicating and educating about your offering to your prospects. This usually includes new features, benefits, availability, offers, value etc. This will educate the consumer about your product. The customer will become informed.
:, in this context, means inducing your prospect (customer or the client) to behave in a certain way. Audiences should be persuade in such a way that they start behaving in a particular way; certain attitude within customers should also be intrinsically evoked. At this point, it is essentially about building a relationship with your customers, developing an emotional connection with them, establishing a rapport. These days it is so easy to get in touch with customers. Therefore, talking about the product on social media websites, engaging with customers on social media, offering free trials to encourage positive customer behavior is not a very difficult task to accomplish.
1.4 Promotional Mix
is generically defined as one of five pieces of in the promotional mix, which is also sometimes referred to as promotional plan. The concept is actually a combination of promotional tools that are exploited by the marketing department in order for the company to reach its goals and objectives. Different sources indicate different promotional mix elements, but the most acknowledge ones are the following: advertising, sales promotion, public relations, corporate image campaigns, product placement, sponsorship, personal selling, and direct marketing (as well as Guerilla marketing, which is a form of innovative, unusual and generally unconventional way of promoting a product or service). The figure to the right depicts only the basic elements of the promotional mix, and they will be now briefly examined.: Is widely described as means of communication with the users of a product or service. Advertisements are messages paid for by those who send them and are intended to inform or influence people who receive them. Advertising is always present, though people and target markets may not be aware of it. Nowadays, advertising uses every possible media to get its message through. It does this via television, print (newspapers, magazines, journals etc), radio, press, internet, direct sel...
