Essay Title: 

Identify 4 factors that affect promotion strategy. For your discussion, use Promotion factors from the 4P factor document in your readings above.

March 24, 2016 | Author: | Posted in political science, social sciences

Promotion Strategy

Promotion

Promotion is the means by which businesses or organizations reach out to their markets to inform them regarding their products or services Businesses want consumers to know the features and advantages of their products . Such information drive aims to persuade consumers to buy the product or avail of the service offered by the business . The basic principles in marketing messages are to inform , persuade , and influence These likewise serve as the basic goals of promotion

Target Market

The target market is the portion of the consumer market [banner_entry_middle]

which a business believes will most likely purchase their products or services Basically , the target market is the part of the consumer market to which majority of the promotional and advertising activities are directed to

Knowing the target market is necessary in the development of the promotional strategy for a product or service . This is because the promotional activities should be suited to needs , desires , and character of the target market . If not , the product or service will not be appreciated by the consumers that the product was developed for

In the case of Far Horizon , its target market consists of three entities , individuals , organizations , and business that are looking for venues to hold special events or gatherings . With such a composition of the target market , Far Horizon must implement a promotion strategy that appeals to the needs of the said market . For instance , it should develop a strategy that will promote Far Horizon as a venue for special gatherings that can provide all the necessary services that are required in holding special events such as , catering , AV equipment , and soon accommodation facilities . These are the major needs of the target market . As such , the promotional strategy should be created in such a way that it promotes Far Horizon as a product that will meet such needs .Competition

It is important to know the competitors of a product or service when developing a promotional strategy . Knowing the competition means identifying the strong and weak points of each of the competitors . The promotional strategy should be directed towards differentiating the product from others that are available in the market . It should be able to make the product stand out and in essence , become the primary choice for consumers in need of such product or service . Therefore , the company must be able to identify the strengths and weaknesses of its competitors in to arrive at a promotional strategy that will differentiate it from its competitors . Also , the company should look at the manner by which the competing products are promoted in to avoid duplicating the same scheme

Far Horizon ‘s main competitors are the library , the community college the school district , and the Holiday Inn . Since the first three competitors mentioned do not really engage themselves in promotional activities , Far Horizon only needs to consider the promotional strategy of Holiday Inn . However , it must address the strengths and weaknesses of all of its competitors . The common weakness that the competitors… [banner_entry_footer]

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