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PROMOTING PRODUCTS
THEME: FAST FOOD INDUSTRY
1.0 Abstract
Fast food industry regularly engages in promotion, which is the act of informing or reminding consumers about a specific product or brand. They can use promotion to increase the demand for the product and thereby increase the value of the firm. The decision about the type of advertising is important because it affects the demand by customers. The use of other promotion methods can also affect the demand by customers and therefore affects the firm’s revenue. The decision about public relations can also affect the customer demand and therefore the revenue.
2.0 Introduction
Even if a firm’s product is properly produced, priced and distributed, it still needs to be promoted. Firms commonly use promotion to supplement the other marketing strategies (product, pricing and distribution strategies). A quality product that is reasonably priced may not sell unless it is promoted to make customers aware of it. To make consumers aware of a new product, promotion can be used when the product is introduced. Promotion can also remind consumers that the product exists. Furthermore, promotion reminds consumers about the product’s qualities and the advantages it offers over competing products. Promotion may also include special incentives to induce consumers to purchase a specific product. Promotion may also be used on a long-term basic to protect a product’s image and retain its market share. Effective promotion should increase demand for the product and generate a higher level of sales.
A fast food restaurant, sometimes known as a quick s ...