What is Promotional Strategy?
Promotional strategy is a method used by companies to advertise, promote & sell their goods. A company chooses its promotional strategy based on factors like product type, marketing budget, target audience etc. It is a critical activity to increase product awareness & thereby increase sales. An effective promotional strategy gets more revenue as compared to the marketing spend.
Importance of Promotional Strategy
Promotion for any product or service is essential for any company. It is because only through promotion people would come to know about the product. Only after knowing about the product they consider purchasing. Since there are some many companies & brands competing to sell their products to the same set of customers, advertising & promotion are important tools to ensure each brand is differentiated & identified