Lecture Notes on Media and Promotions of the Four P's

Introduction

• Focus: Media in relation to promotions of the four P's (Product, Place, Price, Promotions).
• Promotions are essentially about communication.
• Key questions for media selection:
  • Where are your customers?
  • When are your customers available?
  • How will you reach them?

Types of Media Approaches

Inbound Marketing

• Definition: Creating content and resources that pull in customers.
• Examples:
  • Blogging
  • Social media platforms (e.g., Instagram, TikTok)
  • SEO (Search Engine Optimization) on Amazon, Google, YouTube
  • Podcasting
  • Email blasts to approved lists
• Advantages:
  • Low cost or free.
  • Builds trust and loyalty with customers.
  • Customers come to the company, leading to a higher trust level.
• Disadvantages:
  • Time-consuming; results can take a long time to manifest.

Outbound Marketing

• Definition: Pushing messages out to a wide audience in hopes of gaining customers.
• Examples:
  • TV and print ads
  • Telemarketing
  • Text and email blasts to unapproved lists
• Advantages:
  • Faster results; can reach large audiences quickly.
  • Useful if you have a large budget and short time.
• Disadvantages:
  • Expensive.
  • People may be more skeptical as they are approached directly.

Key Vocabulary

Advertising

• Paid placements for promotion.
• Always involves a monetary transaction to medium (e.g., Google, Amazon).

Direct Marketing

• More targeted and customized approach.
• Includes email and telemarketing.

Consumer Promotion

• Nudges to encourage purchases (e.g., coupons, buy one get one free).

Personal Selling

• High involvement cognitive purchases.
• Usually involves salespeople in: electronics, automotive, real estate, high-end retail.

Public Relations (PR)

• Traditionally free, now includes paid influencers.
• Influencers often appear as neutral but may be compensated.

Event Marketing and Sponsorships

• Sponsoring large events (e.g., Super Bowl, Olympics).

Social Media

• Engaging with customers on platforms like Twitter, Instagram, and Snapchat.
• Importance of researching where your customers are active.

Challenges in Engaging Customers

• Customers are exposed to thousands of ads daily but only notice a few.
• Strategies to engage customers include product placement:
  • Placing products naturally in TV shows, movies, or games.
  • Example: Apple products in "Modern Family", Chevrolet Camaro in "Transformers".

Conclusion

• Importance of selecting the right media channels.
• Constant evaluation of consumer behavior and media trends is crucial.
• Product placement is a growing method to invisibly integrate advertising into content.