Issue: № 9/2, 2022
Doi: https://doi.org/10.37634/efp.2022.9(2).4
The paper is devoted to the study of the most widespread issues and difficulties of product promotion implementation nowadays, considering current complicated conditions of uncertainty. The paper covers the main definitions of product promotion as the fourth element of the marketing complex, which necessitates the study and generalization of the experience of Ukraine and other countries. The study examines product promotion as an important way to drive sales and increase revenue to cover initial research and development costs, manufacturing costs, and product testing. However, a poorly planned advertising campaign can bring big losses. Therefore, successful product promotion involves creative marketing strategies to increase sales by reaching a specific audience. Product launch and promotion are parts of a manufacturing company's process to increase revenue and brand loyalty. It can also be noted that product promotion is the process by which a company uses the means at its disposal to encourage customers to buy their products. Companies may offer exclusive offers, discounts, and other opportunities for a limited period to entice customers to purchase their product or service. Since customers usually want to receive a favourable offer, it is the quality of product promotion that becomes the determining factor in the process of the customer deciding whether to buy your product or your competitor's product. Promotion is the fourth element of the marketing complex (namely: product, price, distribution, and promotion), which is considered as a method of communication. This element is used by the enterprise to achieve a certain set of goals, such as: providing potential buyers with information about the availability of functions and use of the product; stimulating demand for the product by increasing awareness and interest among customers; emphasizing the difference between the company's product and the competitor's product by creating customer loyalty to the brand; stabilization of sales, emphasizing the importance and features of the product. These goals have shown that product promotion is one of the most important ways to increase the profits of the company and to keep further improvement in difficult conditions.
Keywords : marketing, product promotion, marketing complex, advertising
References:
1. Dubnytskyi V.I., Kolodynskyi S.B. Marketing tools in the development of the enterprise in the conditions of digital transformation. Marketing: challenges and solutions: materials of the II International Scientific and Practical Conference (Odesa, April 21, 2021). / edited by Doctor of Economics, Prof. I.L. Litovchenko. Odesa: Helvetica Publishing House, 2021. pp. 122-125. URL: dspace.oneu.edu.ua/jspui/bitstream/123456789/13000/1/Маркетинг виклики та рішення.pdf [in Ukrainian].
2. Popov E.V. Promotion of goods and services. Moscow, 2002. [in Russian].
3. Golubkov E.P. Marketing: strategies, plans, structures. Moscow, 1995. [in Russian].
4. Hanza I., Martoian A. Marketing strategies and influencing factors in the promotion of high-tech products on the market. East. 2014. No. 1. pp. 22-26. URL: http://nbuv.gov.ua/UJRN/Skhid_2014_1_5 [in Ukrainian].
5. Komleva N.S., Chudaykina T.N. Modern methods of promotion of industrial and technical products in the regional market. International Economic Forum. 2010. URL: https://be5.biz/ekonomika1/r2010/00914.htm [in Russian].
6. Thttp://ucom.ru/doc/na.2017.08.01.062.pdf [in Russian].
7. Hasparian E.V., Syvoplias Yu.V. Peculiarities of competition and product promotion in foreign markets. National Metallurgical Academy of Ukraine. Young Academy: collection of abstracts of reports of the All-Ukrainian scientific and technical conference of students and young scientists. Dnipropetrovsk, 2014. 237 p.
8. Yudina N. V. Technologization of marketing activity management. Economic Bulletin of NTUU "KPI". 2015. No. 12. http://ev.fmm.kpi.ua/article/view/45629
9. Prokudina O.A., Malahova N.L. Study of the conceptual and terminological apparatus of the definitions of promotion and communication. Young scientist. 2014. No. 1(04). pp. 44-47. URL: http://www.irbis-nbuv.gov.ua/cgi-bin/irbis_nbuv/cgiirbis_64.exe?C21COM=2&I21DBN=UJRN&P21DBN=UJRN&IMAGE_FILE_DOWNLOAD=1&Image_file_name=PDF/molv_2014_1(04)__10.pdf [in Russian].
10. Hryshchenko O.F., Niesheva A.D. Social media marketing as a tool for promoting the company's product. Marketing and innovation management. 2013. No. 4. pp. 86-98. URL: http://www.irbis-nbuv.gov.ua/cgi-bin/irbis_nbuv/cgiirbis_64.exe?C21COM=2&I21DBN=UJRN&P21DBN=UJRN&IMAGE_FILE_DOWNLOAD=1&Image_file_name=PDF/Mimi_2013_4_10.pdf [in Ukrainian].