i. Publicity has the advantages of being free, gaining credibility from third party sources, and helping to build a brand over time. However, it also has drawbacks like potential loss of trust if inaccurate information is spread and generally hurts sales with negative publicity.
ii. Promotion can help gain market share, increase sales growth, add value for customers, and improve reputation. However, it requires spending money which small businesses may not have. More promotion may also force businesses to be more innovative to advertise on a budget.
iii. PR can increase brand credibility, attract target markets, add value, and generate long and short term leads. It also helps build a strong brand image over the long run. However
i. Publicity has the advantages of being free, gaining credibility from third party sources, and helping to build a brand over time. However, it also has drawbacks like potential loss of trust if inaccurate information is spread and generally hurts sales with negative publicity.
ii. Promotion can help gain market share, increase sales growth, add value for customers, and improve reputation. However, it requires spending money which small businesses may not have. More promotion may also force businesses to be more innovative to advertise on a budget.
iii. PR can increase brand credibility, attract target markets, add value, and generate long and short term leads. It also helps build a strong brand image over the long run. However
i. Publicity has the advantages of being free, gaining credibility from third party sources, and helping to build a brand over time. However, it also has drawbacks like potential loss of trust if inaccurate information is spread and generally hurts sales with negative publicity.
ii. Promotion can help gain market share, increase sales growth, add value for customers, and improve reputation. However, it requires spending money which small businesses may not have. More promotion may also force businesses to be more innovative to advertise on a budget.
iii. PR can increase brand credibility, attract target markets, add value, and generate long and short term leads. It also helps build a strong brand image over the long run. However
1. State the advantages of publicity, promotion, and PR.
Publicity: i. Cost - Publicity and marketing are two terms that are frequently interchanged when discussing the different ways a business promotes itself; however, there are important distinctions between them. Publicity is generated by third parties, such as the media, whereas marketing materials are generated internally by the company. One of the best things about publicity is that it is always provided at no cost. A company can spend significant money on marketing personnel and promotional activities. However, publicity, such as unasked-for reviews in the local newspaper or word-of-mouth on social media platforms, typically costs little. ii. Credibility - People have come to accept that advertisements and commercials for products sold by a company will, to some extent, be biased or exaggerated. On the other hand, third-party sources, such as articles published in magazines or online reviews, are frequently considered to contain less bias. This is especially true when the source can be relied upon, such as a publishing house that has been in business for a long time or a well-known professional reviewer. Publicity from individuals not affiliated with your company can frequently give the impression of more remarkable dedication to your potential customers than claims made by your company itself. If you have high-quality products, professional marketing may be effective for your company; however, positive press from an objective source may benefit your company's reputation more. iii. Branding - There are a lot of successful businesses that have been around for a long time that rely on the power of their brand to bring in new customers. Suppose you can provide your customers with high-quality products that live up to or exceed their expectations. In that case, they may be more willing to experiment with any new products you produce simply because they recognize your brand. Effective branding typically requires an investment of time. You can build your brand with consistent publicity by repeatedly putting your company's name in front of potential customers. This will help you build your brand. Over time, more and more people could become familiar with your company's reputation, which could set you apart from your rivals. iv. Generating Publicity - The publicity comes from external sources, but it only occurs occasionally. You will need the assistance of a paid public relations professional to make direct contact with various media outlets and pitch your business to get the ball rolling with potential publicity sources. You will need to provide publications like newspapers, magazines, and social media sites with information that piques their interest in your business and motivates them to learn more about it so that they can write about it and share their findings with their readers and followers. Your message must be directed toward the appropriate audience for success. If you want the news to keep coming back or going on, you need to come up with something new. The encouraging news is that publicity tends to maintain its momentum. When people begin making positive comments about your company, it usually attracts the attention of other sources. Promotion: i. Market Share - Increased spending on advertising and promotion can help you gain market share significantly if your competitors reduce the amount of money they spend on advertising. You let the buyer know that you are exerting significant effort to maintain your market relevance. ii. Higher Sales Growth - According to Paul Dunay of Marketing Profs, when companies increase their advertising and promotion during a recession, not only do their sales increase during the recession, but they continue to increase for the next three years after the recession ends. This could be because individuals are more likely to go shopping when they believe the economy is on an upswing. iii. Increasing value to the Customer - When you do more advertising and promotions, it is in your best interest to consider ways to provide additional value to your customers. If you had something to market, it would be helpful; something with a better value would be the best. Customers will perceive that they are getting a better deal if you can find a way to put items and services on sale, bundle services for customers who spend more money, and promote special offers. This will result in increased sales. iv. Improved Reputation - Your advertising and promotion contribute to developing your reputation among your customers. Customers choose to do business with you because they believe the presence of more advertising and promotion indicates that your company is successful. Even though word-of-mouth is the most common form of advertising, it is still necessary for customers to be aware of your business to spread the word about it. This is accomplished through advertising and other forms of promotion. v. Innovation - Particularly if you have a little money, expanding your advertising and marketing efforts may force you to become more inventive. For instance, you could affix labels to your products that include all relevant contact information. This allows the customer to communicate with you or recommend you to others who might become customers. In addition, you can contribute articles to online publications, participate in local fairs, and organize contests. Because you want to do more advertising but need more money, you've come up with these relatively inexpensive ways to promote and advertise your business. PR: i. Increase your brand’s credibility - Your company's credibility will increase due to the improved accuracy and utility of the content that results from getting publicity through public relations. According to several studies, public relations enjoys greater visibility and credibility in the consumer market than advertising, which is perceived as more of a sales pitch. ii. Attract your target market - Public relations makes keeping and gaining a target market's attention much simpler. If the article you write about your product or service is well-written, it has the potential to be much more exciting and persuasive than an advertisement that appears in the same magazine. Utilizing a variety of media outlets provided by a PR firm can assist you in conveying the messages that are most important to your organization and bring you one step closer to achieving the objectives that have been set. iii. Provide added value - PR has the potential to give your product a different touch point and to add value to it, both of which will set you apart from your rivals and put you at the forefront of your field. Public relations can also add value by increasing the visibility of your products and services, personalizing your brand, raising your profile, building strong relationships, managing your reputation, helping you make sales, and providing additional value to your customers through the use of case studies. In the end, it's a win-win situation for both parties. iv. Short and long term lead generation - Because you are likely to receive many leads when you first begin using PR placements in the media, this type of placement is considered a long-term placement. v. Build your brand image - People frequently believe public relations are about marketing a particular product or deal. This is incorrect because public relations is the engine that drives the growth and success of your entire company. When public relations are carried out correctly, they have the potential to influence people's thoughts about a brand in a positive way, which can lead to increased engagement with that brand's company. A strong image for your company's brand is an investment in your company that money can't buy. It will contribute to the formation of all aspects of your company and add value to your brand and customers. 2. Discuss the drawbacks of publicity, promotion, and public relations. Publicity: i. Loss of trust - When a lie or an error is discovered, it can result in negative press coverage. Businesses and customers can be misled by advertising into believing that they are capable of more than they are. People who aren't paying attention are more likely to have unrealistic expectations for themselves. This can result in dissatisfaction as well as a breach of trust. ii. Effects on sales - Most of the time, negative publicity is detrimental to sales. When unfavorable information is published about a company that is not widely known, it can occasionally increase sales. However, this occurs very infrequently. In general, increasing the amount of publicity that a company receives is required to maintain the success of a business over the long term. People may have a more challenging time getting their hands on products, resulting in fewer opportunities for them to purchase those products if there is negative publicity surrounding them. When customers and business owners are unhappy, it can affect their decisions, affecting what others can do. iii. Damaged brand equity - A prolonged period of negative publicity can significantly reduce the value of a brand. This becomes abundantly clear when a company is forced to recall a product because it threatens consumers' health or safety. In these circumstances, even if only a minute quantity of a product needs to be identified due to safety concerns, customers will likely steer clear of the brand for some time. Even if they are not true, rumors still have the potential to impact sales significantly. iv. Damaged brand association - Deep in a customer's mind is how they feel and think about a product or company, and that is what we mean by "brand association." When a customer considers a brand and considers something negative, they are more likely to believe something negative before considering something positive about it. Negative publicity can negatively impact people's perceptions of a brand, which can, in the long run, be detrimental to sales. Promotion: i. Increased price sensitivity - Consumers will purchase the product after the promotion deals have been disclosed to the public. This holds even for brands that have established a loyal following among their customer base. Customers watch for discounts on their preferred brands and time their purchases to coincide with those price reductions. Since discounts will be offered during the sale season, this results in a loss of regular sales at the going market price and a reduction in the profit margin. ii. Quality image may become tarnished - The limited number of promotions for a particular product could damage the product's reputation for quality. Individuals may think that the product isn't selling well, isn't worth the price, or will be discontinued because it requires an upgrade. iii. Merchandising support from dealers is doubtful - In many instances, the dealers need to collaborate to provide marketing support, and as a result, the customers do not receive any benefits. The retailer may only want to assist you if he needs a space to do so. After all, the product might sell better in his store, or he believes the effort involved isn't worth the commission or benefit he gets from selling it, whichever is the case. iv. Short-term orientation - There are many situations in which the dealers must collaborate to provide marketing support; however, they need to share the benefits with the customers. It's possible that the retailer won't help because he needs a suitable location to do so. Because the product doesn't sell well in his store or because he believes the amount of work involved isn't worth the commission or benefit he gets, he decides not to sell it. PR: i. Difficult to measure - Because there is no one standard method for evaluating public relations, it can be challenging to determine how well they perform. You can count the number of media hits you get and examine the value of the publication, but it is much more challenging to determine how this impacts your audience. ii. You have little control - PR professionals try to exert as much control as possible over the information that is distributed to the media; however, the success of our efforts is contingent on the publication of the data by third parties. As a result, we have less control over what is written, particularly for things that will be published. iii. The media is a turbulent industry - The main challenge that comes with public relations is the rapid-fire nature and constant flux of the news cycle. What is significant right now might be worth thinking about after a couple of hours. That is simply the way things are done in the industry. Because of this, staying current with trends and knowing what people want to read is complex. iv. No guaranteed result - When it comes to public relations, there is no way to find out who will write that article about you or whether or not you will be featured on that radio show. Even if you put in a significant amount of time and effort, the media may not be interested in what you have to say, or a more critical story will emerge at the very last minute. 3. What is the role of advertising? Role of Advertising: a) Inform - This objective seeks to educate target audience groups on the function of advertising and pique their interest in the practice. Advertising tells people about new products, services, and ideas that are on the market. In this instance, it refers to putting goods up for sale and attempting to sell them to many customers. When advertising is used early in the production process, it helps sell the product more quickly and increases the product's value. b) Persuade - If you want to promote a business's production successfully, you need to believe that the products produced by that business are superior to those made by other companies. When the subject's activities are done well and products are managed consistently, advertising can positively affect consumers, leading them to choose this product over all others on the market. c) Increase in sales - One of the primary objectives of advertising is to increase the frequency with which people make purchases of various goods. It is hoped that there will be an increase in the locations where goods can be purchased, and customers will be free to move freely throughout the market. d) Increase consumer demand - As a result of increased demand for the advertised product, many retailers and wholesalers are interested in carrying it. e) Brand attachment - Customers tend to keep in mind for a more extended period a product or service that has a successful brand. The company will be able to improve its image and assist people in recognizing its brand and logo if it succeeds in persuading customers that they can rely on the consistently high quality of the product over time. f) Brand recognition - Making people aware of the company is one of the essential things that advertising can do for the business. Because of this, it is more likely that consumers will show interest in additional products offered by the brand in the future and products from an entirely different line of goods. 4. Why is it necessary to keep exhibitions tidy? It is easy for a booth to become disorganized in a hurry during a busy trade show. When guests leave, the dirty plates, cups, and saucers should be removed from the communal area. The ashtrays should be emptied regularly, and at the end of the day, the stand should look like something other than a dump. Because it is too simple to allow something like this to occur, you should always stress how vital it is to keep the house clean. The staff will experience fatigue. They ought to be able to take breaks in a place where they can sit and relax, separate from the "business end" of the stand. This could be a staff room that is built into the stand, or it could be one of the cafes or restaurants that are located within the venue. They shouldn't just be lounging on the stand regardless of the situation. That will give off the completely wrong impression. On the stand, smoking is not permitted under any circumstances, including for employees. This is considered impolite by a significant number of people. 5. What approach would you use to deal with the visitors? The staff at the stand ought to be informed of their jobs by the stand manager or the person in charge of sales. Everyone needs to be in their respective spots fifteen minutes before the doors open. When can we expect the first guests to arrive? What kind of response should you give them? First and foremost, the salesperson needs to note the product that piques the customers' interest. The next step is to approach the individual and inform them, "We have many sizes available if this is something you are interested in." Alternatively, you could say something like, "Hi, my name is so-and-so, and I'd be happy to assist you in any way I can." This approach is much more upbeat and beneficial than the standard but ineffective of asking, "Can I help you?". References: Beauchamp, M. (2019, August 8). The Disadvantages of Bad Publicity. Your Business. https://yourbusiness.azcentral.com/disadvantages-bad-publicity-3495.html Csiszar, J. (2021, November 20). The Advantages of Publicity. Bizfluent. https://bizfluent.com/info- 11400543-advantages-publicity.html Disadvantages of Sales Promotion. (2008, May 31). drypen.in. http://www.drypen.in/sales-promotion/disadvantages-of-sales-promotion.html Hill, B. (2017, November 21). Ten Commandments of Marketing. Small Business - Chron.com. https://smallbusiness.chron.com/ten-commandments-marketing-42167.html Hurley, K. (2022, May 17). Advantages and disadvantages of public relations. BlueSky PR. https://www.bluesky-pr.com/blog/business-education/advantages-and-disadvantages-of-pr Role of Advertising in Marketing | Explanation. (2020, December 2). Business Turkmenistan Information Center. https://business.com.tm/post/6350/role-of-advertising-in-marketing Team, T. (2022, July 26). 5 Advantages of Public Relations. Taurus Marketing. https://taurusmarketing.com.au/5-advantages-of-public-relations/