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Essay / Alternative Marketing Options for X1 - 729
This is useful for relaying new product information to different media. Weaknesses Public relations campaigns are expensive for a company. Unless the company has an in-house public relations team, the company must hire from outside the company and create an additional expense for the company. Promotions This means of communication involves short-term incentives to encourage customers to purchase the product or service. Some of these marketing options include sales flyers, price reductions, and coupons for the product or service (“7 Main Types Of Promotion,” 2014). This method would cause many new customers to abandon competitive services, but would not be the most effective way to market the X1 service over a long period of time. Strengths With short-term incentives, customers have more incentive to act quickly and ignore the product or service offered by the competition. Weaknesses When introducing a significant number of low-cost incentives for the service, consumers can only purchase the product or service at a lower cost. By doing this, the company risks losing a significant amount of profits.