What are the reasons why each business needs to promote themselves?
In a free market, a business advertises and has various types of promotions for a number of reasons. Here are some:
- If it is a new company has a new product or service, first and foremost, the company needs to make the public aware of it in order to generate sales or demands for services.
- Advertising and promotion of products are necessary for a business to stay competitive.
- If their products have been improved in any way, companies want the public to know about this improvement, so that newer products from other companies will not be purchased instead.
- Successful companies advertise in order to build "customer loyalty" and to reassure their customers that the product is still good and available. (Social media now is used to reach people.)
- With the competition that exists in a free market, businesses constantly must have exposure and keep the public aware of them and their products and services in order make profits so that they can remain in the markets.
If a company didn't advertise they wouldn't get as much business. If there aren't ads people will not know about the company and their products and they will not have as many people coming to their store to shop. If people don't purchase their products they will make less money therefore falling below their competition. If you don't have enough money or interest in your business you will not be able to afford the expenses and eventually shut down.
Every business whether they are old or new need promote themselves because they need exposure. Exposure is what gets people talking about a business and then when people start talking they are going to want to check out the place in question. So the more talk that is aroused by promotions the more people are going to want to try the service that is offered by the business.
A company needs to advertise in order to make money. New companies need to get their name out and show what they have to potential customers. They have to get people to come and buy their products or goods in order to succeed and make the business flourish and prosper.