The promotion mix is a very important factor that provides the opportunity to understand and decide various strategies of marketing that could lead to increment in sales.
WHAT IS THE PROMOTION MIX?
Promotion is one of the P’s of the marketing mix and plays an important part in increasing the sales of a product or service.
The promotion mix refers to the major decisions related to the promotion of products and services.
These decisions include the selection of advertising media, promotional techniques, using publicity measures, and public relations.
WHAT ARE THE ELEMENTS OF THE PROMOTION MIX?
There are various elements when it comes to the promotion of products and services. It depends on the market what technique of promotion he/she chooses for the promotion on behalf of the firm.
Following are the elements or tools of promotion, they are also called the elements of the promotion mix –
- Sales promotion
- Personal selling
- Public relations
Let us each of these elements in detail
Advertising is a marketing tactic that a firm uses to promote its products and services. It is a form of massage including the merits, price, availability, and various other prospects regarding a product or service. These messages are called advertisements or ads in short.
Advertisements can be done through the following forms –
- Outdoor and transit
- Direct mail
Advertisements are paid, this means that the firm has to pay a certain amount to the advertising company for the promotion of its products.
Features of advertisements
- Reach – Through advertising a firm can reach a very large market. This mass reach of advertising is through various media. For example, TV and radio are present in almost every household today. Advertising through this media can definitely bring the audience from different corners of the country.
- Choice – As mentioned above there are various forms of advertising. These forms can be widely classified into various categories like video, audiovisual, audio, print media, etc. Can use any form of advertising keeping in mind the target customers.
- Legitimacy – Advertisements for company products or services are given publicly. This creates a sense of comfort and security in the minds of the customers regarding the authenticity of the product.
- Expressiveness – Marketers can use different techniques in order to dramatize the advertisement. They can use pictures, music, drawings, colors, multimedia effects, etc. All these techniques give marketers an opportunity to express the use of their product more effectively.
Sales promotion is a marketing strategy that refers to the short-term promotion activities that brands sponsor to attract the customer’s attention in order to buy the product.
This strategy is usually used for the following reasons –
- Selling out existing products
- Expanding the customer base
- To fulfill short term sale goals with immediate effect
- In order to win over the competitors
Types of sales promotions
There are primarily two types of sales promotion
- Consumer sales promotion – In this, the target is to attract new customers and woo existing customers as well.
For example, by offering a discount on certain products a firm effectively attracts more customers.
- Trade sales promotion – The sale strategies that aim to attract dealers, distributors, or agents, are trade sale promotions. Brands use this to motivate wholesalers, retailers, and distributors to sell more of the brand’s products and increase sales indirectly.
Personal selling as the name tells is the form of selling products personally. This involves face-to-face interaction between seller and consumer.
Personal selling also follows the consumer satisfaction concept and not persuading the buyer to purchase goods of the seller’s desire.
Features of personal selling
- Personal interaction – As mentioned above, in personal selling buyer and seller interact with each other.
- Two-way communication – Here buyer is free to ask whatever doubts he/she has about the product directly from the seller.
- Better response – When the seller is explaining the utilities and feature of the product, the buyer does pay attention and listen carefully.
- Relationship – It is observed that when buyer and seller interact on a personal level they tend to build a bond of friendship.
- Better convincing – In personal selling, the seller is able to demonstrate the utilities to the buyer which helps the latter better understand the product. This increases the chances of the buyer purchasing the product
In simple words, public relations or PR is the concept of maintaining relationships with the public.
International Public Relations Associaton(IPRA) defines public relations as, “Public relations is a decision-making management practice tasked with building relationships and interests between organizations and their publics based on the delivery of information through trusted and ethical communication methods.”
A firm’s success depends on the support of the public. Public, here, does not mean only customers but it includes shareholders, intermediaries, suppliers as well.
By maintaining public relations a company creates goodwill.
Tools of Public Relations(PR)
- News – Companies should indulge in such activities that get some positive coverage of news and impact on society.
- Speeches – The speeches that the corporate leaders give influence many members of the public.
- Events – organizers should organize events like press conferences, multimedia presentations, etc.
- Public service activities – This may be the most effective tool in influencing and inspiring the public. Many companies associates themselves with social service projects like charity work, women and children welfare programmes, training schools, building hospitals, etc.
The need for the promotion mix in the marketing world has increased. Companies are adopting various ways and tools to be able to stand in the market.
Each of these promotional strategies provides exposure to the business and constructs a solid customer base in one way or the other.