To identify: The 5 factors that influence the effectiveness of the promotional mix.
Promotion is the marketing communication mix which the companies use to build customer relationship, involve customer, and communicate customer value.
Explanation of Solution
The 5 factors that influence the effectiveness of the promotional mix are as follows:
- Nature of the market
- Nature of the product
- Price
- Stages in the product lifecycle
- Funds available for promotion.
Nature of the market: It is important for the marketer to know the number of buyers and the type of customers present in the market. To market different types of goods marketer switch between the personal selling and advertising to reach large audience. For example Industry P uses both salesperson and television advertisements to promote their product.
Nature of the product: Customers would prefer to buy the product only after knowing the complete nature of the product in this case the personal selling would be best than television advertisements. Personal selling is best for complex product such as software and hard ware system and advertising is best for standardized product as soft drinks.
Price: The price of the product will be low and these products are advertised in mass media for example tooth baste, and soap. If the price of the product is high the involvement of the customer would be high and these goods requires both personal and media advertisements. For example furniture and television.
Stages in product lifecycle: As the stages of the product, change the promotional mix of the marketer should also change during introduction stage product requires both personal and non-personal promotion. During growth and maturity stage, non-personal promotion is necessary to remind customer to purchase the product.
Fund available for promotion: The cost that is available to promote the product. For example, organization with low budget may choose for sales promotion, publicity, and online advertising. The high budget organization may choose for celebrity advertisement.
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Chapter 17 Solutions
EBK CONTEMPORARY MARKETING
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