Few goods or services, no matter how well developed, priced or distributed, can survive in the market place without effective Promotion.
Promotion is the communication by marketers that inform, persuades and reminds potential buyers of a product in order to influence their opinion or elicit a response.
Promotion Strategy is a plan for the use of the elements of promotion: public relations, personal selling, and sales promotion. The marketing manager determines the goals of the company’s promotional strategy in light of the firm’s overall goals for the marketing mix – product, place (distribution), promotion and price. Using these overall goals, marketers combine the elements of the promotional strategy (the promotional mix) into a coordinated plan. The promotion plan then becomes an integral part of the Marketing Strategy for reaching the target market.
The main function of a marketer’s promotional strategy is to convince target customers that goods and services offered provide a differential advantage over the competition. A differential advantage is the set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition. Such features can include high product quality, rapid delivery, low prices, excellent service, or a feature not offered by the competition. Promotion is therefore a vital part of the marketing mix, informing consumers of a product’s benefits and thereby positioning the product In the marketplace.
The Promotional Mix
Most promotional strategies use several ingredients which may include advertising, public relations, sales promotion, and personal selling to reach a target market. The combination is called the promotional mix. The proper Promotional mix is the one that management believes will meet the needs of the target market and fulfill the organization’s overall goals. The more funds allocated to each promotional ingredient and the more managerial emphasis placed on each technique, the more important that element is thought to be In the overall mix.
Elements Of Promotion Mix
1. Advertising: Impersonal, one-way mass communication about a product or organization that is paid for by a marketer.
2. Public Relations: The marketing function that evaluate public attitude, identifies areas within the organization the public may be interested in, and executes a program of action to earn public understanding and acceptance.
3. Sales Promotion: Marketing activities other than personal selling, advertising, and public relations that stimulates consumer buying and dealer effectiveness.
4. Personal Selling: A purchase situation in which two people communicate in an attempt to influence each other.