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EFFECTIVE USE OF PROMOTION MIX IN MARKETING



Kirjoittanut: Viragi Gunasekara - tiimistä Crevio.

Esseen tyyppi: Akateeminen essee / 3 esseepistettä.
Esseen arvioitu lukuaika on 8 minuuttia.

Authors: Viragi Gunasekara, Ruwanthi Moragoda Arachchi

  1. INTRODUCTION

The capacity to quickly and affordably reach audiences has increased throughout time. Modern resources and technologies make it easier to build a company with new abilities. A company or entrepreneurial entity engaged in commercial, industrial, or professional activity is referred to as a business. Organizing commodities or services is the goal of a business. (Hayes 2022). An essential component of any business is promotion. Promotion is an umbrella term that refers to any tactic a company may employ to raise consciousness about its products, services, or brand. (Ward 2020). The flow of information, concepts, and identities about products, services, and the companies that sell them through marketing communication occurs between a source and a recipient. Marketing communication uses one or more media, such as direct mail, publications such as newspapers and magazines, television, and radio, in order to communicate a specific message to clients and potential customers. A crucial component of the marketing mix is marketing communication. Price, Place, Product, and Promotion are the four key components of marketing that are outlined in the marketing mix. The secret to marketing success is promotion. Advertising, selling, public relations, and sales promotion are all parts of the marketing mix. All promotional materials communicate their purpose, which is a trait they all share. (Kayode 2014)

  1. WHAT’S MARKETING MIX?

The actions made by a business to encourage the purchase or sale of a good or service are known as marketing. The process of developing and delivering goods to customers or other businesses is known as marketing. Affiliate marketing is used to carry out some marketing on behalf of an organization. (Twin 2022.) Bringing together potential customers and goods or services is the process of marketing. The business works hard to give customers the greatest products and services to suit their needs. (2022 Emeritus). It can be accomplished by market research, market analysis, and comprehension of target customers’ demands. (Fosse 2021). The primary goal of marketing is to match a company’s goods and services with the customers who want to use them. By providing their customers with specialized products or services, they can finally secure profitability. (Twin 2022.)

2.1 4P’S OF MARKETING

Marketing mix- 4 P’s (Marketing management: A south Asian perspective; Kotler, Keller, Koshy, Jha)

PICTURE 1. Marketing mix- 4 P’s (Marketing management: A south Asian perspective; Kotler, Keller, Koshy, Jha)

 

McCarthy introduced the “marketing mix,” generally known as the “4Ps,” in 1964 as an approach to put marketing strategy into practice. (Bennett 1997, pp. 151–156). It can be done to create both short-term and long-term strategic strategies using the marketing mix. (Palmer 2004.)

According to the McCarthy in 1960, this includes 4 dimensions. (Carniel 2017.)

  1. Products
  2. Price
  3. Place
  4. Promotion

“Products” refers to the services or goods that will be sold to the target market. When working with products, it is crucial to consider the target market and their specific needs. In that instance, it is crucial to understand the product the consumer will purchase, how it will satisfy their demands, and how it will give them a fresh experience. Additionally, how the product differs from competing brands and products. (Coursera 2022.) offering made available to clients by a business with the goal of satisfying their needs (advertising services). In other words, the business’s approach is its mix of products and services. “Price” is the sum of money customers must spend in order to obtain the goods. The “Place” refers to how the products are disseminated to the target market or the customers. Communication that is involved in “Promotion” as a means of influencing the target market to purchase goods. (Tu 2018.)

  1. PROMOTION MIX

3.1 WHAT IS BRAND?

Whether a firm is offering services or products, its brands are one of the company’s most significant and long-lasting assets. It’s more than about getting up with creative names and logos. In his book A New Brand World, Bedbury suggested that brands create everyday objects more significant and valuable. In businesses associated with any industry, brands are essential. Brands that deal directly with emotions and have a personality that can win over their customers’ hearts and minds. as a result, due to its relationship with the clients, endure market changes and attacks from their rivals. (Kotler & Pfoertsch 2006).

3.2 WHAT IS PROMOTION MIX?

Businesses utilize a promotion mix, which consists of a variety of promotional factors, to build, sustain, and boost demand for their products or brands. (Pahwa 2022). The business uses a combination of promotional strategies called a “promotion mix” to generate, sustain, and grow demand for the products and services it offers to reach its clients. The fourth component of the marketing mix’s 4 P’s is promotion. This focuses mainly on raising awareness among consumers and convincing them to spend money on their products or services. (Business Jargons 2017.). Marketers utilize the promotional mix to draw attention to their products, determine their target audience, and establish long-term distribution channels. Through the implementation of an effective promotion mix, the marketer needs to educate the target audience about the unique characteristics of the goods and services if they are to hold their interest. (Pipirite 2022.)

3.2.1 ELEMENTS OF PROMOTION MIX

Advertising is a compensated approach to presenting and promoting goods and services in a non-personal setting through an appointed sponsor in exchange for a fee. In this section the marketer is attempting to come up with a pull approach where the consumer or customer is persuaded to at least try the good or service once. By providing comprehensive information coupled with eye-catching graphics of the service or product, it could potentially be able to persuade the customer to make a purchase. This component of advertising in the promotion mix includes paid media channels including radio, TV, billboards, and even digital channels like social media platforms. (Pahwa 2022.)

Personal selling is one of the more conventional methods of selling goods or services. The salesperson visits consumers in person to communicate with them personally. This type of marketing strategy aims to persuade customers to buy the firm’s goods or services by engaging them in face-to-face conversation with a corporate representative. Personal selling, as opposed to advertising, necessitates a close relationship between the customer and the brand representative and is more expensive per individual to contact. This factor largely depends on the salesperson’s ability to influence and persuade. Here, the emphasis is primarily on informing the customer about the company’s goods and services and giving them unique reasons to purchase them. (Pahwa 2022.)

Sales promotion is used to draw consumers with temporary incentives to promote sales during the allotted time. Markets often have sales promotion plans at the conclusion of the seasons and around holiday times. Some of the strategies used for sales promotions include discounts, payback offers, and coupons. Here, the goal is to improve the company’s short-term profit by recruiting both new and existing clients. (Pahwa 2022; Business Jargons 2017). Sales promotion is divided into two groups. Consumer sales promotion is the use of methods like providing free samples, coupons to purchase products at discounted pricing, and price packs. Trade promotions offer free samples and sales incentives in temporary markets with showrooms.

Public relations are a systematic and sustained effort to build and maintain goodwill and mutual understanding between the organization and its public. The public refers to the target audiences that the community is directed towards. (Pickton & Broderick 2001) By building relationships with the general public, public relations marketers attempt to develop a positive image in the market. Publicity is one type of public relations that an organization may employ to spread newsworthy information to the public and cultivate positive sentiment in an effort to boost sales. Many businesses run a number of public relations efforts with the goal of winning the favor of everyone who is in some way connected to them. As a result, it is important to have favorable hosting of special events, sponsorship of humanitarian endeavors, and media attention to public relations. (Business Jargons 2017 ; Edward Lowe Foundation 2022.)

As an alternative to working with a third-party vendor like a wholesaler or retailer, direct marketing involves making direct contact with the target audience. Through that brand, clients can be reached directly through channels like door-to-door promotional activities, SMS, emails, promotional phone calls, and customized advertisements. Even if direct marketing and personal selling are both included, as well as they are distinct from a single another. (Pahwa 2022; Business Jargons 2017)

3.2.2 SIGNIFICANCE OF PROMOTION MIX

With the application of the promotional mix, brand awareness can increase. A marketer’s ability to connect with more product influencers can assist them in broadening the number of their consumers by giving more people the chance to learn about the brand, which may ultimately have a beneficial impact on the company’s mission and what its brands stand for. A brand’s reputation can help customers remember you. It may result in other brands associating your brand name, particularly when it comes to advertising, with that product. Companies will be able to establish trusting connections with merchants in a given industry to direct their marketing efforts toward them, potentially resulting in a greater market share for the company in question. The proper combination of promotion mix may assist to boost sales, which in turn enables the company to generate more revenue. (Josh 2022.)

  1. DISCUSSION

The promotion mix is made up of a list of channels that help a company decide on and accomplish a specific objective in the market. Communication in various channels is essential to achieving an acceptable level of effectiveness in the market. Consumer goods purchases are significantly impacted by factors relating to the promotion mix. (Jasmani & Sunarsi 2020.) Nevertheless, as stated by Robbs and Taubler (1996), agency creatives have been noted for their opposition to integration and inability to collaborate across the promotional mix and media platforms. According to Schultz (1993), established business practices and corporate expertise might be regarded as barriers to the fulfillment of integration. Integrating every component of the promotion mix is necessary to satisfy the needs of the target audience. Even if the potential purchaser is unaware of it, it can subconsciously stimulate consumers into purchasing the product. Each of the five elements of advertising, personal selling, sales promotion, direct marketing, and publicity must be coordinated appropriately since they facilitate the movement of goods and services from producers to consumers. In light of the competitive market and the fact that this is an approach to communication with their customers, marketers must be cautious. (egyankosh)

 

REFERENCES:

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