Question
Explain the meaning of promotion mix and write about its elements.
✓
Answer
- Lot many products are sold in the market.
- It is but natural that manufacturer would do his best to attract the consumer to buy his products.
- Marketing management uses various means for this purpose.
- If management is not active in promoting product, the demand of the product will decrease and finally product will result in heavy loss.
- Meaning of Promotion :
- When the manufacturer uses various instruments to convert potential consumers into actual consumers by creating attraction to purchase the product is called promotion.
- Through promotions demand of the product can be increased and business firm can create good reputation.
- Meaning of Promotion Mix :
- Promotion mix is a group of the instruments of promotion.
- It includes advertisement, personal sale, sales growth and publicity.
- Promotion mix is used to provide complete information to consumer about the product and service and insist consumers to buy the product.
- While determining promotion mix buying behavior of the consumer, type of product, price of product etC. are considered.
- Each business firm uses these instruments in different degree.
- Introduction to Elements of Promotion Mix :
- Advertisement , personal selling, sales promotion and publicity.
- Advertisement :
- Definition :
- Advertisement is an impersonal medium representing product or service on the basis of payment and in which product being advertised is easily recognized.
- Through advertisement less demanded product can be made fast moving.
- Channels:
- Advertisement can be made through TV, radio, magazine, internet, hoardings, cinema slide etc.
- Role of advertisement :
- Creates demand, advantage of large scale production, product awareness, helpful in employment generation, betterment in standard of living, maintenance of quantum of sales.
- Personal selling :
- According to Kotler, “Salesman is that person who represents the business unit to the consumer and his job is to give information to potential consumers about the product, to demonstrate the product, and to explain the usefulness of the product and to clear doubts. Through personal selling business unit creates definite type of relationship with the consumer.’’
- Sales promotion :
- Sales promotion is a series of techniques through which consumers attention and attraction is drawn towards the product and it is sold.
- Definition :
- According to Kotler, “Sales promotion is a short term benefit which motivates consumers to buy product or service sales promotion quickly affects consumers.”
- Techniques of sales promotion :
- Discount, compensation, advertisement coupon, gift, gift of other product, lucky draw, interest free loan, distribution of samples, organizing competitions.
- Publicity :
- Publicity is non – personal information communication carried out through mass media without paying any charge.
- Through publicity, information regarding the product of business firm is given.
- When a consumer relates his experience with the product or business firm to general public through mass media, it is called publicity.
- Sometimes publicity is included in the function of public relation.
- Financial payment is not be made.
- Publicity involves charity, addressing public meeting, lecture delivery, interview given to TV channels or newspapers, inauguration of new office by a film star or cricketers etc.
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