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Q.What is promotion mix? What are the factors influencing Promotional mix.
Manipur CohsemCOHSEM Manipur Higher Secondary Board (Commerce) 2022Subjective· 8mImportance★★★★★
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Start your 14-day free trial to unlock the full solution →Promotion mix refers to how a firm combines different promotional tools to reach and persuade its target market, and the right combination depends on several factors specific to the product, market and firm.
What is promotion mix?
Promotion mix is the specific combination of promotional tools — mainly advertising, personal selling, sales promotion, and public relations/publicity — that a company uses together to inform potential customers about its product, persuade them to buy it, and remind existing customers to continue buying it.
Factors influencing the promotion mix:
- Nature of the product — technical or complex products (e.g. industrial machinery) tend to rely more on personal selling, while simple, mass-consumption products (e.g. soap, toothpaste) rely more heavily on advertising.
- Nature/type of market and target customers — a geographically concentrated, small number of buyers (as in industrial/B2B markets) favours personal selling; a widely dispersed mass consumer market favours advertising and sales promotion.
- Stage of the product life cycle — in the introduction stage, advertising and publicity are used heavily to build awareness; in the growth/maturity stage, sales promotion and reminder advertising become more important to maintain or boost sales.
- Push vs. pull strategy — a push strategy (promoting to channel members/dealers to push the product to consumers) relies more on personal selling and trade promotions; a pull strategy (promoting directly to end consumers so they demand the product from retailers) relies more on advertising and consumer sales promotion. …
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