What is the most important factor to consider when developing the promotional mix for a product group of answer choices?
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Select your languageSuggested languages for you: Creating a marketing campaign can take a long time. When a company develops a new product, marketers cannot simply say, "Let's create some billboards and hope that consumers notice our product!". Promotional objectives must be specific, and the promotion itself has to be targeted. This is where the promotion mix comes into play. Read along to find out how to create the most effective promotion mix! Promotion mix meaningPromotion mix is an essential component of marketing communications. That is why we sometimes call it marketing communications mix. Marketing communications aim to reach the target audience and influence the customer purchase journey. Its main tasks include differentiating the product and brand from the competitors, reinforcing the brand's presence and message, informing customers about the product's benefits & features, and persuading them to buy. This process is known as the DRIP model. The DRIP framework stands for: differentiate, reinforce, inform, and persuade. Marketers use various promotional techniques to achieve these goals, giving rise to the promotion mix. Promotion mix is a combination of promotional tools marketers use to communicate with their target audience. Marketers can use more than one channel to communicate brand value. Here are six key components of a communications mix:
Nike uses a combination of promotional tools. They offer a variety of seasonal sales promotions, advertise their products using traditional (print) and digital (social) media, and run various public relations campaigns. Promotion mix marketingThe promotion mix plays a significant role in marketing. Before we look at the promotion mix in more detail, let's examine the steps in developing effective marketing communications. Overall, there are three stages in marketing communications:
The main goal of marketing communications is to guide customers through the buyer-readiness stages. Buyer-readiness stages are the stages a customer passes through before making a purchase. The buyer readiness stages include awareness, knowledge, liking, preference, conviction, and purchase (see Figure 1 below). It is important to note that the buyer readiness stages are not the same as the buyer decision-making process. Promotion mix elementsPromotion mix is made up of three key elements: promotion mix budget, tools, and strategy. An integrated marketing campaign would require marketers to combine all these three elements. Promotion mix budgetThe first step to developing a promotion mix is to calculate promotion budget. It is a crucial task as marketers do not want to waste precious dollars. Let's look at four methods to determine a promotion budget:
It is essential to keep in mind that the promotion mix budget is different from product pricing methods. To learn about pricing, check out our Price and Pricing Strategies explanations. Types of promotion mixWe have outlined the different promotion mix elements but let's look at them in more detail. The types of promotion mix elements are as follows (see Figure 2 below):
For example, Red Bull hosted a New Moon Party to increase publicity for its brand, during which skydivers jumped out of helicopters in wingsuits above the city of Los Angeles. The skydivers' suits were equipped with LED lights and pyrotechnics, making it look like something supernatural was flying down the city.1 Now, you may wonder whether this is an appropriate promotion for an energy drink brand. Well, Red Bull is known for its involvement in racing, diving, motorsports, and numerous other extreme sports. As a result, promotional events like the New Moon Party fit well into Red Bull's integrated marketing communications mix. Promotion mix strategiesAnother important step in promotion mix creation is developing a promotion strategy. There are two main strategies to consider here: pull and push strategies. A push strategy involves 'pushing' the product to the customer. Push strategies start with the product's producer, who pushes their marketing communications through various channels to intermediaries who eventually promote the product to the final consumer. The producer's goal is to encourage these intermediaries to take on the product. They may use various promotional techniques like personal selling or sales promotions to convince channel members to carry the product and promote it to the end user. On the other hand, a pull strategy involves directing communications efforts to the final customer. The producer may use traditional (e.g. print or outdoor) or digital (e.g. social or search) media to directly address end users and trigger action. Thus, creating demand for the product. As a result, consumer demand ends up 'pulling' the product through various channels. This process is known as a demand vacuum. It is important to note that the two strategies are not mutually exclusive. Many companies use a mixture of both push and pull strategies. Importance of promotion mixLet's now examine the importance of the promotion mix. Why do marketers spend so much time and resources constructing the promotion mix? Well, the ultimate goal is to integrate marketing communications. After setting a promotional budget, marketers have to choose effective tools and strategies to promote their products. Both of these must work together to deliver a cohesive message across all channels. This is essential to maintaining a consistent brand image and position. However, promotion must match customers' needs. Customers' wants and needs should always be the starting point for all communications efforts. Marketers must address these needs thoroughly in marketing messages while conveying unique selling points. To avoid confusing customers, marketers must ensure cohesive marketing messages across channels. Finally, an integrated marketing communications strategy will allow the company to evaluate its marketing performance and generate actionable insights for future campaigns. Promotion Mix - Key takeaways
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Frequently Asked Questions about Promotion MixThe promotion mix is a combination of promotional tools marketers use to communicate with their target audience. It is an essential component of marketing communications and therefore it is often referred to as the communications mix. The five tools of the promotion mix include advertising, personal selling, sales promotions, direct marketing, and public relations (PR). The four main elements of the promotional mix include the promotion mix budget, the promotion mix tools (including advertising, personal selling, sales promotions, direct marketing, and public relations), and the promotion mix strategies. The four elements of the marketing mix include place, price, product, and promotion. The fourth element, promotion is what the promotion mix is concerned with. Marketers use various promotional techniques within the marketing mix to achieve their goals, giving rise to the promotion mix. The promotion mix is a combination of various promotional tools marketers can use to reach their target audience. Final Promotion Mix Quiz
Question The promotion mix is also referred to as the ______ mix. Show answer
Question The __________ stands for: differentiate, reinforce, inform, and persuade. Show answer
Question What is the promotion mix? Show answer Answer The promotionmix is a combination of promotional tools marketers use to communicate with their target audience. Show question
Question There are six key promotional tools which make up the communications mix:
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Question The __________ are the stages a customer passes through before making a purchase. Show answer
Question Most communications campaigns aim to guide the customer through the buyer-readiness stages. Show answer
Question Name the six buyer-readiness stages. Show answer Answer The buyer readiness stages include awareness, knowledge, liking, preference, conviction, and purchase. Show question
Question The promotion mix is made up of two key elements: the promotion mix budget and tools. Show answer
Question To use the ________ method, marketers have to define the objective of the promotion and figure out how the company should allocate resources to achieve set goals Show answer
Question The _______ method involves setting the promotion budget to match industry averages Show answer
Question After subtracting total costs from revenues or forecasted revenues, managers determine how much of the remainder to allocate to promotion. This method is known as: Show answer
Question Brands can use a variety of traditional and digital ________ to create awareness and engagement. Show answer
Question Although sales promotions are effective in the short term, they are ineffective for building long-term customer relationships. Show answer
Question ________ can reach segments that do not respond to advertisements. Show answer
Question ________ is especially important in the B2B context. Show answer
Question ________ is effective at reaching a specific target group or demographic. Show answer Discover the right content for your subjectsNo need to cheat if you have everything you need to succeed! Packed into one app!Study PlanBe perfectly prepared on time with an individual plan. QuizzesTest your knowledge with gamified quizzes. FlashcardsCreate and find flashcards in record time. NotesCreate beautiful notes faster than ever before. Study SetsHave all your study materials in one place. DocumentsUpload unlimited documents and save them online. Study AnalyticsIdentify your study strength and weaknesses. Weekly GoalsSet individual study goals and earn points reaching them. Smart RemindersStop procrastinating with our study reminders. RewardsEarn points, unlock badges and level up while studying. Magic MarkerCreate flashcards in notes completely automatically. Smart FormattingCreate the most beautiful study materials using our templates. Sign up to highlight and take notes. It’s 100% free. This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Privacy & Cookies Policy What is the most important factor in determining the promotional mix?ADVERTISEMENTS: It is the prime factor affecting promotional mix. Different objectives can be achieved by using different tools of promotional mix. If company's objective is to inform a large number of buyers, advertising is advisable.
What are the main elements of promotional mix?A promotional mix is an allocation of resources among five primary elements:. Advertising.. Public relations or publicity.. Sales promotion.. Direct marketing.. Personal selling.. What are the factors that determine the promotion mix of a company?Factors affecting Promotion Mix. Nature of the product: Different product requires different promotional mixes. ... . Nature of the market: ... . Stage in the product life cycle: ... . Market penetration: ... . Characteristics of buyers: ... . Distribution strategy: ... . Pricing strategy:. What are the key considerations made in developing the right promotional mix for a product?Use these steps as a guide to build an efficient and useful promotional mix at your business:. Select a target audience. Choose a target customer base and perform market research to learn about what influences them to do business with a company. ... . Decide on a budget. ... . Set a timeline. ... . Measure your effectiveness.. |