What Are The Elements Of Promotional Mix?

What are the four elements of the promotional mix?

The promotional mix is one of the 4 Ps of the marketing mix.

It consists of public relations, advertising, sales promotion and personal selling..

What is the purpose of promotion?

The aim of promotion is to increase awareness, create interest, generate sales or create brand loyalty. It is one of the basic elements of the market mix, which includes the four Ps, i.e., product, price, place, and promotion. Promotion is also one of the elements in the promotional mix or promotional plan.

What are the 6 elements of promotional mix?

There are five (sometimes six) main aspects of a promotional mix: Advertising, Personal selling, Sales promotion, Public relations, and Direct marketing.

What are the elements of product mix?

Product mix, also known as product assortment, refers to the total number of product lines a company offers to its customers. The four dimensions to a company’s product mix include width, length, depth and consistency.

What are the 5 pricing strategies?

Apart from the four basic pricing strategies — premium, skimming, economy or value and penetration — there can be several other variations on these. A product is the item offered for sale. A product can be a service or an item. It can be physical or in virtual or cyber form.

Which media can give 24 hours exposure to the public eye?

Advertising anything outdoors means 24-hour exposure to the public eye. Outdoor advertising signs are not temporary or periodic, but rather consistent and non-stop. It’s always in sight for the public night or day, rain or shine. Radio, television, and print ads and most other media are all momentary and sporadic.

How can the promotional mix turn into strategy?

A promotional mix is defined as the combination of different marketing strategies used to communicate the benefits of using a particular product or service and to influence the buying behavior of their target demographic. The marketing strategies that make up the promotional mix are: Advertising. Public relations.

What are the two biggest elements to be considered before making a promotion to customers?

Following are the major factors considered by companies while determining the promotion mix strategy:Nature of Market: … Type of Product: … Stage in the Product Life Cycle: … Budget Availability: … Buyer-Readiness Stage: … Type of Product Market: … Company Policy:

What are the 3 product mix strategies?

The major alternative product mix strategies (given by William Stanton and others) have been discussed briefly as under:Expansion of Product Mix: … Contraction of Product Mix: … Deepening Product Mix Depth: … Alteration or Changes in Existing Products: … Developing New Uses of Existing Products: … Trading Up: … Trading Down:More items…

What are the 3 components of a product?

A product is said to have three components:Core Benefits. The core product itself is the benefit the customer receives from using the product. … Actual Product. The core benefits are offered through the components that make up the actual product the customer purchases. … Augmented Product.

What are promotional tools?

Promotional tools are tactics or activities you plan and execute to persuade consumers to buy your products or services. … If what you’re selling is fairly generic, your promotional tools will typically be price-oriented, such as discounts.

What are the 4 types of promotion?

These are personal selling, advertising, sales promotion, direct marketing publicity and may also include event marketing, exhibitions, and trade shows.

Which element of promotion mix is always free?

Sales promotion refers to the promotional activities designed to encourage customers to make immediate purchase of goods or services. These activities include the incentives viz. sales contest, free gifts, cash discounts, free samples etc.

What is the best promotion strategy?

Exposure is a great marketing strategy example. Find the right social media platform for your brand and take advantage of everything it has to offer. Communicate with your audience online. Social media is a great mediator between your potential customers and your brand.

What is Nike’s product mix?

Nike Inc.’s Marketing Mix (4Ps/Product, Place, Promotion, Price) – An Analysis. Nike Inc.’s marketing mix (4Ps) determines the profitability and growth of the athletic footwear, apparel, and equipment business.

What are the 5 elements of the promotional mix?

While these five promotional mix elements—advertising, PR, promotions, direct marketing, and personal selling—have been around for decades, the marketing world is constantly evolving.

Which promotional mix is most effective?

Direct selling. It is one of the most effective ways of promoting your brand because the sales rep can tailor the promotion precisely to those who are most likely to make a purchase. On the other hand, this is the most expensive form of sales because companies need to pay for one person’s time.

What is promotional mix strategy?

In marketing, the promotional mix describe a blend of promotional variables chosen by marketers to help a firm reach its goals. It has been identified as a subset of the marketing mix. … Advertising is the paid presentation and promotion of ideas, goods, or services by an identified sponsor in a mass medium.