It is a tool used in the business world for the purpose of marketing.
It consists of the 4 P’s:-
All the above elements are dependent on each other.
Promotion is one such element of the marketing mix without which no product can survive in the market.
Promotion refers to raising customer awareness of a product or brand, generating sales, and creating brand loyalty. Promotion is also found in the specification of five promotional mix or promotional plan.
The elements of the promotional mix are:-
- Personal selling
- Sales promotion
- Direct marketing
Personal selling is one of the most effective forms of marketing and selling a product.
It is basically an eight step process namely:-
- Prospecting- It is the step where salesmen try to identify prospective buyers of the product and/or service.They must then figure out if the potential customers are qualified leads, meaning they have a need for the product, afford it and will be willing to be contacted by the salesperson.
- Pre-approach- It is used for preparing for the presentation. This consists of goal planning and customer research.
- Approach- This is when the salesperson meets the customer. it would benefit more if the salesperson fixes an appointment with the potential customer as it would grab their attention.
- Need Assessment- This consists of evaluation of the needs of the customer by the salesperson.
- Presentation- Once the needs of the customer have been identified by the salesperson he/she is ready for presentation. The point of this is to grab the customer’s Attention, ignite Interest, create Desire, and inspire Action, or AIDAThe salesperson can do this through product demonstrations and presentations that show the features, advantages and benefits of the product..
- Meeting Objections- Customers who are interested will voice their concerns, usually in one of four ways. They might question the price or value of the product, dismiss the product/service as inadequate, avoid making a commitment to buy, or refuse because of an unknown factor.Salespeople should do their best to anticipate objections and respectfully respond to them.
- Gaining Commitment- The salesperson can use several different sales closes to move the sale forward. They can use the ‘alternative close’, the ‘assumptive close’, the ‘summary close’, or the ‘special-offer close’, among others.
- Follow up- The salesperson must remember to follow up. Following up will ensure customer satisfaction and help establish a relationship with the customer.
It is a tool of promotion used to encourage, persuade or manipulate an audience to buy the product. Advertisement is not only used by companies but in many cases by museum, government and charitable organizations. However, the treatment meted out to advertisement defers from an organization to an organization.
Promotion is an incentive tool used to drive up short term sales. Promotion can be launched directed at consumer or trade. The focus of advertising to create reason for purchase the focus of promotion is to create an incentive to buy. Consumer incentives could be samples, coupons, free trial and demonstration. Trade incentive could be price off, free goods and allowances. Sales force incentive could be convention, trade shows, competition among sales people.
Sales promotion activity can have many objectives, for example, to grab attention of new customer, reward the existing customer, increase consumption of occasional users. Sales promotion is usually targeted at the fence sitters and brand switchers.
A form of advertising in which physical marketing materials are provided to consumers in order to communicate information about a product or service. Direct marketing does not involve advertisements placed on the internet, on television or over the radio. Types of direct marketing materials include catalogs, mailers and fliers.Direct marketing messages emphasize a focus on the customer, data, and accountability. Hence, besides the actual communication, creation of actionable segments, pre- and post-campaign analytics, and measurement of results, are integral to any good Direct Marketing campaign.
Companies cannot survive in isolation they need to have a constant interaction with customers, employees and different stakeholders. This servicing of relation is done by the public relation office. The major function of the public relation office is to handle press releases, support product publicity, create and maintain the corporate image, handle matters with lawmakers, guide management with respect to public issues.
Examples of promotional tactics are:-
- Art people
- Event sponsorship
- Polls and Surveys
- Press Releases
- Organize tours,etc.
These are the tools of promotion. Each element is vital for the success of any product or service.
Marketing is a vast process and each individual element is important.
Tagline qoute- P.T Barnum