Topics in CommercePrinciple of Marketing: Positioning as a Marketing Mix Principle of Marketing: Packaging as a Marketing Mix Elements of Promotion in Marketing Mix Principle of Marketing: Promotion as a Marketing Mix Principle of Marketing: Place as a Marketing Mix Principle of Marketing: Price as a Marketing Mix Principles of Marketing: The 7 Ps of Marketing Mix Factors necessary for Division of Labour Disadvantages of Division of Labour Advantages of Division of Labour Outbound Marketing explained Inbound Marketing explained Production - Types of Production Commerce: Definitions and Scopes of Commerce Differences between Balance of Trade and Balance of Payments Balance of Payment Deficit and Balance of Payment Surplus Disadvantages of Foreign Trade Divisions of Foreign Trade Advantages of Foreign Trade What is Foreign Trade? Types of Foreign Trade
Academic Questions in Commerce
The followings are advantages of division of labour EXCEPT _____.
Which of the following statement is incorrect concerning division of labour?
What does a bearer cheque mean?
What is an order cheque?
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A producer may have a quality product that is needed in high demand; but if the consumers aren't aware of such product, then the producer will not make sufficient sales regardless the product's quality. In fact, if a similar product (with lower quality) is known by the consumers, then it may likely make more sales.
Note: The above instance is an attribute of promotion in marketing and it's crucial for every business.
Promotion is a vital step in marketing and will directly lead to an increase in sales. It creates a communication bridge between the producers (of a product) and consumers (customers and potential customers that will use the product). Through this bridging process, promotion as a marketing mix therefore attempts to stimulate the consumer's interest in a specific product.
According to scholars of Advertising and Marketing; for instance, McCarthy and Perreault, promotion in marketing mix is defined as any action that transmits information between a seller and its potential buyers or other members of the channel of distribution to influence their attitudes and behaviors.
Note: Promotion in marketing functions to create awareness about a product, thus making it known, desired and remembered.
The promotion of various products is seen on a daily basis. For instance, you may see some advertisments in the course of reading this article. Some readers can become attracted to the advertisement and may eventually click on them in order to satisfy their curiosity, needs or wants.
The elements, processes or tools of promotion will come in the form of marketing strategies like advertisement, product branding, publicity, Personal sales, discounts, freebies, handbills, posters, public relations campaigns, events, merchandizing, online awareness via social media, Search Engine Optimization (SEO), adverts on blogs and so on.
One of the main challenges that producers often encounter during promotion occurs in the identification of appropriate consumers for their product. This implies that there is a possibility of promoting a product through marketing to the wrong sets of consumers. For this reasons, there is this concept termed targeted advertising.
Targeted Advertising is a form of online advertisments that focuses on placing ads (or adverts) based on a consumers demographics, internet activitues and previous online buying history. It is an ideal and effective means of promoting a product; and that's probably why it's popular on the internet. In fact, Google as an advertising giant utilizes targeted advertising in their advertisment scheme termed Google AdSense and AdMob. This is why you may see adverts on webpages that relates to your needs.
Another way Google goes about its targeted Advertising is by utilizing the consumer's previous activity on the internet to display relevant advents to them. For instance, if you checked out a phone on the internet, Google may use this activity of yours to present phone adverts whenever you read an article on a website approved for Google advertising. The point is: whatever is being advertised is preferably promoted to the right audience who eventually patronizes the producer of such product or services.
If promotion is done right, more sales will be guaranteed because it's a fundamental principle of the marketing mix.
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Amazing facts in Commerce
Amazon is an e-commerce website launched in 1995. It did not make any profit for its first seven years.
Amazon's first profit was in 2003. Its founder "Jeff Bezos" is the richest man in the world as at 2018/2019
NOTABLE POINTS IN Commerce
Commerce can be defined as the exchange of goods and services, usually for money and on a large scale that will require the transportation of such goods and services.
Commerce is very important to the life of any Nation for the following reasons:
A public company is not owned by an individual. Usually, it is owned by groups or a very large number of people.
The shares of a public company are traded freely on the stock exchange.
Below are some features of a public company
The four elements of the marketing mix are usually referred to as the 4 “P”. These are:
Think of marketing mix as the set of marketing tools that an industry or company uses to drive or accomplish its marketing objectives in the target market