Commerce

Principle of Marketing: Promotion as a Marketing Mix

len Alfred Ajibola - Mon, 23rd March, 2020 @ 08:15

Topics in Commerce

Principle 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

Please check out our Test Your Knowledge page to see all Questions and Answers

The followings are advantages of division of labour EXCEPT _____.

  • A. It promotes the use of machines in production industries
  • B. There is an increase in profit
  • C. It saves time and expenses of training
  • D. It fosters the spirit of division
  • E. It increases the production of quality goods and services in the market
  • F. It increases a country's economic growth

Which of the following statement is incorrect concerning division of labour?

  • A. It is the specialization of works
  • B. It can become monotonous
  • C. It is the specialization of processes
  • D. The nature of a job is not a condition for division of labour
  • E. A person performs only a part of the job
  • F. Division of labour has some of its drawbacks

What does a bearer cheque mean?

What is an order cheque?

LEN ACADEMY SMART SCHOOL SOFTWARE
Click here to watch the video

Image

For a free trial, click here. Recommend to a school and get 25% commission for 6 academic terms

Promotion as a Marketing Mix:

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.

Please read more on the Concept and Branches of Marketing here.

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.

Please read on an Introduction to the Principle of Marketing Mix here.

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.

Please read on Retailers as Channels of Distribution here.

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.

You can read on scale of Preference and Opportunity Cost here.

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.

Please read on the Elements of Promotion in Marketing Mix here.

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.

Please read more on Advertising and Types of Advertising here.

You can also read on Inbound Marketing here.

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.

Please read on Place as a Marketing Mix here.

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.

Please read on Price as a Marketing Mix here.

If promotion is done right, more sales will be guaranteed because it's a fundamental principle of the marketing mix.

If You are a Student, Teacher or Lover of Education, please click here to follow LEN ACADEMY on Google News

THANKS FOR READING - Please Help Share!


len

Alfred Ajibola is a Medical Biochemist, a passionate Academician with over 7 years of experience, a Versatile Writer, a Web Developer, a Cisco Certified Network Associate and a Cisco CyberOps Associate.


Please Register here or Login here to contribute to this topic by commenting in the box below.

CONTRIBUTE TO THIS TOPIC | ASK A QUESTION


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:

  1. Commerce facilitates the exchange of goods and services which everyone can enjoy, regardless their location or whether the goods is produced within or outside their country.
  2. Commerce creates an awareness of the existence of goods and services through advertising.
  3. Commerce offers employment to a very large number of people in a Nation.
  4. Commerce promotes rapid transfer of both oral and written messages through communication.
  5. Commerce determines the standard of living in a Nation. This is because the extent of commercial activities is crucial to wealth of  a nation.
  6. Commerce makes for the protection against risk in day to day business operations.
  7. Through commerce, there is a steady supply of goods in a Nation. This is because commerce ensures that goods produced are stored until needed.

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

  1. A public company must receive it’s training certificate to commence business.
  2. The minimum membership is two while the maximum membership is limitless.
  3. A public company has a legal status. It can sue and be sued.
  4. A public company files and publishes its annual reports, including its accounts.
  5. The liability of its members is limited.
  6. The shares are easily transferrable through the stock market.
  7. A public company can issue debentures to be secured as its assets.

Please read on the types of business structure here

The four elements of the marketing mix are usually referred to as the 4 “P”. These are:

  1. Product: Anything thing that satisfies a consumer’s need is referred to as a product. Product may come in the form of manufactured goods, raw materials or services.
  2. Price: Price is defined as the exchange value of goods and services supplied. In simple terms, it serves as a mechanism of exchange.
  3. Promotion: It involves all the processes that concerns with how business organizations should inform their customers about its product. If done properly, the demand of product will be increased. Promotions can take the form of advertising, search engine optimization, social media marketing, trade fairs exhibition and so on.
  4. Place: The place as a marketing mix concerns variables such as location and transport facility where the distribution of goods and services take place.

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