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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Promotion in marketing mix is defined as any action that prompts an individual to buy a product after hearing about such product through the elements of promotion.
The elements of promotion in marketing mix are also referred to as the tools, means, processes or components of promotion. Together (or in isolation), the promotion mix successfully accomplishes the awareness created on a product or service when used appropriately. In simple terms, the elements of promotion therefore promotes whatever is being marketed.
At minimum, we have five of these elements of promotion; but we shall consider 6 in this article. They include:
In simple words, advertising refers to the act of creating awareness about a product through a variety of media which includes:
Advertising is visibly the most popular tool or element of promotion in our world today. In fact, the bulk of promotional budget is allocated to the various media of advertising like social media, radio, handbills and so on.
The awareness created during advertising is preferably directed towards the consumers of the specific product through as process called targeted advertising.
Note: In certain instances, advertising may be carried out on a product through an act of good will, which will inturn remind people on the mission of the advertised product or brand.
The goal of public relations (as a promotional tool of marketing) focuses on building a favorable image of one's business and its products through their relationships or activities with the public.
An instance of public relations is seen when a water producing factory opens free water outlet for the consumption of those living within the community. In doing this, the owner's business is being promoted.
The organization(s) involved carry out some expenses when using public relations as a promotional tool. Typically, public relations is considered as a duty of the organization towards a the public (or specific group of people). To this end, the main goal of public relations (as a promotional tool) is to build and maintain a favourable image of an organization with the public.
Publicity is quite different from Public Relations (PR). Unlike public relations, publicity as a promotional tool is free of charge; and are not typically done by the company whose product is marketed.
The beauty of publicity is the fact that an organization does not need to market itself or product. They don't pay a dime for promoting their services; rather the public does it for them through various reporters, journalist, columnists, media practitioners and so on. For instance, Len Academy encourages every student to like it's Facebook, Twitter and Google News pages. Through this process, Len Academy indirectly promotes Facebook, Twitter and Google News respectively with each brand making no form of payment.
Note: Publicity are also carried out on various radio and television programmes as part of their promotional strategy.
This promotional strategy focuses on offering discounts and special offers with the aim of enticing consumers towards patronizing a product or service.
Sales promotions and merchandizing is achieved through activities like coupons codes that offers discounts on a product, free usage of product for some specific time frame, incentives on purchases, prizes, loyalty programs, raffle draws and rebates.
Note: Some of the target audience may be attracted to a specific promotional method when compared to others.
The main aim of sales promotion is to entice consumers towards buying a product. An excessive use of this promotional tool (sales promotion) may result to an eventual loss in the business.
Personal Sale as a tool of promotion simply means promoting your product yourself or employing a salesperson to help promote and sell your product. In fact, certain people refer to themselves as promoters due to the nature of their job.
Personal sale is typically an oral, face to face method of convincing potential customers to buy a product.
When one hires an ideal promoter or salesperson, the profit made from the sale of his or her product may significantly outweigh the cost spent in the form of wages (or salaries) on the salesperson or promoter.
Note: An advantage of personal sale when measuring promotional feedback is the fact that an immediate feedback is derived from this promotional tool.
Various organizations put out events for one reason or another; but one fact remains constant. The fact is:
They put out events to promote their products while also supporting the target (or consumers) of their products.
Based on the above fact, numerous events which acted as promotional tools for the respective companies are organized. They include:
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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