Commerce

Elements of Promotion in Marketing Mix

len Alfred Ajibola - Mon, 23rd March, 2020 @ 08:19

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 principles of marketing mix except _____.

  • A. People

  • B. Positioning

  • C. Pressure group

  • D. Packaging

  • E. Promotion

  • F. Product

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

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Promotion Mix:

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.

Please read more on Promotion as a Marketing Mix here.

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.

Please read on the Principle of Marketing here.

At minimum, we have five of these elements of promotion; but we shall consider 6 in this article. They include:

  1. Advertising
  2. Public Promotions (PR)
  3. Publicity
  4. Sales Promotion and Merchandizing
  5. Personal Sales
  6. Events

1. Advertising

In simple words, advertising refers to the act of creating awareness about a product through a variety of media which includes:

  • Radio
  • Television
  • Social Media
  • Prints, Newspaper and Magazines
  • Word of Mouth
  • Posters and Handbills

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.

Please read more on Advertising here.

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.

You can read on the Obligations, Duties and Responsibilities of a Citizen here.


2. Public Relations (PR)

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.

Please read on Community and Volunteer Service here.

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.


3. Publicity

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.

Please read on Marketing and Branches of Marketing here.

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.

Please Follow Len Academy on Google News here.

Note: Publicity are also carried out on various radio and television programmes as part of their promotional strategy.


4. Sales Promotion or Merchandizing

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.

You can read on Outbound Marketing here.

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.


5. Personal Sale

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.

You can read on the Concept of the Wholesaler here.

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.

Please read on Sole Proprietorship, it's Advantages and Disadvantages here.


6. Events

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.

You can attempt Len Academy Questions and Answers on various Subjects here.

Based on the above fact, numerous events which acted as promotional tools for the respective companies are organized. They include:

  • MTN Project Fame (Nigeria)
  • Bournvita Brain Match (Nigeria)
  • Cowbell Mathematics Competition (Nigeria)
  • Barclays Premier League (England)
  • Who wants to be a Millionaire (MTN Nigeria)

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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.


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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 crucial (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.

Please read on the functions and characteristics of commerce here

A public company is not owned by an individual; rather it's usually owned by groups or a 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 Limited Liability Company, Its Advantages and Disadvantages here

There are seven elements of the marketing mix. 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.
  5. Packaging
  6. Positioning
  7. People

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

Please read on the Principles of Marketing Mix here