Promotional Mix Promotion LAP 1 Objectives A. Describe the elements of the promotional mix. B. Explain factors affecting the selection of a promotional mix. Objective A Describe the elements of the promotional mix. Purposes of Promotion To tell consumers about a company’s … Ideas Services Images Goods Purposes of Promotion To persuade consumers to buy Promotion’s Recipe for Success: Mix various communication activities together and serve to potential customers until desired outcome is achieved. Communication Techniques • Advertising • Personal selling • Publicity • Sales promotion Flynn The bikes the pros use. Traveler Magazine The Top 5 Airlines! 25% Off Coupon The Combination, or Blend, of Marketing Communication Channels Is Called the... Advertising Any paid form of nonpersonal presentation of ideas, images, goods, or services The most visible element of the promotional mix • Actual cost of advertisement is quite high. • Since many people receive the message, the per contact cost is very low. The New Barchetta Diamonds from Desmond’s Jewelers are a girl’s best friend. Say No to Drugs. Services Ideas Images Goods The Vet for Your Pet At Techco, we’re friendly to our customers and the environment. Advertising Messages can be delivered by: • • • • • • • • Television Radio Newspapers Magazines Direct mail Outdoor advertisements Directories The Internet Personal Selling Determines client needs/wants and responds through planned, personalized communication that influences purchase decisions and enhances future business opportunities My budget won’t allow me to replace them all at once, but I want them to be compatible. You might want to consider leasing Are you planning computers. You can on replacing all get free service of your computers and upgrade to a at once? newer model whenever you want! Selling SellingDisadvantage Advantages I like the sound We do carry a of this stereo, bookshelf model but I think it’s a On a per contact basis, with similar little large for sound quality. selling is the most expensive my dorm room. form of promotion. • Immediate feedback • Flexibility Publicity • Any nonpersonal presentation of ideas, goods, or services that is not paid for by the company or individual which benefits from or is harmed by it • Many consumers pay close attention to publicity. – Feel publicity has more credibility because it is not a commercial message – View publicity as news Example: Mention of a company’s charitable activities in print or broadcast media Ways the Internet Can Be Used as a Source of Publicity “Tae-Bo has really changed my life. I’ve lost weight, toned-up, and feel better than ever.” -Susie Wells, CA A company web site can be used to obtain and display positive feedback. Ways the Internet Can Be Used as a Source of Publicity OnlineNews.com Car shopping on the web Buying a car on the web just got easier! Autobytel.com will help you get the financing, pick out the model, color and extras. Then they provide a quote from a local dealer. All at the touch of a keypad. A business’s goods, services, or web site might be mentioned in an Internet newsgroup. Ways the Internet Can Be Used as a Source of Publicity LINK TO ACME.COM A company might agree to provide a link to another business’s web site in exchange for the same consideration. Sales Promotion • Promotional activities other than advertising, personal selling, and publicity which stimulate purchases • Sales promotion activities include: Visual Product merchandising Novelty Fashion Instant Free Trade Contests Coupons Exhibits demonstrations samples rebates shows items shows or displays Importance of the Promotional Mix • Plays a key role in obtaining and keeping customers • Enables businesses to communicate effectively with customers • Informs consumers about goods/services and persuades them to buy Objective B Explain factors affecting the selection of a promotional mix. Marketers Try To Create the Ideal Blend of Promotional Activities for Their Businesses. Publicity Personal selling Sales promotion Advertising No magic formula that marketers use to help design promotional mix Must decide which methods will best reach potential customers and communicate desired message Hard to determine effectiveness of the different promotional methods Factors Affecting the Selection of a Promotional Mix Must be carefully analyzed before marketers decide when and where to invest promotional funds Product’s Good, Distribution Product’s service, target image, company channels market or idea Good, Service, Image, or Idea • Type of product Convenience goods Shopping goods Specialty goods Good, Service, Image, or Idea Inexpensive and self-service products can rely on advertising and sales promotion. This computer is perfect for you. It has all the software pre-installed and a left-handed mouse! 10% OFF Products which are on all small high-tech, require appliances are demonstration, expensive, or require installation should be promoted through personal selling. HARRY’S HARDWARE Product nature Good, Service, Image, or Idea When you are on-the-go… New and Improved! …it’s Breakfast-To-Go Each pocket provides you a delicious breakfast in just Maturity two minutes! Growth Introductory Declining Stage of life cycle Product’s Target Market Geographical Number Type ofofConsumer Consumers Location Consumer Close Few Together Market Consumers vs. Advertising Sales Promotion Publicity Personal Selling Spread Industrial Many Over a Consumers Market Wide Area Distribution Channel INTERMEDIARY BLVD. The promotional mix selection is affected by the path that a product takes. DIRECT AVE. Requires personal selling Requires personal selling and advertising Product’s Company Businesses often rely on previous use of promotional methods. Less flower. More power. Think small. 1960 1970 1980 1990 Historical Perspective 2000 Product’s Company Example: Today, the Wal-Mart corporation Wal-Mart started as one small has increased its promotional mixstore in Arkansas. In Wal-Mart’s to include television, radio, early years, local newspaper newspapers, special sales bulletins, advertising and personal selling and a Wal-Mart web site in order were all that the small company to promote its national network. could afford. Available Funds Product’s Company Competition Tony’s Pizza Kids eat free! Ange’s Pizza Free kids’ meals! Competing businesses use similar promotional mixes and tend to follow the leader. MarkED Acknowledgements Original Developer Christopher C. 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