Saturday, August 31, 2019
Promotion Mix Essay
1. Introduction Promotion is the marketing term used to describe all marketing communications activities. Integration of all the elements of promotion mix is necessary to meet the information requirements of all target customers. This simply means that the promotion mix is not designed to satisfy only the prospective buyer or only the regular buyer. Some elements of the mix may be aimed at the target customer who is unaware of the product, while others may be aimed at potential customers who are fully aware of the product and are likely to purchase it. All the elements of the mix played their roles in bringing about the sale. The elements of the promotion mix must be coordinated and integrated so that they reinforce and complement each other to create a blend that helps in achieving the promotional objectives of the organization. 1.2 Elements of promotional mix Personal Selling Sales Promotion Public Relation Ã¢â¬ ¢ Trade Fairs and Exhibitions Advertising Sponsorship Online Promotions 1.3 Factors influencing promotion mix Ã¢â¬ ¢ The funds available for the activity Irrespective of what the right proportions of a promotion exercise are, it is the funds available that are really crucial in determining the finalÃ promotional mix. It is only a business with the requisite financial resources that can begin and see a promotional effort through. Ã¢â¬ ¢ The nature of the market The first market factor is the position of a product in its life cycle. The creation of primary demand, hitherto nonexistent, is the primary task during the introductory stage; therefore, a high level of promotion effort is needed to explain a new product to potential customers. Ã¢â¬ ¢ The nature of the product In determining the promotional mix the nature of the product being offered must be assessed given that creating awareness say for a consumer product is quite a different kettle of fish compared to whatÃ¢â¬â¢s required for an industrial product. Ã¢â¬ ¢ The productÃ¢â¬â¢s lifecycle stage Determining the promotional mix accurately also calls for an assessment of the four lifecycles that a product goes through. At introduction a product must be presented to the customers and thus creating awareness is the biggest concern. Personal selling and public relations are very applicable. At the growth stage there is already some awareness so advertising is applicable in strengthening the brand name. At maturity advertising remains applicable in fending off the competition. Finally, during sales decline a business will want to substantially cut down on promotional efforts. 1.4 Basic objectives of promotion Ã¢â¬ ¢ To present information to consumers as well as others. Ã¢â¬ ¢ To increase demand. Ã¢â¬ ¢ To differentiate a product 1.5 Role of Promotion Ã¢â¬ ¢ To communicate with individuals, groups or organizations directly or indirectly. Ã¢â¬ ¢ Facilitate exchanges by informing and persuading one or more audiencesÃ to accept an organizationÃ¢â¬â¢s products. Ã¢â¬ ¢ Communicate with their customers. Ã¢â¬ ¢ Design communication to your specific target audience. 1.6 Scope of the study The present study is an attempt to analyze the existing promotional mix and its effectiveness in organizational growth and development. 1.7 Objective of the study Ã¢Å¾ ¢ To identify the promotion tools used in Elite super market Ã¢Å¾ ¢ To measure the influence of promotion mix Ã¢Å¾ ¢ To asses the responses of the consumers towards the promotional strategies Ã¢Å¾ ¢ To suggest measures for promoting sales Ã¢Å¾ ¢ To identify the consumer preference Ã¢Å¾ ¢ To help in developing promotional plans of the company 1.8 Research methodology 1.8.1 Sources of data Primary data: It was collected through consumer survey and personal interview. The sample size was 50 customers. Secondary data It was collected through books, journals, organizational manuals, magazines, documents and internet. Analytical tools Ã¢â¬ ¢ Tables Ã¢â¬ ¢ Charts Ã¢â¬ ¢ Graphs 1.9 Limitations of the study Ã¢Å¾ ¢ There can be reporting bias on the part of respondents Ã¢Å¾ ¢ The sample selection is restricted to 50 consumers due to time constraints Ã¢Å¾ ¢ Financial constraints effect the reliability of the study Ã¢Å¾ ¢ Being a student work, the project also helds the inherent limitations of lack of expertise Ã¢Å¾ ¢ The study is restricted to elite super market and findings cannot be generalized Scheme of the Study The findings of the study are chapterized into 7 chapters. The first chapter consists of the introduction regarding the topic, scope, objectives, research methodology and limitations of the study. The second chapter includes the review of literature. Third chapter consists of the industry profile. The fourth chapter is the company or organizational profile. FifthÃ chapter is presentation and analysis of data. The sixth chapter consists of the findings and interpretation and the last chapter is the conclusion. In addition to this, bibliography is annexed. The appendix portion covers the secondary data formats, structured interview schedule, etc.