A promotional mix is a set of promotional variables selected by the marketers for a particular product when conducting promotional activities. Promotional mix has been identified as a subset of the marketing mix in the marketing plan. This is considered as a set of marketing approaches used by marketers of a product to reach a bigger audience and gain more market share.
developing a promotional mix is one of the most important tasks of the marketing team. It is vital for them to conduct proper and accurate research about the product and its features, the target market of the product, and the behavior of the selected target market. The marketing team should consider the target market behavior, preferences and consider the allocated budget when deciding about the promotional activities that would be most effective.
Elements of the Promotional Mix
Advertising
Advertising can be considered as a paid form of non-personal presentation or communication of goods, services, or ideas by a particular sponsor on behalf of the business. Advertising is considered a way of mass communication. Due to the ability to reach a considerably higher number of target market customers, advertising is the most popular as well as mostly practiced and widely used method in communicating with the customers about the product. However, since it is a one-way communication method, customer feedback, and ideas about the product or the service cannot be obtained through this method.
Sales promotion
Sales promotion includes marketing activities other than advertising, publicity, and personal selling. Sales promotion usually involves short-term, non-routine incentives that are offered to consumers of the product and the dealers. The most popular methods of sales promotion are exhibitions, exchange offers, gifts, free services, demonstrations, and trade shows.
However, excessive use of sales promotion can affect negatively the sale as well as the reputation of the brand.
Personal Selling
Personal selling is the method of selling the product directly to the customer. This includes face-to-face, direct communication with the customer with presenting the purpose of the product or the service. This is similar to direct marketing. However, the success of personal selling is based on the salesperson’s ability to maintain direct communication with the potential customers and convince them to purchase the product.
Publicity
This is considered as another way of mass communication. But, this is not a paid form of communication like advertising. Publicity can be considered as a way of communication about the product and create an impression in the target market without paying any party for creating the impression.
It is also considered a traditional method of public relations. Publicity usually comes from journalists, columnists, or reporters who are interested in the product. It involves interviews, public speeches, charitable donations, conducting seminars, popular personalities, stage shows, etc. that attract mass media methods to publish about the product or service.
Public Relations
Public relations is a process that includes maintaining constructive relationships with customers, suppliers, and intermediaries. However, a high weightage of public relations goes to interested publics. Since public relations includes in publicity, it can be identified as a part of publicity. This is considered as a two-way communication method where the business can communicate with the customer about the products and gain customer and stakeholder opinions about the product as well.
Public relations can be considered an integral part of the managerial function. Many business organizations operate a separate public relations department due to its importance in achieving the organization’s goals and business objectives. Public relations covers numerous formal and informal groups of the public such as customers, suppliers, shareholders, unions, government, and people from the local community.
Due to the importance of public relations in the success of the business, the companies make sure to continue public relations throughout the lifetime of the business. Apart from that, all the officials from top management to the supervisory level are engaging in public relations activities.