What do you mean by Promotion Mix ? Explain in detail.
Promotion mix is a particular combination of promotion tools used by a company to communicate with the audiences. There are 5 major tools: advertising, sales promotion, publicity, personal selling and direct marketing. Promotion mix refers to totality of efforts made by the firm to communicate with the wholesaler retailer, present customer, potential customers, and general public. In addition to five promotional tools named above promotion mix also include Product design, Packaging, labelling.For example:-Instruction and information given on the package like------ date of manufacturing, date of expiry, ingredients, how to use it, where to store it, side effect, price,etc.all these give the message to the consumer.
Meaning : - Promotion is the co-ordination of all seller initiated efforts to set up channels of information and persuasion in order to sell good and services to promote an idea.
Definition:- According to Philip Kotler
“A company’s total communication mix -also called promotion mix –consist of specific blend of advertising, personal selling, sales promotion, public relations and direct marketing tools that the company uses to persue its advertising and marketing bjectives."
Components of the promotion mix::- Promotion Mix consist of 5 elements
i)Advertisement : - It is a non personal form of presentation of Ideas, Good, Services by an identified sponsor.
Ro le of advertisement:-
a) For quick communication.
b) For communication with masses.
c) For promotion of consumer goods.
ii)Personal selling : - Oral presentation for the purpose of sale.
Role of personal selling :-
a) For marketing of industrial & technical goods.
b) For the small targeted audience.
c) For costly goods.
iii) Sales promotion: - An immediate inducement that adds extra value to the product.
Role of sales Promotion :-
a) Middleman-oriented-sales promotion.
b) For seasonal goods.
c) For immediate increase in sales.
iv )Publicity : - Mgt.
Role of Publicity:
a) Non paid formed more credible.
b) Make positive image in mind of ultimate customer.
c) Image is more objective and place more confidence.
v) Direct Marketing :- Direct communication with target audience to obtain immediate response and to develop long lasting relationship with the customer.
Role of direct marketing:
a) Focus is on literate customer.
b) For service marketing like Banking, insurance, telecommunication.
c) For expensive goods mainly.