What are the 5 promotion tools?
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The Marketing Mix 5 Ps is a significant tool to help you select and create the right marketing strategies for your business. It forces you to think about which areas of your business you can change or improve on, to help you meet the needs of your target market, add value and differentiate your product or service from your competitors. The 5 areas you need to make decisions about are: PRODUCT, PRICE, PROMOTION, PLACE AND PEOPLE. Show Although the 5 Ps are somewhat controllable, they are always subject to your internal and external marketing environments. Read on to find out more about each of the Ps.  PRODUCT/SERVICE The product or service element refers to what you are offering as a whole to your customers. Product decisions include functionality, branding, packaging, service, quality, appearance and warranty terms. When thinking about your product consider the key features, benefits, and the needs and wants of customers. For example, if you are a food manufacturer you may decide to add some new flavours to extend your range. PRICE The price element refers to the way you set prices for your products or services. It should include all the parts that make up your overall cost, including the advertised price, any discounts, sales, credit terms or other payment arrangements. Your pricing will also depend on your businesses position in the market, for example, if you advertise your business as a budget car rental service, your pricing should reflect that choice. Or if you are a premium food product then your price should be at a premium to lesser quality products to reflect the better packaging and quality of ingredients you offer. PROMOTION Promotion refers to all the activities and methods you use to promote your products/services to your target market. It includes sales, public relations, direct marketing, advertising, sponsorship and social media. Since promotion costs can be substantial, it is sensible to conduct a return on investment analysis (ROI) when making promotion decisions. Firstly, you need to establish who your target market is, what media do they consume, what the cost of that media will be, how many more sales you need to cover your investment and how you will gather the information that shows how the promotion has worked. PLACE The place element refers to how you get your product or service to your customers at the right time, at the right place, and in the right quantity. It includes distribution channels (e.g. via a shopfront, online or a distributor), location, logistics, service levels and market coverage. For example, if you’re thinking of expanding your business online, you’ll need to think about how your customers use the internet, if they would feel comfortable purchasing your goods online and if they would be willing to pay shipping costs for your products. If you’re looking to grow your business, you might consider changing or expanding the way you sell your products and services. For example, if you’re a homewares distributor, you might think about setting up a new store in a different location or offering franchises. PEOPLE The people element refers to your customers, yourself and your staff. You need to consider both your staff and customers if you’re thinking of growing your business. It includes understanding what your customers’ needs and wants are, setting targets and measuring your customer service levels so that you attract and keep loyal customers. You’ll also need to consider staff training so they have the skills to offer the best experience and meet customer expectations. Want to know more about using the Marketing Mix 5 Ps to develop a comprehensive marketing plan?Wherever you are and whatever your business, we can apply the 5 Ps of marketing to help your business succeed. We are happy to have a chat – just send us a message on . We also invite you to check out our marketing plan toolkit services, which can include training and guidance, or a more do-it-for-you approach. Ramp up your business with the top promotion tools for sales and marketing success. Companies developing a marketing mix often focus the most time and effort on promotion. And that makes sense because promotion has the most direct impact on the target market. But product, price, and place also factor into the success rate of a promotional campaign. This article covers various types of promotional tools, explores which tools prove most effective, and makes a few recommendations about must-have promotional tools. As we limit our discussion to the 4th of the marketing mix’s 4 P’s, we can take a deep dive into that P, or promotion, as a whole by analyzing the best promotion tools used today. Types of Promotion ToolsAlthough thousands of individual promotion tools are available to the public, the tools can all fit into one of four categories: Advertising, Sales Promotion, Public Relations, and Direct Marketing. While some specific tools may straddle the lines between two or more of these categories, the vast majority fit squarely within one. AdvertisingAll paid promotional messages qualify as advertising. Advertising represents the broadest type of promotional tool and often subsumes the other three categories. For example, a company may pay for a communication that qualifies as a sales promotion because its message informs the target market about current or future discounts. In any case, advertising breaks down into the 5 M’s: mission, money, message, media, and measurement. Each one of the 5 M’s requires careful consideration when a business is developing an advertising strategy. MissionThe mission sets various goals or benchmarks that an advertising campaign must meet to achieve success. The goal of a particular piece of advertising may include reinforcing brand awareness, reminding a target market about a product or special offer, persuading customers to buy, or informing the public about the existence of a given product or service. MoneyThe money pertains to budgetary considerations and takes into account the business’s market share, customer base, competitors, breadth and length of the advertising campaign, a product’s unique selling proposition, and more. Ultimately, money will decide which channels a business will use for an advertising campaign and for how long. MessageThe development of a message intended for an advertising campaign goes through several steps. First, a company must create the message. Second, the company must evaluate the effectiveness of the message. Third, the company must deliver the message through available channels. And fourth, the company should review the message’s success. MediaOnce a business has solidified a message, it must choose the appropriate media channels. Considerations when selecting media channels include
MeasurementDuring an advertising campaign run and soon after its completion, a company should review the campaign’s effectiveness. Specifically, a business should try to determine the campaign’s effect on the marketplace in general, as well as the effect on company revenues. Sales PromotionSales promotion represents another useful tool in the marketer’s toolbox. It incentivizes the consumer to make a purchase through enticing special offers. Examples include free trials, discount codes, coupons, exclusive sales, and rebates. The main goal of sales promotion is an increase in short-term revenue. But other goals include
Public RelationsPublic Relations serves as an essential promotion tool. A company that doesn’t interact with its customers quickly dies. But public relations also pertains to the company’s interactions with its employees, public or private stakeholders, and policymakers. A company accomplishes positive public relations through a variety of methods:
Direct MarketingDirect marketing involves getting a company’s message to the consumer without the use of intermediaries. A business can achieve this through direct mailers, organic website traffic, telemarketing, catalogs, and face-to-face interactions within the setting of a brick-and-mortar store. Traditional vs. Modern Promotion ToolsSince the dawn of the Internet Age, the use of promotion tools has shifted from traditional tools to more modern ones. Old and new promotion tools remain viable, but it behooves all companies to consider using both types. Traditional Promotion ToolsIn the past, traditional mass media outlets served as go-to promotion tools. Businesses would pay various outlets to display the company message:
Modern Promotional ToolsThe internet, smartphones, and other promotion technology have forever altered the landscape of promotion. Companies can now contact customers directly, regardless of whether that customer is sitting in front of the television or driving to work. Modern sales promotion tools also allow for constant contact and frequent interaction. Some of the main modern promotion tools include
Categories of Modern Promotional ToolsThe new arsenal of modern promotional tools breaks down into several categories according to strategy. Some strategies cost nothing to a business. Others require time, effort, and money. Some of the main categories of modern promotion tools include
The Top Modern Promotional ToolsBusinesses can find countless marketing promotion tools to help them develop, execute, and analyze an advertising campaign. Of those tools, some of our favorites include
Did we forget to mention your favorite promotion mix tool? Let us know in the comments, and we’ll add it to the list during our next update.
This is Not Your Typical Digital Marketing Agency. What are the five promotion tools?Businesses can use one or more of these five promotional alternatives:. advertising,. personal selling,. public relations,. sales promotion, and.. direct marketing.. What are the 5 tools of the promotion mix explain each tool with one example?Top 5 Elements of Promotion Mix (With Diagram). Advertising: Advertising is defined as any paid form of non-personal presentation and promotion of ideas, goods, and services by an identified sponsor. ... . Sales Promotion: ... . Personal Selling: ... . Publicity: ... . Public Relations:. |
