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Factors affecting the Promotional Mix

Factors affecting the Promotional Mix

Answers

Faith
1. Available of Funds
Capital resources - A company with more funds will make more effective use of advertising than an enterprise without ample funds.
2. Nature of the market
i. Geographical scope - Small or local markets can be reached through personal selling whereas for a larger market, the marketers will put more emphasis on advertising.
ii. Type of customers - Whether the company aims at industrial users, consumers or middlemen. What is the target market?
iii. Concentration of the markets - The fewer the buyers the more effective is personal selling. More and widely sparsed buyers will be reached more effectively using advertising.
3. The Nature of the Product
Consumer products Vs industrial products require different advertising strategies. Convenience
goods that are widely distributed would be advertised through mass media since they do not need any special explanations. For the custom-made products, one would use personal selling to reach out to the consumers. Industrial goods also use a lot of personal selling.
4. Stage of the Product Life Cycle
Promotional strategies are influenced by Life cycle stages of a product
i) Introductory stage — To educate and inform the customers about the product.
ii) Growth stage — To stimulate demand since competition has set in
iii) Maturity stage — Persuade the customers to buy, provide information, maintain the market share of product and to undertake reminder advertising.
iv) Decline Sales decline and new products come up. The marketers may reduce the advertising expenditure, e.t.c.
Titany answered the question on October 6, 2021 at 13:40

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