Deciding Promotional Mix
by: loon
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The geographic nature of the market. Wider geographic spread usually requires use of advertising, while a situation with fewer buyers tends to be best served by personal selling.
Product nature. As a rule, compared to individual purchases, there is more personal selling with industrial products. This is because of the technical complexity, increased risk, and professional training of buyers as well as the fact that there are fewer buyers in business markets.
The newness of the product class. New products must move through an adoption process with each stage representing purchasers with different needs
Stage of Product Life Cycle (PLC). In the introduction stage, where there is no competition, promotion needs to build primary demand. This means promotion is based on building demand for the product class rather than the specific product. In the growth stage promotion should be directed at building selective demand (id brand name). This usually means increasing information dissemination by advertising. However, intermediaries may also take on a greater promotion role. In the maturity stage advertising is a competitive tool for sales persuasion. In the decline stage, promotion should be selective.
Competition. It is important to at least match close competitors' promotion, otherwise market share will be lost. However, it may not be necessary to match dollar for dollar as impact can be obtained by using innovative promotion.
Distribution. Promotion must match distribution in both time and geographic space. It is pointless creating demand where there is not yet distribution. It is also important to inform intermediaries of aspects of the promotional plan that will impact on their operations.
Regulations. The practices of unfair advertising and deceptive promotion are illegal and policed by the local authorities.
Multiple types of buyers. Each different type of buyer means preparing a separate promotional mix.
You should prepare a list of how each of these factors will apply to your product. You can use the list when you write your promotional mix.
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