Promotional Tools Assignment Help
A company may produce a good quality product and charges a low product; but unless and until it does not have a sound promotional policy, it will not be able to target the customer efficiently. Promotion is a form of communication initiated by a producer and seller with the following objectives:
- Informing potential customers about a product;
- Persuading them to buy it.
Therefore, Promotion can be defined as the process of communication involving information, persuasion and influence. It includes all types of personal or impersonal communication by a producer with the customer so as to persuade him to buy his product. The promotional tool should be designed in such a way that it is able to stimulate and convince the customer audience to buy it.
The objectives of designing the promotional tools in a business are:
- Stimulation of Demand: Promotional tools create awareness and build people interest in new products and technology.
- Product Differentiation: The main purpose of promotional activities is to inform the prospective customers about the availability, characteristics and use of a particular product.
- Stabilization of Sales: In the modern age of competition it is an important function of promotional activities to help in stabilizing sales volume by reassuring the customer about the quality and price of the product. It is possible that a customer using a particular brand of a product may buy another one because the other brand has advertised heavily.
- Highlighting the product quality: Promotion helps in letting the people know the utility of the new product. It also tells them how the concerned product will be helpful in satisfying their special demands.
- Providing of product information: The main purpose of promotional activities is to inform the prospective customers about the availability, characteristics and use of a particular product.
- Image promotion: Promotional activities such as public relations, advertising and sales promotion etc. helps to build a favorable image in public of the company, its product and its brand.
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The promotional tools used for marketing are:
- Advertising: Advertising is an important form of promotion. It involves transmitting a standard message to a large number of intended receivers. Advertising is any paid form of non- personal presentation and promotion of ideas, goods or services of an identified sponsor. The message which is determined is an advertisement. The advertisement is a paid form of communication which is resorted by an identified sponsor.
- Sales Promotion: Sales promotion includes all those activities that stimulate consumer purchasing and dealer effectiveness. The examples of sales promotion are the distribution of samples, coupons, the premium on sales etc. Sales promotion techniques are designed to supplement and coordinate the personal selling and advertising efforts.
- Personal Selling: Personal selling is the process of assisting and persuading a prospective buyer to buy a commodity in a face to face interaction. It involves direct and personal contact between the seller or his representative with the prospective buyer. Personal selling is by far the major promotional tool used to increase profitable sales by offering want-satisfying products to the people.
- Public Relations: It includes all the non- sales communication the business firms have with their various audiences. It consists of both communications with the general public and press relations. Its main task is image building. Publicity I the foundation of good public relations.
- Direct Marketing: t involves direct communications with the targeted customer or prospective customer to obtain an immediate response and also cultivate long-lasting consumer relationships.
Factors that affect the choice of Promotional Tools are:
- Nature of the product: The type of promotional mix used for the selling varies with the nature of the product. The nature of the product and its preference in the market determines its promotional strategy. The consumer goods in the market like soaps, grocery items etc. require a lot of advertising. Similarly, industrial goods require more of publicity, display at industry fairs and advertising.
- Nature of Market: The number and area of clients enormously impact the advancement blend. In the event that the gathering of potential clients is little and are moved in a specific area, at that point individual offering will probably be powerful. Though, if the client base is expansive and far-reaching, at that point the mix of publicizing, individual offering, and the business advancement is required to offer the item. Likewise, the kind of clients impacts the administrative choices of the advancement blend. The sort of advancement for the urban, instructed and institutional clients would be diverse when contrasted with the country, unskilled and family unit clients.
- Stage of Product in Product Life Cycle: The advancement blend changes as the item moves along its life cycle. Amid the presentation organize, the main target of the advancement is to make the essential request by stressing the item's highlights, utility, and so on in this manner, the mix of publicizing and attention is required. As the item achieves its development arrange the promoting and individual offering is required to keep up the request of the clients.
- Availability of Funds: The allocation of funds by the top management for the promotional activities must be kept in mind by the marketer while determining the promotional mix of the firm. A firm with a high budget can spend on all promotional activities.
- Distribution Strategy: Companies having market penetration depend on both personal selling and advertising. Companies having market penetration directly depend heavily on personal selling and advertising plays a supporting role. If the product passes through a longer channel of distribution, the marketer will have to give more importance to advertising and less to personal selling.
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