Marketing and promotion are used in conjunction with one another to attract targeted customers and increase sales for a business. In the marketing mix, promotion is one of the four main components. To be successful in business, you need to understand the basics of promotion and how it plays a part in marketing.
Marketing Mix
The marketing mix is a concept that deals with the essential components of a marketing plan. The four main components of the marketing mix are price, place, product and promotion. These four components work together to help create a marketing plan for a business. Without any of the four parts in place, your marketing plan can suffer and will not be as effective as it could otherwise be. You could lean more heavily on one aspect than the others, but they all play a role.
Importance of Promotion
Promotion is very important for any business because it helps customers find out about what the company has to offer. Promotion deals with advertising, public relations and anything else that has to do with dealing with the public. Without promotion, the general public would not know about a company and sales would suffer. This aspect of the marketing mix helps to bring new customers in the door and close sales for the business.
Aspects of Promotion
The promotion component of the marketing mix is made up of several other parts. A business can choose to use all of these components or it could only use a few. The parts of the promotional mix include advertising, personal selling, trade fairs, sales promotion, public relations, direct mail and sponsorship. Some may be more effective than others depending on what type of business you are in.
Perception
The promotional mix is all about helping the perception of the company in the minds of consumers. When you use promotion, you want consumers in your market to think highly of your company. You use your individual selling proposition to set yourself apart from the other businesses in your market. Customers start to form a perception about you and this guides them in their purchasing decisions in the future. For example, if you promote a high-end image, customers will associate your business with quality.
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