Developing a Promotional Mix

Objectives List (in order) the steps of developing a promotional mixList (in order) the steps of developing a promotional mix Explain why the promotional mix is circularExplain why the promotional mix is circular Determine why it is important for a product/service to be widely recognizedDetermine why it is important for a product/service to be widely recognized

The Concept of Promotional Mix Businesses use a cost effective mix of promotional strategies that include: advertising, selling, sales promotion, direct marketing, & PRBusinesses use a cost effective mix of promotional strategies that include: advertising, selling, sales promotion, direct marketing, & PR –This mix ensures their product will be widely recognized Once a product is recognized, it is easier to sell – generating revenue for the companyOnce a product is recognized, it is easier to sell – generating revenue for the company

Allocate Budget Amounts Measure Results Identify Target Market Establish Objectives Design Promotional Message Select Promotional Activities Develop a Promotional Mix

Step 1 – Identify the Target Market A business must identify its targeted customers to design the best message and the best way to reach themA business must identify its targeted customers to design the best message and the best way to reach them –Is social media the best way to reach your grandparents? –Is the newspaper the best way to reach you?

Step 2 – Establish Objectives A promo mix must have objectives to accomplish such as:A promo mix must have objectives to accomplish such as: –To create brand awareness –Introduce a new product –Build an image –Generate more sales

Step 3 – Design Promotional Message Appropriate images or words should be selected to communicate with the target marketAppropriate images or words should be selected to communicate with the target market The selected message will largely dictate the format used, such as graphics, sound, electronic or print messages, or personal sales presentationsThe selected message will largely dictate the format used, such as graphics, sound, electronic or print messages, or personal sales presentations

Step 4 – Select Promotional Activities The type of promo method(s) used must be based upon stated objectives, the desired message, and prioritized by available resourcesThe type of promo method(s) used must be based upon stated objectives, the desired message, and prioritized by available resources

Step 5 – Allocate Budget Amounts A promotional budget should be based upon the “ideal” promo mix and can include all promo methods or a selected number based upon available resourcesA promotional budget should be based upon the “ideal” promo mix and can include all promo methods or a selected number based upon available resources

Step 6 – Measure Results Promotional methods and the results achieved must be continually evaluatedPromotional methods and the results achieved must be continually evaluated The results will determine whether the planned activities should continue or be revised to meet objectivesThe results will determine whether the planned activities should continue or be revised to meet objectives

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