Marketing communications Essay Example | Topics and Well Written Essays - 3000 words

Marketing communications - Essay Example Advertising using these mediums has changed perspectives of brands in our minds. Furthermore, marketing tools such as aiming below-the-line marketing, direct marketing, personal selling, door-to-door selling are now being used to sell customized products to the customers just like the way they want it. Now customers can also enjoy the luxuries just by a click of a mouse or a remote on a TV to shop online, order through the phone or book products through telemarketing. A company can use many different mediums of communicating their intended message to the customers as mentioned in the preceding section. However, due to resource shortage, companies do efficient resource allocation which in the marketing world is known as adopting the right Marketing (Promotion) Mix. The Promotions Mix is the specific mix of advertising, personal selling, sales promotion, public relations, and direct marketing that an organization uses to pursue its marketing objectives. The promotional mix itself is part of the wider marketing mix; it is one of the four P's of marketing, product, price, and place and of course promotion itself. First and foremost it is important to consider the relative strengths and weaknesses of each component/tool of the promotional mix in deciding... Typical advertising media include Yellow Pages, local newspapers, radio, television advertisements, trade journals, exhibitions and websites. The advantage of advertising is that it can reach a large and geographically dispersed audience It has a low cost per exposure, though the overall costs of making advertisements and producing and airing them might be high. Advertising also tends to create brand recognition Reinforces product existence (by consistently repeating key messages) Dramatizes company/brand Builds brand image The disadvantages can be its impersonal outlook lack of direct feedback (one-way communication) As mentioned earlier it is expensive Personal selling Personal selling is a very effective form of promotion since it allows customization according to the needs of the customers. For example it can be a presentation by a company's sales force for the purpose of making sales and building customer relationships Personal selling is very effective marketing tool for building customer relationships as personal interaction allows for feedback and adjustments; Buyers are more attentive; Sales force represents a long-term commitment; Allows for direct and immediate response to customer feedback; Disadvantages are that it is one of the most expensive of the promotional tools both in terms of time and money. But it must be borne in mind that active networking with existing customers, business associations and even suppliers can play an important role in promoting the business to a wider target audience. Sales promotion Sales promotion usually constitutes short-term, specific incentives to encourage the purchase or sale of a product or service. A large variety of sales promotion tools can be used such

Principles of MicroEconomics Speech or Presentation

Principles of MicroEconomics - Speech or Presentation Example This will cause an increase in price of butter. Holding all other factors constant the demand of butter will reduce form Q0 to Q1.this can be seen well from the graph. a. True. Price elasticity of demand is the responsiveness or sensitivity of consumers to price changes. The demand curve shows the quantity of goods or services individuals are willing are will to buy at different prices. Price elasticity coefficient us given by: b. False. This because cross-price elasticity of demand is a ratio of the percentage change in the quantity demanded of some good X to a percentage change in the price of some other Y. This means that if the two goods are substitutes the cross elasticity will be positive and if the cross-price elasticity of demand is negative the good are complimentary. c. True. This is because in the short run everything is fixed, therefore constructors have limited time to increase construction of apartments. Even though construction firms can still increase production by increasing labor force and efficiency, but relative to the long run supply is still inelastic. In the long run construction firms have enough time to change quantities of their resources and for new firms can start constructing apartments. Therefore the longer the time the more likely will increase quantity of apartments supplied. Even-though the time may not be long enough to change their production techniques to meet the supply needs, they have longer responsive time to switch resources such as raw materials, location of construction and amount of