The most important component in selling goods is marketing promotion. Marketing is a process in which a plan has to be started from the beginning of the process that is the initial phase of it. Marketing is needed from a small business to big companies. Until the promotion of the product is not done, a company’s sale cannot be improved no matter how good the staff is.
There are many different definitions of marketing. The best way to define Marketing is that Marketing is an activity, set of institutions and a process for creating, communicating, delivering and exchanging offerings. These offerings have value for customers, clients, partners and society at large. There are four different types of elements in this process, which is called 4 Ps of marketing:
1. Product: Products are of basically two types, namely tangible products and Intangible products. Tangible products are those products which we can both touch and feel. Intangible products are something which we can only feel or experience.
There are three levels of a product. First one is the core product. This is not a physical object but consists of the problem-solving benefits that satisfy consumer needs. Products are based on the consumers’ perspective. At the second level, marketers must convert the core benefits into a physical or actual product that have the attributes to satisfy customer needs and wants. If the company wants to deliver its core benefits, it must have five attributes, i.e. name, parts, packaging, features and styles combined. After physical goods, the next level is an augmented product that includes after-sales services, installation and warranty.
2. Price: At how much are you going to sell your product? The price of your product greatly affects your sales. If the product will be affordable, it is obvious that people will want to buy that. However, cheap products also mean that there is a possibility that the quality of that product will not be good. While deciding the price, you must keep these things in mind:
How much total money did you spend to make that product? If you make the product in less amount of money, you can sell that product at a low price so that everyone can buy your product.
To know at what price your competitors sell that type of product. It will help you know the market value and market price of the product.
How much money can your customer pay for your product?
3. Place: Where will customers buy your product? Will you sell the product directly to your customer, or will you sell it to a wholesaler or retailer in the middle? Will you sell it online or offline? These are the questions you must think before selling the product.
4. Promotion: How will people know about your product? If anyone wants to buy your product, he/she must know about the product. Customers must think positively about that product and the review of that product must be good. They must know when the product is coming to the market so that they can be ready to buy that product. These things depend on how well you promote your product.
It is essential to know what are the different ways of promoting products. Following are some ways:
Digital marketing like PPC advertising, Social media, and SEO
Traditional advertising like TV, Magazine, Newspaper or Radio
Whatever method of advertising you use, your goal should be to show your product to a large set of audience and sell it.
Advertising: It is a non-personal form of communicating information related to the promotion of ideas, presentation of goods and services and to create demand. Advertisement can be done through newspapers, magazines, television, radio, outdoor advertising or direct mail. There are a few new media such as search results, blogs, social media, websites or text messages.
Direct Marketing: Direct marketing is a form of advertising where the organisation engages customers through a variety of media including text messaging, email, website, online advertising, database marketing, fliers, catalogue distribution, promotion letter and target television, newspaper and magazine advertising.
Sales Promotion: Sales promotion is a way of marketing in which products are sold utilising short term attractive offers. These kinds of strategies are brought into use when they have to lift the sales temporarily, attract more customers, introduce new products or sell out existing inventories. Sales promotion is one of the core elements of the promotion mix. To build a long-lasting relationship with users, you need to find out the type of sales that work with your target audience. At that time, you should provide customers with value that’s relative to your fields of expertise.
Personal Selling: Personal selling is selling the products face to face to the customer or via talking to the customer directly on the phone. The great advantage of a personal sale is the customer gets all the details and queries of products are solved instantly. Effective personal selling addresses the buyer’s needs and preferences without making him or her feel pressured. Good salespeople offer advice and recommendations and they can help buyers save money and time during the decision process.
The seller should give honest responses to any questions or objections buyers have and show that he cares more about meeting the buyer’s needs than making the sale. These aspects of personal selling contribute to a strong relationship between buyer and seller.
Sponsorship: Sponsorship Advertising is a type of advertising where a company pays to be associated with a specific event. Sponsorship advertising is prevalent at charitable events. Besides charitable events, companies may sponsor local sporting teams, sports tournaments, fairs and other community events. The idea is to get your name out and be viewed positively as a participating member of your community.
The company must have a reasonable basis to believe that the sponsorship will create a tangible business result. It doesn't necessarily have to produce a profit, but it should at least increase brand awareness or help foster a positive view of the company.
Q1. What is Marketing?
Ans: Marketing is an activity, set of institutions and a process for creating, communicating, delivering and exchanging offerings. These offerings have value for customers, clients, partners and society at large.
Q2. What are the 4Ps of Marketing Promotion?
Ans: There are four different types of elements in a marketing promotion, which we call 4 Ps of marketing or marketing mix.
Q3. What are the two types of Product?
Ans: Products are of basically two types namely tangible product and Intangible product. Tangible products are those products which we can both touch and feel. Intangible products are something which we can only feel or experience.
Q4. What are the types of Marketing Promotion?
Ans: Following are the types of marketing promotion: