In: Economics
justin is a marketing director for tire rack and is responsible for working with their advertising agency and identifying the messages and means for communicating with customers. justin's job involves the ____ strategy of the marketing mix
Marketing mix is a tool which comprises of four strategies- Product, Price, place and promotion. As mentioned in the question, Justin is responsible for working in advertising agency so his job involved promotional strategy of marketing mix. Whenever a company goes for starting a business, it has to consider 4 important things. Firstly the product to be produced its features, size, quality, services associated with the product. It also has to go for product differentiation. Second factor is price which is to be given considering the market condition demand, number of competitors cost of producing the product, profit margin and many more. Place include channel of production like retailer, wholesalers, and factors like transportation inventory where products are stored.
Finally comes the promotional activities which include advertising, sales promotion, publicity, personal selling and maintaining public relations. Promotional tools are made to keep a contact with the customers, to know about their needs, to make modifications in the product, to aware them about the existing products.
Justin here is concerned with advertising work. It is a type of non personal form of selling the product by creating awareness to the prospects or the customers about the existing products. It's function is also to keep reminding the customers who are already using the product. The reason is the presence of stiff competition in the market. It helps to get public attention. It is seen as the most popular form of promotion.
Example:advertising of various products like soap, shampoo, health drinks on television, social media groups.
Thus advertising is helpful in following ways:
1.introduce product In the market.
2.increase sales of the existing product
3.helps to aware customers about the new and better quality of existing products
As far as sales promotion is concerned, its purpose is to increExshory term sales. It is meant to contact customers and persuade them to buy by offering coupons,price cut or free goods like free one product by purchasing 2.
As far as public relations is concerned it is meant to maintain regular interaction with customers. It is meant to maintain company's image, help in product publicity
As far as direct marketing is concerned, it is done without the help of intermediaries It is seen as the most popular channel present days. Internet has helped a lot like products on amazon and flop cart are easily sold. It include face to face selling, tele marketing etc.
So all these helps in promoting the products and increasing the sales and profit and is beneficial to customers by providing the products according to the requirements