Source: Image of special offer banner, newspaper, television, radio, laptop, special offer sticker, digital callout, cursor, man and woman shaking hands, discount banner, images by Video Scribe, License held by Jeff Carroll.
Hi, I'm Jeff, and in this lesson, we'll explore the promotion P in the four P's and discuss what a media mix is. So let's get started.
We've learned about the marketing mix model called the four P's-- product, price, place, and promotion. In this lesson, we're going to explore promotion in more detail. Promotion is the communication given to customers about a product's features or change in price. And one of the tools used in marketing is called the media mix, and these are the various communication forums used by an organization to inform or promote its offering.
It's called a mix because different amounts and styles of communications can be used to achieve marketing goals. And it's the marketing manager's role to balance this mix to gain optimal results. Advertising is part of this mix, and these are communications paid before by the company through various advertising media such as newspapers, television, radio, and the internet. Now advertising on the internet is slightly different than the other media types because consumers can interact with the advertisements. Because of this, the data about those actions can be mined by the company to determine better ways to present future advertisements.
Press relations, PR, can fall under the promotion media mix for some companies, but even if it is a separate division, the media mix should still take PR into account.
Two other methods that can be used as promotion are personal selling and sales promotions. Personal selling occurs when representatives of the company deal directly with consumers. This is a one-to-one interaction, which works well if the consumer's needs and wants significantly drive the sale of a product. Then the salesperson can adapt the promotion to what the consumer desires.
And there are sales promotions. These are often used to drive a short-term increase in sales by lowering the price of a product either directly or through rebates, perhaps bundling the product together with something of value or offering discounts on quantity sales. Often sales promotions will coincide with events such as holidays or trade shows.
That was nicely done. In this lesson, we learned about promotion, one of the four P's. We discussed how the media mix is used to achieve marketing goals. And we reviewed other methods of promotion such as personal selling and sales promotions. Thanks for your time and have a great day.
