Factors Influencing Promotion Mix
These factors are briefly explained below:
1) Availability of Funds
Regardless of what may be the most desirable promotion mix, the amount of money available for promotion is the real determinant of the mix.
2) Nature of the Market
Decisions on promotion mix will be greatly influenced by the nature of the market.
3) Nature of the Product
Consumer products and industrial products, frequently, require different strategies. Thus, the nature of products in the markets determines the promotion mix adopted.
Read Also: How to Turn Your Genius Business Idea Into an Actual Product
4) Stages of the Product Life Cycle
Promotional strategies for a product are influenced by the stage that a product is in, at any given time.
The product life cycle includes- introduction, growth, maturity, and decline.
In conclusion, promotion is considered inevitable in modern business activities.
Promotion is synonymous with sellinaimsmsis to inform, persuade, and influence people to buy goods and services offered for sale. It is an essential element in modern marketing.
Successful launching of products into markets is one thing and creating awareness is another. This unit looked into various ways of making goods and services known to target consumers.
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