The 7 P’s of the Retail Marketing Mix
4) Promotion
After
deciding upon the budget, retailer should determine the appropriate promotional
mix – a combination of advertising, public relations, personal selling and
sales promotion. Small retailers having limited funds may use store displays,
hoardings, direct mail, flyers and publicity methods to attract customer
traffic, while on the other hand, retailers having no bar on finance, may use
print or television media for their sales promotion activities.
The
retail promotion mix varies from retailer to retailer and nation to nation
depending upon technological advancement, nature of competition and
availability of finance etc. Retailers design a promotional mix in compliance
with store's objectives such as positioning of the organization, attracting
customers, increasing sales turnover, clear out seasonal merchandise,
announcing special events and educating public about the organization and its
offerings.
Retailers
generally spend their promotional budget on developing advertisement campaigns
and on other sales promotion activities. A retailer has a variety of sales
promotion methods to promote its goods and services. Therefore, promotion mix
used by the retailer should be compatible with the desired store image, budget
allocation and flexible enough to modify whenever need arises.
These
various promotional vehicles may by compared on the basis of following issues:
1.
Cost of the method
2.
Its reach
3.
Degree of flexibility
4.
Credibility
5.
Control over media
Components of Promotion Mix
(a)
Sales Promotion
(b)
Publicity
(c)
Advertising
(d)
Public Relations and
(e)
Personal selling
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