Still lots of heavy reading around this subject. I don’t think it will ease off at all really. This week focused on one of the 7 Ps, Promotion. It’s the last one of them to be discussed. The concept is that there are two parts to promotion. The first is to create something of value and the second to communicate that value to the marketplace.
Main Promotional Tools
There are five main promotional tools in the marketers kit. These are:-
- Sales Promotion
- Personal Selling
- Public Relations and
- Direct and digital marketing.
When integrated and more than one channel is used, this is known as the Integrated Marketing Mix. Interestingly enough, research has shown that if you take your advertising budget and spread it across multiple channels, your return on investment will be higher than putting all your eggs in the one basket. In other words, diversify your promotion. That said, it should also be recognised that each tool in the promotional basket has its advantages and disadvantages so you need to play to the advantages.
I thought I would share this video too as I found it quite amusing. I hadn’t seen it before but that maybe because I either don’t watch commercial television or don’t live in America.
As a result of the rise of big data and the information available, this form of promotion is exploding because of its targeted nature. Promotion in this area can be laser focused to reach the exact target market being sought. On the other hand, radio or TV advertising is more of a scattergun approach where if you fire enough bullets, you will probably hit something.
Hot on the heels of Assignment 1, the capstone assignment is now due in about a week’s time. I have finished the draft and I’m about 400 words over the limit. I had the whole thing written, but hadn’t finished all the learning modules. Now that I have completed those, I can add any additional comments and references I need to and get it submitted. It is certainly a nice feeling to be comfortably ahead when I was laid up for that week with the spinal surgery. That really had me worried about keeping up. It wasn’t only the recovery from the operation, it was the residual pain and tiredness that took its toll. I am now feeling better day by day and have my teeth back into things.
Feeling quite comfortable with everything at present. I’m very thankful that I have managed to get through the spinal surgery issue without it causing too many problems. I virtually have my capstone assignment completed and all the learning modules done. I’ve purchased the new text book for the next subject and I’m getting ready to go with that one. It is Strategic Human Resource Management. Possibly an area where some of my ideas fall into the dinosaur category. I also still can’t work out why they call Humans Resources! Sounds like a mine! Until next week then. Take care and good luck to all those others out there ploughing the depths of your brains and minds.