Promotional decisions

• What is a key decision a business needs to make regarding its goods and services?

  How to promote its goods and services
• What is the purpose of promotion in business?

  To reach the target audience effectively
• What are some methods of promotion mentioned in the text?

  Flyers, online marketing, billboards
• What are the two key objectives of promotion?

  Awareness and persuasion of customers
• Why is it important to make customers aware of products?

  To cut through competing marketing activities
• What is the promotional mix?

  • The right blend of promotional activities
  • Helps achieve marketing objectives
  • No business relies on just one method
• What is advertising in the context of promotion?

  Paid promotion in various media
• What is sales promotion?

  Offers like buy one get one free
• What does direct marketing include?

  Direct mail and other media
• What is personal selling?

  Meeting prospective customers directly
• What is the role of public relations in promotion?

  Building awareness of goods and services
• What factors influence the promotional mix?

  1. Product life cycle
  2. Nature of the product
  3. Competition
  4. Target audience
  5. Marketing objectives
• How does the product life cycle affect promotion?

  It determines the focus on awareness or sales
• What promotional methods are suitable for a product in the introduction stage?

  Methods focused on building awareness
• What promotional strategy might be used for a product in decline?

  Sales promotion to encourage purchases
• How does the nature of a product influence promotion?

  It determines the amount of information needed
• Why should a business consider its competitors' promotional strategies?

  To gain an advantage or replicate success
• What is the importance of the promotional mix in marketing?

  It helps businesses achieve their marketing objectives