Elements of Promotion, Media Advertising, and Product and Market Variables

Three Primary Elements of Promotion

One of the primary elements of promotion is advertising. According to Einstein (2017), advertising includes paid promotion and non-professional presentation of services and products provided by an identified sponsor. The second element is personal selling. This element includes face-to-face presentation and communication with actual and potential customers to sell products and services. The third element is sales promotion. Besides personal selling, publicity, and advertising, this element includes marketing activities that encourage dealer efficiency and consumer purchasing.

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Major Advertising Media

Some of the major advertising media used to reach target customers are radio, television, newspaper, magazine, and podcast advertising. Radio advertising includes broadcasting oral advertisements on various radio stations. Television advertising includes airing both audio and visual advertisements across television channels. Newspaper advertising includes placing advertisements in the newspaper. Magazine advertising includes publishing advertisements in magazines read by the target audience. Lastly, podcast advertising includes creating short audio clips aired via social media platforms such as YouTube and Instagram.

Product and Market Variables Influence on Strategy Development

Product variables influence business strategy by defining the target market. Every product is designed to meet specific customer needs and preferences based on demographics such as age, gender, and social class. Business strategy should align with the demographic group’s needs, such as the need for a wide variety of products or high-quality products at a reasonable price. For instance, a company may choose differentiation to meet a wide range of customer needs to create a competitive advantage. On the other hand, market variables dictate the business environment, thus influencing the business strategy selected to create a competitive advantage. According to Bowman & Gatignon (2010), market variables include the factors used in market segmentation, such as geographic location, operating practices, business description, organizational goals, and culture. Organizations often design their business strategy based on the goals they intend to meet. For instance, if one of the goals is to gain a competitive strategy, it may choose a competitive strategy by focusing on its strengths and capabilities.