Business - Promotional Mix

Promotional mix is the combination of different promotional methods that a business uses. For examples, a firm might advertise largely through TV, but also do some social media advertising and have sponsorship deals in place with athletes. Factors influencing the promotional mix are:

Target Market

A firm’s target market for a product will affect the promotional method that they use because different types of people use different platforms more often
A business wants to promote its product to its potential customers
A firm that produces women’s underwear will not usually want to promote their product to middle aged men

The Nature of the Market

As a market matures, the rate of growth changes
If a market is growing slowly, advertising may be less important
If a market is growing fast, then firms will be battling for market share and are willing to spend more on advertising as it will affect sales by a larger amount

Finance Available

Some firms will have much more finance available to spend on promotions
Some promotional methods are more expensive than others
Smaller firms with less finance are less likely to be able to afford TV advertising

The Nature of the Product or Service

The type of product will influence which promotional methods needs to be used
A technical product like a laptop may want to give consumers more information about their product, whilst a simple product like orange juice may not need to give info
A fashion label like Hugo Boss does not have much information to communicate as how their products look is more important