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Marketing Mix

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Article Index
Marketing Mix
Marketing Mix-Product
New Product Development
Packaging
Product Life Cycle
Marketing Mix-Price
Price Elasticity of demand
Pricing Strategies
Marketing Mix-Promotion
Above the line
Medium of advertising
Below the line
Marketing Mix-Place
Role of wholesaler
Choosing a distribution channel
SWOT Analysis
All Pages

Different Medium of Advertising

Given below are common medium of advertising used by business.

newspaperNewspapers

Newspapers are one of the traditional mediums used by businesses, both big and small alike, to advertise their businesses.

Advantages

  • Allows you to reach a huge number of people in a given geographic area
  • You have the flexibility in deciding the ad size and placement within the newspaper
  • Your ad can be as large as necessary to communicate as much of a story as you care to tell
  • Exposure to your ad is not limited; readers can go back to your message again and again if so desired.
  • Free help in creating and producing ad copy is usually available
  • Quick turn-around helps your ad reflect the changing market conditions. The ad you decide to run today can be in your customers' hands in one to two days.

Disadvantages

  • Ad space can be expensive
  • Your ad has to compete against the clutter of other advertisers, including the giants ads run by supermarkets and department stores as well as the ads of your competitors
  • Poor photo reproduction limits creativity
  • Newspapers are a price-oriented medium; most ads are for sales
  • Expect your ad to have a short shelf life, as newspapers are usually read once and then discarded.
  • You may be paying to send your message to a lot of people who will probably never be in the market to buy from you.
  • Newspapers are a highly visible medium, so your competitors can quickly react to your prices
  • With the increasing popularity of the Internet, newspapers face declining readership and market penetration. A growing number of readers now skip the print version of the newspaper (and hence the print ads) and instead read the online version of the publication.

magazinesMagazines

Magazines are a more focused, albeit more expensive, alternative to newspaper advertising. This medium allows you to reach highly targeted audiences.

Advantages

  • Allows for better targeting of audience, as you can choose magazine publications that cater to your specific audience or whose editorial content specializes in topics of interest to your audience.
  • High reader involvement means that more attention will be paid to your advertisement
  • Better quality paper permits better color reproduction and full-color ads
  • The smaller page (generally 8 ½ by 11 inches) permits even small ads to stand out

Disadvantages

  • Long lead times mean that you have to make plans weeks or months in advance
  • The slower lead time heightens the risk of your ad getting overtaken by events
  • There is limited flexibility in terms of ad placement and format.
  • Space and ad layout costs are higher

yellow pages logoYellow Pages

There are several forms of Yellow Pages that you can use to promote and advertise your business. Aside from the traditional Yellow Pages supplied by phone companies, you can also check out specialized directories targeted to specific markets (e.g. Hispanic Yellow Pages, Blacks, etc.); interactive or consumer search databases; Audiotex or talking yellow pages; Internet directories containing national, local and regional listings; and other services classified as Yellow Pages.

Advantages

  • Wide availability, as mostly everyone uses the Yellow Pages
  • Non-intrusive
  • Action-oriented, as the audience is actually looking for the ads
  • Ads are reasonably inexpensive
  • Responses are easily tracked and measured
  • Frequency

Disadvantages

  • Pages can look cluttered, and your ad can easily get lost in the clutter
  • Your ad is placed together with all your competitors
  • Limited creativity in the ads, given the need to follow a pre-determined format
  • Ads slow to reflect market changes

radioRadio

Advantages

  • Radio is a universal medium enjoyed by people at one time or another during the day, at home, at work, and even in the car.
  • The vast array of radio program formats offers to efficiently target your advertising dollars to narrowly defined segments of consumers most likely to respond to your offer.
  • Gives your business personality through the creation of campaigns using sounds and voices
  • Free creative help is often available
  • Rates can generally be negotiated
  • During the past ten years, radio rates have seen less inflation than those for other media

Disadvantages

  • Because radio listeners are spread over many stations, you may have to advertise simultaneously on several stations to reach your target audience
  • Listeners cannot go back to your ads to go over important points
  • Ads are an interruption in the entertainment. Because of this, a radio ad may require multiple exposure to break through the listener's "tune-out" factor and ensure message retention
  • Radio is a background medium. Most listeners are doing something else while listening, which means that your ad has to work hard to get their attention

Television Television

Advantages

  • Television permits you to reach large numbers of people on a national or regional level in a short period of time
  • Independent stations and cable offer new opportunities to pinpoint local audiences
  • Television being an image-building and visual medium, it offers the ability to convey your message with sight, sound and motion

Disadvantages

  • Message is temporary, and may require multiple exposure for the ad to rise above the clutter
  • Ads on network affiliates are concentrated in local news broadcasts and station breaks
  • Preferred ad times are often sold out far in advance
  • Limited length of exposure, as most ads are only thirty seconds long or less, which limits the amount of information you can communicate
  • Relatively expensive in terms of creative, production and airtime costs.

direct mailsDirect Mail

Direct mail, often called direct marketing or direct response marketing, is a marketing technique in which the seller sends marketing messages directly to the buyer. Direct mail include catalogs or other product literature with ordering opportunities; sales letters; and sales letters with brochures.

Advantages

  • Your advertising message is targeted to those most likely to buy your product or service.
  • Marketing message can be personalized, thus helping increase positive response.
  • Your message can be as long as is necessary to fully tell your story.
  • Effectiveness of response to the campaign can be easily measured.
  • You have total control over the presentation of your advertising message.
  • Your ad campaign is hidden from your competitors until it's too late for them to react
  • Active involvement - the act of opening the mail and reading it -- can be elicited from the target market.

Disadvantages

  • Some people do not like receiving offers in their mail, and throw them immediately without even opening the mail.
  • Resources need to be allocated in the maintenance of lists, as the success of this kind of promotional campaign depends on the quality of your mailing list.
  • Long lead times are required for creative printing and mailing
  • Producing direct mail materials entail the expense of using various professionals - copywriter, artists, photographers, printers, etc.
  • Can be expensive, depending on your target market, quality of your list and size of the campaign.

telemarketingTelemarketing

Telephone sales, or telemarketing, is an effective system for introducing a company to a prospect and setting up appointments.

Advantages

  • Provides a venue where you can easily interact with the prospect, answering any questions or concerns they may have about your product or service.
  • It's easy to prospect and find the right person to talk to.
  • It's cost-effective compared to direct sales.
  • Results are highly measurable.
  • You can get a lot of information across if your script is properly structured.
  • If outsourcing, set-up cost is minimal
  • Increased efficiency since you can reach many more prospects by phone than you can with in-person sales calls.
  • Great tool to improve relationship and maintain contact with existing customers, as well as to introduce new products to them
  • Makes it easy to expand sales territory as the phone allows you to call local, national and even global prospects.

Disadvantages

  • An increasing number of people have become averse to telemarketing.
  • More people are using technology to screen out unwanted callers, particularly telemarketers
  • Government is implementing tougher measures to curb unscrupulous telemarketers
  • Lots of businesses use telemarketing.
  • If hiring an outside firm to do telemarketing, there is lesser control in the process given that the people doing the calls are not your employees
  • May need to hire a professional to prepare a well-crafted and effective script
  • It can be extremely expensive, particularly if the telemarketing is outsourced to an outside firm
  • It is most appropriate for high-ticket retail items or professional services.


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