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In the business world, competition in the market is inevitable. As new products are invented and are being sold in the market, the consumers intent to buy the product increases along with the number of competitors which has the same product. A wide range of marketing strategies are, as of now, utilized by retailers keeping in mind the end goal to be separated in the market. In the meantime, aggressiveness among retailers is blasting. Because of populace and economic development, retailers began to extend their promotional mix toward customers. Therefore, in the field of business, businessman and woman should be updated about what is happening in the market.
Promotion is one of the four essential key segments of the marketing mix, regularly called the “4 P’s.” Essentially, the part of the promotional mix is to make collaboration with the other three components of the marketing mix – product, place and price – to such an extent that he/she enhance his/her organization’s client and benefit potential. Promotion unites the qualities of a company’s product, its accessibility, and the decency of your advantages at a specific cost.
The promotional mix incorporates procedures in three wide zones: advertising, public relations and personal selling. Advertising is frequently the most costly piece of promotion, as it incorporates paid messages conveyed through media, for example, TV, radio, daily papers, magazines, boards and the Internet. Public relations incorporates endeavors to advance altruism through media presentation, question and answer sessions, news declarations and network contribution. Personal selling is more interactive since it is used when one offers costly items that require more emphatic influence.
According to Brian Tracy, Chairman and CEO of Brian Tracy International, Speaker and Author, when one has developed his/her marketing strategy, there is a 7 Ps formula, and those 7 Ps are: product, price, promotion, place, packaging, positioning and people. We live in a world that is very fast at advancing new products, we need to be updated by periodically checking these 7 Ps, to help us achieve maximum results that is possible in our market. To have a successful business, people need to have the right mind and have the ability to think of who is responsible for each task that was assigned to them, it is hard to move forward if you cannot put the right person into the right position, perseverance is one of the main essentials to have a successful business, thinking and creating marketing strategies cannot be done overnight, it will take a lot of hard work and time to achieve the best strategy that is possible.
It is not enough for a company to just produce a product. In order to make profit, one has to attract customers. Marketing deals with making a brand or product visible. But if company does not have a well-planned marketing strategy, the product may not sell well. Promotional mix helps the marketing team of a business to reach their goals and objectives. Consumers these days, their ability to choose a product is most of the times based on how great is the promotional mix of a business. Thus, it is important for a company to have a good and efficient promotional activities.
The researchers claim it necessary to pursue the study on the effects of promotional mix to consumers’ buying intent so that if the study is a success, they can benefit by refraining to have a bad outcome in their business in the near future. As a part of the business field, the researchers consider this study as a response to the problems in marketing team’s of companies which have shortage of knowledge in our study.
Through this study, the researchers will be able to point out the buying intents of consumers. The outcomes can be used as a basis to have a solutions to lack of knowledge in promotional mix. In addition to , the outcomes can inform the future businessman and businesswoman to think of a good promotional mix and think of ways solve to problems that they may encounter.
By conducting this research, it will provide wider knowledge and perspective on both how to deal with competitors and the market. Adopting the outcomes of this study in consideration, marketing specialist in this field of study will learn how to effectively use promotional mix against the competitors.
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