Explain the Marketing Promotional Tools in Detail

For effective promotion of any product or service there are a number of marketing promotional tools that can be utilized in a promotion program. These should be applied carefully according to the given circumstances, because every promotional tool is suitable to certain circumstances.

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The Keys to Success for Marketing Your Business By Susan Ward

Marketing is the process of interesting potential customers and clients in your products and/or services and persuading them to choose them over those of your competitors. The key word in this marketing definition is “process”. Marketing involves researching, promoting, selling, and distributing your products or services (the four P’s of marketing — Product, Price, Promotion, and Place). It’s a huge topic, which is why there are tomes written on marketing, and why you can take a four-year marketing degree. Whether you’re running a large corporation or a small business, marketing involves everything you do to get your potential customers and your product or service together. The purpose of marketing is to drive sales. Good marketing can get potential customers through the door or onto the website and even put a product into a potential customer’s hands, but it’s not successful marketing until the customer has bought it. 

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Pricing a Product

No matter what type of product you sell, the price you charge your customers or clients will have a direct effect on the success of your business.

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Porter’s Generic Competitive Strategies (ways of competing)

A firm’s relative position within its industry determines whether a firm’s profitability is above or below the industry average. The fundamental basis of above average profitability in the long run is sustainable competitive advantage. There are two basic types of competitive advantage a firm can possess: low cost or differentiation. The two basic types of competitive advantage combined with the scope of activities for which a firm seeks to achieve them, lead to three generic strategies for achieving above average performance in an industry: cost leadership, differentiation, and focus. The focus strategy has two variants, cost focus and differentiation focus.

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