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Factors influencing promotion mix for Marketing Management Mcom sem 2 Delhi University

Factors influencing promotion mix for Marketing Management Mcom sem 2 Delhi University

Factors influencing promotion mix for Marketing Management MCOM sem 2 Delhi University:- we will provide complete details of Factors influencing promotion mix for Marketing Management MCOM sem 2 Delhi University in this article.

Factors influencing promotion mix for Marketing Management MCOM sem 2 Delhi University

Factors influencing promotion mix for Marketing Management Mcom sem 2 Delhi University

Top 11 Factors Influencing Promotion Mix

Main factors influencing promotion mix has been briefly discussed as under:

1. Type of Product:

Type of product plays an important role in deciding on promotion mix. Product can be categorized in terms of branded products, non-branded products, necessity products, luxury products, new products, etc. All these types of products need different promotional tools. For example, advertising is suitable for the branded and popular products. Personal selling may be fit for non-branded products. Advertising, personal selling, sales promotion and publicity – all four tools – are used for a newly launched product to get a rapid consumer acceptance.

2. Use of Product:

Product may be industrial product, consumable and necessity product, or may be luxurious product that affects selection of promotion tools and media. For example, advertising and sales promotion techniques are widely used for consumer goods while personal selling is used for industrial goods.

3. Complexity of Product:

Product complexity affects selection of promotional tools. Personal selling is more effective for complex, technical, risky, and newly developed products as they need personal explanation and observation. On the other end, advertising is more suitable for simple and easy-handled products.

4. Purchase Quantity and Frequency:

Company should also consider purchase frequency and purchase quantity while deciding on promotion mix. Generally, for frequently purchase product, advertising is used, and for infrequently purchase product, personal selling and sales promotion are preferred. Personal selling and advertising are used for heavy users and light users respectively.

5. Fund Available for Market Promotion:

Financial capacity of company is a vital factor affecting promotion mix. Advertising through television, radio, newspapers and magazines is too costly to bear by financially poor companies while personal selling and sales promotion are comparatively cheaper tools. Even, the company may opt for publicity by highlighting certain commercially significant events.

6. Type of Market:

Type of market or consumer characteristics determine the form of promotion mix. Education, location, income, personality characteristics, knowledge, bargaining capacity, profession, age, sex, etc., are the important factors that affect company’s promotion strategy.

7. Size of Market:

Naturally, in case of a limited market, personal selling is more effective. When market is wide with a large number of buyers, advertising is preferable. Place is also an important issue. Type of message, language of message, type of sales promotion tools, etc., depend on geographical areas.

8. Stage of Product Life Cycle:

Product passes through four stages of its life cycle. Each stage poses different threats and opportunities. Each stage needs separate marketing strategies. Each of the promotional tools has got different degree of suitability with stages of product life cycle.

Factors influencing promotion mix for Marketing Management Mcom sem 2 Delhi University

It can be concluded that, in normal situations:

(1) Advertising, personal selling, and, even, sales promotion are used during the introduction stage. However, advertising is given more priority,

(2) More intensive advertising and sales promotional techniques are used during the second stage,

(3) More rigorous advertising along with personal selling are followed in the third stage, and

(4) Company prefers to curb the expenses in forth stage, and promotional efforts are reduced.

9. Level of Competition:

Promotional efforts are designed according to type and intensity of competition. All promotional tools are aimed at protecting company’s interest against competition. Level of promotional efforts and selection of promotional tools depend on level of competition.

10. Promotional Objectives:

It is the prime factor affecting promotional mix. Different objectives can be achieved by using different tools of promotional mix. If company’s objective is to inform a large number of buyers, advertising is advisable. If company wants to convince limited consumers, it may go for personal selling. Even, when company wants to influence buyers during specific season or occasion, the sales promotion can be used. Some companies use publicity to create or improve brand image and goodwill in the market.

Factors influencing promotion mix for Marketing Management Mcom sem 2 Delhi University

11. Other Factors:

Over and above these factors, there are certain minor factors that affect promotion mix.

These factors may include:

i. Price of Product

ii. Type of Marketing Channel

iii. Degree of Product Differentiation

iv. Desire for Market Penetration, etc.

The list of factors stated above is not complete. There may be more factors. Promotional strategy should be formulated only after considering the relevant factors. Marketing manager must be aware of these variables. Note that these factors affect different firms in varying degree depending upon its internal and external marketing environment.

Factors influencing promotion mix for Marketing Management Mcom sem 2 Delhi University

A marketing manager from one company might decide to focus on social media, whereas a marketing manager from another company might decide to focus her company’s efforts on television commercials.

Factors influencing promotion mix for Marketing Management Mcom sem 2 Delhi University

Budget Available. For many companies, the budget available to market a product determines what elements of the promotion mix are utilized. The budget affects a promotion’s reach(number of people exposed to the message) and frequency (how often people are exposed). For example, many smaller companies may lack the money to create and run commercials on top-rated television shows or during the Super Bowl. As a result, they may not get the exposure they need to be successful. Other firms such as McDonald’s may come up with creative ways to reach different target markets. For example, McDonald’s targeted college students with a special promotion that it filmed live in a Boston University lecture.

Stage in the product life cycle. The stage in the product life cycle also affects the type and amount of promotion used. Products in the introductory stages typically need a lot more promotional dollars to create awareness in the marketplace. Consumers and businesses won’t buy a product if they do not know about it. More communication is needed in the beginning of the product life cycle to build awareness and trial.

Type of product and type of purchase decision. Different products also require different types of promotion. Very technical products and very expensive products (high involvement) often need professional selling so the customer understands how the product operates and its different features. By contrast, advertising is often relied upon to sell convenience goods and products purchased routinely (low involvement) since customers are familiar with the products and they spend relatively little time making purchase decisions.

Target market characteristics and consumers’ readiness to purchase. In order to select the best methods to reach different target markets, organizations need to know what types of media different targets use, how often they make purchases, where they make purchases, and what their readiness to purchase is as well as characteristics such as age, gender, and lifestyle. Some people are early adopters and want to try new things as soon as they are available, and other groups wait until products have been on the market for a while. Some consumers might not have the money to purchase different products, although they will need the product later. For example, are most college freshmen ready to purchase new cars?

Consumers’ preferences for various media. We’ve already explained that different types of consumers prefer different types of media. In terms of target markets, college-aged students may prefer online, cell phone, mobile marketing, and social media more than older consumers do. Media preferences have been researched extensively by academics, marketing research companies, and companies to find out how consumers want to be reached.

Regulations, competitors, and environmental factors. Regulations can affect the type of promotion used. For example, laws in the United States prohibit tobacco products from being advertised on television. In some Asian countries, controversial products such as alcohol cannot be advertised during Golden (prime) time on television. The hope is that by advertising late at night, young children do not see the advertisements. The strength of the economy can have an impact as well. In a weak economy, some organizations use more sales promotions such as coupons to get consumers into their stores. The risk is that consumers may begin to expect coupons and not want to buy items without a special promotion.

Availability of media. Organizations must also plan their promotions based on availability of media. The top-rated television shows and Super Bowl ad slots, for example, often sell out quickly. Magazines tend to have a longer lead time, so companies must plan far in advance for some magazines. By contrast, because of the number of radio stations and the nature of the medium, organizations can often place radio commercials the same day they want them to be aired. Social media and online media may be immediate, but users must be careful about what they post and their privacy. Uncontrollable events can affect a company’s promotions, too. For example, when a disaster occurs, TV stations often cut advertisements to make way for continuous news coverage. If there is a crisis or disaster and your company is in the middle of a promotion being advertised on TV, you will likely have to scramble to reach consumers via another medium.

Factors influencing promotion mix for Marketing Management Mcom sem 2 Delhi University

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