Marketing promotion redefined

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The marketing promotion is playing a vital role in the industry but the technological advancements are moving at a faster rate. In order to inculcate the changes it is thus necessary to understand the human decision making process.

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International Journal of Management (IJM) Volume 7, Issue 7, November–December 2016, pp.297–302, Article ID: IJM_07_07_033 Available online at http://www.iaeme.com/ijm/issues.asp?JType=IJM&VType=7&IType=7 Journal Impact Factor (2016): 8.1920 (Calculated by GISI) www.jifactor.com ISSN Print: 0976-6502 and ISSN Online: 0976-6510 © IAEME Publication MARKETING PROMOTION REDEFINED Rajesh Karanjkar Assistant Professor, New Law College, Pune Bharati Vidyapeeth Deemed University Pune, India, ABSTRACT The marketing promotion is playing a vital role in the industry but the technological advancements are moving at a faster rate. In order to inculcate the changes it is thus necessary to understand the human decision making process. As the world is technologically advancing and going more individualistic there is a need to understand the human decision making process. Going deeper on human communications we understand that the human body stimulates to the five senses. They are: Sight –Seeing, Ear –Hearing, Skin-Touch, Tongue-Taste, Nose-Smell. Based on these five basic sense the decisions are taken by the people. The technology used today is capable of producing the communication articulation through the first two senses that are pursued by the human. Further on as the technology develops these four mediums could incorporate the other senses like touch, taste, smell. But as of present the only two mediums which are used for communication could be utilised. Key words: Marketing, Management, Promotion, Redefined Cite this Article: Rajesh Karanjkar, Marketing Promotion Redefined. International Journal of Management, 7(7), 2016, pp. 297–302. http://www.iaeme.com/IJM/issues.asp?JType=IJM&VType=7&IType=7 1. INTRODUCTION Marketing Promotion has been a much talked about subject these days as there are various organizations which are involved in promoting their product. Much of the research has been carried out by various organizations to use the right strategy for the promotion of their product; some work some do not. There is no perfect formula which may work in promotions and can guarantee the success of Promotion of any product. Thus each product derives its own strategy for promotion and to increase the sales. The promotions could be of various types depending upon the segmentation of the market, type of industry, type of customers the product or the service has been addressed to, the capacity of the company to spend on advertising, the capacity of the product to derive profit, the geographical demography et.al. Thus the promotion in marketing is the most talked about P of marketing. Various Authors and marketing scientists have derived definition of promotion in various ways. [1] Promotion refers to raising customer awareness of a product or brand, generating sales, and creating brand loyalty. It is one of the four basic elements of the market mix, which includes the four P's: price, product, promotion, and place.[1] According to Philip Kotler “, Promotion compasses all the tools in the marketing mix whose major role is persuasive communications.” http://www.iaeme.com/IJM/index.asp 297 editor@iaeme.com
Rajesh Karanjkar 1. Philip Kotler: “Those marketing activities other than personal selling, advertising, and publicity that stimulate consumer purchasing and dealer effectiveness, such as display, shows, demonstrations, expositions, and various other non-current selling efforts, not in ordinary routine.” 2. Robert C. and Scott A.: “Sales promotion consists of a diverse collection of incentive tools, mostly short-term, designed to stimulate quicker and/or greater purchase of particular products/services by consumers or traders.” 3. Thus, it can be defined as: Sales promotion involves non-routine promotional devices to stimulate and re-stimulate demand of the products. 4. Finally, we can say: Sales promotion includes non-routine selling efforts (incentives) for temporary period of time to maintain or increase sales during particular time interval. [2] Thus we can conclude from the above definitions that promotion is the most vital element in today’s world that not only derives much of attention of the companies but also it engages much of the budgetary allocations of the company. 2. TRADITIONAL VIEW OF MARKETING PROMOTION Traditionally the marketing promotion has been divided into five or more categories depending upon their way of promotion. Promotion is also defined as one of five pieces in the promotional mix or promotional plan. These are personal selling, advertising, sales promotion, direct marketing, and publicity. A promotional mix specifies how much attention to pay to each of the five factors, and how much money to budget. [3] Thus the traditional view of promotion mix categories are based on the traditional approaches to the marketing eg. • Direct marketing talks about the approach of the marketer to communicate with the customers, • Advertising which mostly deals with the mass media and publicity of the product. • Sales promotion which is dealing with the customer attraction and offerings, • Personal Selling which deals with the customisation of the services or product according to the needs of customer. • Publicity: Publicity is gaining public visibility or awareness for a product. 3. NEED FOR CHANGE IN CLASSIFICATION OF MARKETING PROMOTION The world has been changed a lot since the definitions of these traditional ways to promote were innovated defined and utilised. Today we can see a sea change in the way in which practically the promotions, campaigns are planned and done. the definitions which were set earlier about the approaches to the marketing and understanding the marketing management are changing day by day, hour by hour, minute by minute and second by second. Today what is relevant is irrelevant tomorrow and un-useful the next hour. So fast is the understand-ability of the business is changing that some new ways and models have become the ways to conduct the business. The businesses have become so proactive, innovative and competitive that the traditional means are insufficient to understand them in a better way. The customer centric approach and the ability to penetrate through the customer psychology and the buying behaviour analysis of customer are playing a key role in the in fast changing market approach. The approach to utilise each move of a customer behaviour can now be monitored with the new tools such as big data, social media analysis and inferences could be used which are subjective to individual level. The customers are also changing their approach for looking to the products more in an individualised ways. More and More emphasis is given by the customer to see that the product does not just satisfy the need but it does a change in the way the satisfaction is acquired. In short the customers are becoming more demanding than ever. The traditional ways on which customer decisions were made are fast changing. http://www.iaeme.com/IJM/index.asp 298 editor@iaeme.com
Marketing Promotion Redefined Customers are approaching various mediums through which the knowledge about the product could be acquired. New and competitive ways are acquired by the customers to satisfy their needs. More emphasis is given by the customers on the less-sort after mediums through which the demands could be fulfilled in a better way. Thus the demand to understand the customer by the company and company by the customer both are changing in a faster phase. 4. REDEFINED OVERVIEW OF MARKETING PROMOTION The marketing promotion is playing a vital role in the industry but the technological advancements are moving at a faster rate. In order to inculcate the changes it is thus necessary to understand the human decision making process. As the world is technologically advancing and going more individualistic there is a need to understand the human decision making process. Going deeper on human communications we understand that the human body stimulates to the five senses. They are: • Sight -Seeing • Ear -Hearing • Skin-Touch • Tongue-Taste • Nose-Smell Based on these five basic sense the decisions are taken by the people. The technology used today is capable of producing the communication articulation through the first two senses that are pursued by the human. Further on as the technology develops these four mediums could incorporate the other senses like touch, taste, smell. But as of present the only two mediums which are used for communication could be utilised. 5. CLASSIFICATION OF MARKETING PROMOTION Based on the above two mediums which are now widely popular for communicating and in which technology has usability the marketing persuasion could be easily divided into four basic types which are: • Audio • Visual • Audiovisual • Interactive These are five basic categories through which the communication in business is achieved. Further most of the business communications and advertising are based on these five elements of promotion. Let us see in detail what they are and how they can be judiciously used. 5.1. Audio Medium If we see the history of this medium this is the medium which is used to communicate by humans and to effect them since very long. Humans understand very well if they are instructed through commands which are loud and clear. The commands could be set of words which could be understood and followed. Further as we travel we see songs or poems which has a rhythm and which could be remembered for long. Thus the basis of this medium lies in any sound related medium through which the advertisement could be done. As a marketer it is thus important to understand how his medium could be utilised to relate a product with the song, poem, rhythm or simply noise. Once this medium is set that is what type of sound/s would be utilised and how much should be invested in creating this medium for advertising. The decision based for this medium would enquire questions like who the product is for, what is the capacity of that customer, what is the need of that customer etc. http://www.iaeme.com/IJM/index.asp 299 editor@iaeme.com
Rajesh Karanjkar We can see in today's world this medium may be used by everyone but to be a little specific due to the advancements in radio technology they are mostly used by younger generation also when other mediums are not available to them e.g. While driving a car, travelling via train etc. Apart from that there are regular listeners of this medium those are retired persons, persons which do physical work where auditory functions are not much required. Thus the medium could be well studied according to the need of the product and can be seen as one of the investments options for the promotion of the product. The criteria based on this product promotion can be evaluated. Example: Reach of this medium, Target audience, Age group of the of the user product etc. It is said that the words that we hear from our childhood develops our understanding of language. The words we hear are so impactful that they create an illusion about that particular object or thing or anything that is defined by the words. A Song, a Jingle, a punch-line or even a punch word thus makes advertising effective and remindful. There are many examples which could illustrate this in advertisement. The commercial decisions taken from this type could be taken based on the criteria above mentioned. This medium especially in India has a wide reach and even the rural population can be targeted through these types of advertisements and promotions. This medium does not have restriction of literacy anybody who could understand the language can be target audience When I say Audio medium this does not mean only radio but it may include any universal concept where audio medium is included. Example: It could be an orchestra, film song or even a prayer that could be reached to the ears of listener. Even a effective lecture of speech by an orator can be an Audio medium to reach the audience. 5.2. Visual Medium All that could be seen by the eyes comes under this medium Hoardings, Newspaper, electronic hoardings, Posters, Banners including signage boards and shop name boards, company boards, even individual nameplates can be distinguished as the visual media of promotion. Here it is necessary to understand that individual medium of promotion that could be seen and/or read or understood through eyes is the visual medium. Colour play an important role in this medium e.g. Traffic Signal. Thus the promotional activity which is related to visual medium should be planned with utmost care taking in consideration of individual choices and needs of customers. Here again criteria of distinguishing could be age-group, gender, geographical indicators etc. A proper decision on investing in this media may be made through properly classifying the needs of the target customers. The traditional method of classification of this medium is limited to promotion of the product through various mediums like newspaper ads, Holdings, Pamphlet distribution, signage, billboards etc. But via this new method not only coverage of these medium takes place but it takes of the naming of the product, colour of the packaging and of the product itself. Any activity that is associated with the visual effect of the product promotion or for that matter branding of the services can be classified through this medium. It is said that the visual medium is restricted only to the persons who can read the message. But when we look at visual medium as means of promotion we consider that the entire effect of this promotion does not lie only in the reading material which is produced but it includes the colour used the appeal made through colour e.g. Coca Cola= Red, Pepsi =Blue. The logo that plays an important role in product promotion can also be defined under this category. Thus all that could be seen through eyes could be defined under this category. Static Website adds, websites, search engine ads, even Google doodle can be some of the examples of modern day advertising techniques which could be covered under this classification. As we go international and globalization has become a buzz word the role of non-literary medium has started playing important role. The non literary material Such as logos, unique colours associated with product have http://www.iaeme.com/IJM/index.asp 300 editor@iaeme.com
Marketing Promotion Redefined started playing a major role in pushing the products and the brands as well as building brand images of product, service, Region etc. To conclude in a nutshell Visual medium has started stretching beyond boundaries and started becoming global symbols of acceptance. 5.3. Audio-Visual Medium The mixture of Visual and audio medium is the audiovisual medium. Television and the cinematic media is considered to be the basis of this medium but it is partly correct. The main Basis of this medium is Human himself. This could be explained through the fact that human values such as expressions, dialogue delivery are the basis for this medium further as we research we find that even a good orator or an actor on stage can mesmerise the thought of the audience and attract as sense of feelings to a particular thought. Thus this is the most effective medium for promotion utilised even before the television and the cinema rise. Anything and everything that could be seen and heard could be covered under this medium. From Plays to live performance even sports events can be covered under this heading. The event which is meant for the stimulation of the visual and audio experience can be thus related in promoting of the product. The effect felt by these media is immense and long lasting and it could be utilised as a medium through which impressions about the product or service could be engraved upon the minds of the receptor. However the main thing that could be associated with this medium is the enhancement and promotion of culture of a particular region or area which could be covered and researched by the marketer to blend his product into its mainstream. The medium could be effectively utilised to neutralize the resistance caused due to introduction of new features. The main drawback of this medium is the price factor for the production due to their tremendous time slot cost on television and other media such as films etc. This is nowadays however the medium through which most of the companies are rushing to record their products with, as it has become one of the widest media seen and talked about by the customers. We can see that the entire industry is now trying to run after it for the advertising and space. However it should be kept in mind that due to high running cost of this media an initial impact can be created also it could help to enhance the performance of the product to a certain limit in initial and growth level, but this should be well planned due to its high occurring costs and it should be used judiciously to focus the right audience else it becomes monotonous for the customers and they may start losing interest in the product. The other factor that should be kept in mind is about the repetitiveness of the advertisement on a particular medium. The advertisement should be inquisitive as well as informative so as to generate interest about the product. The time interval of the advertisement should be well planned. As the perfect timing and the environment creation is done by the company for the launch of the product so also the frequency and time interval of the advertisement in this medium is important. As the reach of this media is global accordingly care should be taken while launching the add-campaign. For continuous long term success of the product it is necessary to plan the media in such a way that it is not just an initial FAD or boom but it should sustain throughout the lifecycle of the product. Not only the focus of this medium should be on television or media alone but it should include other audio visual mediums such as presentations, dramas, even a good speech. The main focus of this media is thus on the presenter (it could be one or a team) and his actions and reactions while performance which could be enhanced with the help of practice. Also the performers could be live or pre-recorded according to the convenience of the product and the audience customer. 5.4. Interactive Medium The most talked about medium today is the social medium. This is an interactive medium and has started gaining eye of a marketer for marketing of the product. The word of mouth publicity is slowly losing its significance since this media is playing a vital role in the markets now-a-days. The main features of this http://www.iaeme.com/IJM/index.asp 301 editor@iaeme.com
Rajesh Karanjkar media are possible due to the electronic network connectivity and advancements in telecommunication networks. Now it is possible to reach a person or a customer at individual level and so the individualization or customization of need is gaining its publicity. Even there is more demand for individualized products and some organisations have started individualizing their product according to the needs of the customer. Not only a customer feedback can be received through this media but the companies are now planning the individualisation of the product according to their wants. The time is not far when the products will be available in the market as we stitch clothes according to our needs. This is the next step of individualization. The companies will assemble the products as per the need of customer. This is the revolutionary power of communication that the companies should understand and be ready for the change of. Looking at these trends in current market the advertisements and the market promotion changes a lot as more and more customization of consumer need is needed. The individual taste and the psychology of the target customer play an important in buying behaviour. Thus there arises the necessity to individualize the promotion focus according to marketing needs of an individual client or customer. Thus the interactive medium must be seen in a broader perspective and should be studied in detail to suit the needs of individual customer and tailored according to his needs. Use of social media and its reach ability cannot be ignored today it could be better utilised as indicative medium for the trends and physiology of the customer. As world is getting more and more digitalised the individualistic approach towards the products will be more pronounced. 6. CONCLUSION & USAGE OF NEW CLASSIFICATION “Any inventions success depends upon its usability to the society at large.” Based on the above theme we can say that it would be not worthy describing the classification usage and utilisation unless it has description that is applicable to the current industry. • This classification could be the basis of budgetary prioritization according to product and industry. • This classification can tell the company exactly where the focus is needed so that efforts are made in that direction. • This classification changes the traditional approach and sets new standards to quantify the efforts of marketing. • It is easy to understand and also implement. • It can incorporate the new changes in media and medium. • It gives holistic approach about perception of marketing. • It tells future of the communication and advertising. Thus to conclude the promotion classification can be utilised as a new medium and new promotion mix could be produced depending upon the need of product thus saving efforts and money. REFERENCE [1] McCarthy, Jerome E. (1964). Basic Marketing. A Managerial Approach. Homewood, IL: Irwin. p. 769. ISBN 0256025339. [2] http://www.yourarticlelibrary.com/sales/sales-promotion-definitions-characteristics-and-methods/48690/ [3] Rajagopal (2007). Marketing dynamics theory and practice. New Delhi: New Age International. ISBN 978-81-224-2712-7 [4] Pradip Kumar Krishnadevarajan, S. Balasubramanian, N. Kannan and Vignesh Ravichandran . A Multi - Criteria Decision Framework for Inventory Management. International Journal of Management (IJM), 7(1), 201 6 , pp. 85-93 [5] Hamid Nahla, Hicham Medromi and Abdellah Haddout , Empirical Study on the "Made In China" Concept and Analysis of Chinese Trade and Marketing Strategies: The Cases of Morocco and France . International Journal of Management (IJM) , 7 (3), 201 6, pp. 136–159 http://www.iaeme.com/IJM/index.asp 302 editor@iaeme.com