FACTORS/CRITERIA TO CONSIDER IN SELECTING THE MOST APPROPRIATE MEDIA FOR ADVERTISING
- Cost element-refers to amount of money to be spent in advertising. select the most cost effective media.
- Frequency-this is the number of times the public will hear a single advert. the higher the frequency the better the impression created.
- Impact-this is the effect of an advert on the target audience and it is measured through the ability of audience to remember the advert.
- Target group-various market segment use different media and the choice of media must be related to the audience targeted.eg royco cubes would be advertised via radio as opposed to newspaper.
- Acceptability-this relates to the media house and whether they will accept to advertise a particular product e.g. Christian median stations may not accept to advertise alcoholic beverages, cigarettes and illegal substances.
- Readership-this is the coverage of media in terms of number of people who will have a direct access to a particular publication incase of print media and those who are literate to understand the message.eg current newspaper circulation stands at 300,000.
- Physical characteristics-the mediums characteristics ie visual aspects, colour movement etc have to be considered in relation to the type of advertisement run.tvs, newspaper and magazines show this attributes.
- Quality of production-where the quality of advertisement is of great consequence, then the medium that produces quality advertisements is preferred.
- Nature of the product-a product meant for general consumption will be advertised in a medium that has very wide reach.eg hospital machines and meedicines would be advertised through trade journal to which doctors subscribe.
FACTORS TO CONSIDER BEFORE COMING UP WITH AN ADVERTISING BUDGET.
An organization needs to budget in order to ensure that its expenditure does not exceed its planned income.
- Competitors activities –we should have parity.
- The market size/share
- Available funds
- The nature of the product the company is selling ie consumer or industrial goods.
- Prevailing government policies.
- Frequency of the advert-this is important because adverts are charged differently according to the timings of the day/nigh times.
This comprises of short term incentives designed to increase the purchasing behavior of consumer through a variety of rewards and are meant to increase sales.
IMPORTANCE /VALUE OF SALES PROMOTION.
- To increase sales.
- To introduce a new product.
- To encourage sellers to re-stock the items or increase their stocks e.g. free refrigerators to stock soda/water, brand shelf given to supermarkets free to stock a given product.
- Encourage the consumers sales force to put in greater effort ie giving of bonuses and certificates.
- To clear existing stock-this avoids carrying costs as well as sitting on money
- To promote unsought products.
- To remain competitive in the market
TECHNIQUES USED IN SALES PROMOTION.
Consumer promotions-this are designed to increase short term sales by inducing final consumers to try a new product or to increase purchase of an existing product. The effort of company is directed towards the end user of the product. This technique is also known as the pull strategy.ie producer-wholesaler-retailer-consumer.; but the arrow starts from consumer backwards. The media /techniques used usually includes;
- Free samples.
- Cash discounts.
- After sale services.
- Free gifts.
- Free demonstrations.
- Price deals ie decreasing.
- Sweep stakes- this is a method of gambling in which each person pays a small amount of money and is given the name of a competitor before a race/contest and the person who has the name of the winner receives all the money.
- Rebates-cash refund to buyer for purchasing a product
- Coupons(pieces of paper carrying a certain value).
Trade promotions-This includes getting wholesalers and retailer to carry new items or increase their stocks by giving them certain incentives. This encourages them to advertise the product and give it more self-space. The effort of organization is directed towards the traders or intermediaries.it is also called the push This is exhibited by producer-wholesalers-retailers-consumers. The arrow is a forward one. The media/techniques used includes;
- trade discounts
- free demonstrations
- credit facilities
- free training-technical products/machines
- technical support e.g. installations
- rebates-cash refund given to resellers on providing proof on sales.
- push money-manufactures pay retail people to promote products for them.
- trade shows
- trade contents
- point of purchase display for attention and dealer loaders- This is a premium given to a reseller to encourage development of special diplay/produced offering.
Sales force promotions-this are incentives given to the sales force to support current or new products or getting the sales people to sign up new contracts with manufacturers and suppliers. the media used to target sales force promotions include; competitors, financial or non financial incentives ie cash rewards, free training, bonuses and commissions.
Personal selling-this involves face to face interaction with one or more prospective purchasers for the purpose of making presentations, answering questions and procuring orders.