Published in Marketing and Strategy Terms category by MBA Skool Team
What is Promotional Plan?
Promotion is the function of informing, persuading, and influencing a purchase decision. The promotion plan needs two different kinds of plans for a business owner –
• a preopening plan to lay the groundwork
• an ongoing plan to support marketing operations once it is under way
Objectives of Pre-opening plan
1. Establish a positive image.
2. Let potential customers know that a new business is being opened.
3. Bring in customers or have them contact the business.
4. Interest customers in new company and products
Objectives of an Ongoing Promotional Plan
1. Explain major features and benefits of products.
2. Communicate information about sales
3. Clear up customers’ questions and concerns.
4. Introduce new goods or services.
Promotion plan mainly consists of the following –
• Advertising - Any paid form of non personal presentation of ideas, goods or services by an identified sponsor
• Personal Selling - A paid form of personal presentation of ideas, goods or services by an identified sponsor. It is type of interpersonal promotional campaign involving a seller’s face-to-face demonstration of a product to a prospective buyer.
• Publicity - Any unpaid form of non personal presentation of ideas, goods or services
• Sales Promotion - An activity and/or material that directly induces by offering added value or incentive for the product, to resellers, consumers or employees
The following exhibit shows the different promotional strategies used in integrated marketing communications -
Several factors affect the promotional mix -
1-Nature of the Product, 2-Stage in the PLC, 3 - Target of the Promotion, 4-Promotion Budget, 5- Nature of the Competition, 6- Marketing mix factors
The five major promotional objectives are as follows –
Hence, this concludes the definition of Promotional Plan along with its overview.
This article has been researched & authored by the Business Concepts Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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