Homework
Overview:
For this homework, you will prepare a written document which describes the factors which influence the choice of promotional strategy, and you will evaluate the promotional strategy for an existing product.
Instructions:
In our discussion and in homework, we identified which elements of the promotional mix are utilized by a firm as they promote their product or service. As we learned in Module, there are a variety of factors which influence which promotional mix elements a firm chooses to use, including:
1. Budget available
2. Stage in product life cycle
3. Type of purchase decision
4. Target market characteristics
5. Buyers' readiness to purchase
6. Buyers' preferences for media
7. Regulations
8. Competitors
9. Availability of media
10. Push vs. pull strategy
A. Choose three of these factors to utilize for this homework.
B. For each of the three chosen factors, describe the key points that marketers must keep in mind as they choose which elements of the promotional mix to utilize.
C. Next, describe how each of these factors has likely influenced the choice of promotional mix elements for your chosen product or service.
D. Do you feel that the firm has selected the right promotional mix elements to communicate about their product?
E. If you were hired as a marketing consultant, what changes would you recommend, based on your analysis of those factors which influence choice of promotional mix items for this product?
Format your homework according to the give formatting requirements:
1. The answer must be double spaced, typed, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the homework, the course title, the student's name, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.