Research study Business & Marketing Essay Research Paper

Analyzing Business Venture
Promotion Mix
Student’s Name
Institution
Promotion Mix
Introduction
The success of a business venture depends on many factors, and one of them is the ability to understand the target market. Improper understanding of the needs and wants of the target market is more or less likely to crumble the business sooner than expected as opposed to when one is familiar with the desires of the customers. Marketers owe a lot to Jerome McCarthy, a marketing expert of the 20th century who invented the concept of the marketing mix that has become a fundamental business concept to date (Išoraitė, 2016). A general term to consolidate the various definitions of the marketing mix refers to the strategies and tactics that a marketer or a company as a whole applies on the product, price, promotion, and place, commonly known as the 4Ps, while trying to satisfy the consumer needs (Išoraitė, 2016). The marketing mix is understood to compose of additional elements extending up to 7Ps, but the 4Ps make up the key elements. Each of the individual components can further be broken down into several other sub-categories to give a detailed description of each. Promotion, a vital marketing mix component, consists of additional four elements (Kelesbayev et al., 2018): advertising, sales promotion, personal selling, and public relations.
Promotion
Promotion is a strategy in marketing that aims at influencing and enticing consumers towards purchasing or at least believing that the product or service can perfectly satisfy their desires. Stiff competition among companies with similar products and services drive the marketers to think outside the box and devise strategies that will put them on a competitive edge. Besides, brand equity and sales purely rely on the availability of a persuasion strategy, and therefore promotion become a vital component in marketing. It also provides information about a particular product and services, eventually creating awareness, and boosting product sales and profits (Kelesbayev et al., 2018). The element, therefore, becomes critical part of strategic planning, particularly in marketing. Promotion is a broad term that breaks down into four different components, all of which seek to boost the brand equity and sales among other objectives. These components include advertising, sales promotion, personal selling, and public relations.
Advertising
Advertising is one of the oldest promotion approaches and has evolved to the current time of online and digital advertisements that exist courtesy of technological advancements. Nonetheless, the technique is a giant tool for disseminating persuasive information for a product and/or service. Advertisements make use of both old and new communication media such as magazines, TV, radio, posters, and social media ads lately. It has even become a lucrative business among the social media giants, with most of them running ads as their source of revenue.
Advertisements as a promotion tool come with lots of advantages. The use of mass media tools put adverts at the disposal of a multitude of audience. The strategy also presents lower costs yet effective in reaching vast audiences. The objective of using advertisement...