Advertising technically lies within the “Promotion” part of the Marketing Mix, but it applies to all the other “P’s” as well. Promoting your business is one of the key ingredients to making your business
successful. Promotion, along with a great product, key placement, and an affordable price, will help you work your way to the top.
Promoting yourself does not mean leaving your advertising up to the word of mouth of your current customer. Word of mouth is not technically a form of advertising for a business because advertising is
supposed to help your business. With word of mouth there are a few things you can’t control, such as:
- You can’t control what is said about your company
- You can’t control when your company is being talked about
- You can’t control the accuracy of information given to others.
Not being able to control these things may lead to the downfall of your company.
Taking control of these three things is very important when it comes to the success of your business. That is why there is advertising made by your company for your company. Whether you choose a flyer, brochure, commercial, paper ad, or a website, getting your name out there in a good light, at the appropriate time and with correct information is the key to helping your business succeed.
The variables of marketing mix that are affected by advertising are:
1. Advertising and Product
A product is normally a set of physical elements, such as quality, shape, size, colour and other features. The product may be of very high quality. At times, the product is so designed that it requires careful handling and operations. Buyers must be informed and educated on the various aspects of the product. This can be effectively done through advertising. So, advertising plays the role of information and education.
2. Advertising and Price
The price is the exchange value of the product. A marketer may bring out a very high quality product with additional features as compared to competitors. In that case, price would be definitely high, but buyers may not be willing to pay. This is where advertising comes in. Advertising can convince buyers regarding the superiority of the brand and thus its value for money. This can be done by associating the product with prestigious people, situations, or events. Alternatively, when a firm offers a low price product the job of advertising needs to stress the price advantage by using hard- hitting copy. It is not just enough to convince the byer, but it is desirable to persuade the buyers. In essence, advertising plays the role of conviction and persuasion.
3. Advertising and Place
Place refers to physical distribution and the stores where the goods are available. Marketer should see to it that the goods are available at the convenient place and that too at the right time when the buyers need it. To facilitate effective distribution and expansion o market, advertising is very important. Effective advertising helps in effective product distribution and the market expansion.
4. Advertising and Promotion
Promotion consists of advertising, publicity, personal selling and sales promotion technique. Business people today have to face a lot of competition. Every seller needs effective promotion to survive and succeed in this competitive business world. Advertising can play a significant role to put forward the claim of seller, and to counter the claims of competitor. Through effective advertising, sellers can face competition and also help to develop brand image and brand loyalty
5. Advertising and Pace
Pace refers to the speed in marketing decisions and actions. It involves among other things the launch of new products or brand variations at greater speed than before. When new bands are launched, advertising plays an important role of informing, educating and persuading the customers to buy the product.
6. Advertising and Packaging
The main purpose of packaging is protecting of the product during transit, and preservation of quality and quantity. Today, marketers make a lot of effort to develop and design attractive packages as they carry advertising value. A creatively designed package attracts the attention of customers. It also carries an assurance of quality and creates confidence in the minds of customers to buy the product.
7. Advertising and Positioning
Product positioning aims at creating and maintaining a distinct image of the brands in the minds of the customers. Through advertising the marketer can convey the positioning of the brand and accordingly can influence the buying decision of the target audience.
Thus, we can conclude by saying, advertising is an essential part of the marketing mix and is used to promote sales, to introduce new products, to create a good public image for a company, assist in large scale of production of products, and for educating people about a new product.