Both place and promotion are essential factors in the marketing mix. First, the marketing mix is a set of elements that can be controlled by the firm to pursue marketing objectives to their audience. Promotion is the category where you can find the marketing communications strategies and techniques. Public relations, advertising, sales promotions, or any special offers are all under the promotion heading. As a part of the marketing mix, promotion includes all the activities that involve communicating with the consumer about the product and the benefits it offers. Through promotion, the company aims to attract the customer’s attention and give them enough information about the product to foster enough interest to motivate them to purchase. The team has to understand their target audience and decide which modes of promotion are likely to help meet targets. Once the channel is determined, information from other elements of the mix is incorporated to ensure that the message sent corresponds to the actual product’s benefits, and features. Promotional objectives change within the campaigns or goals that the company is trying to reach. The targets can be building awareness, creating interest, providing information, stimulating demand, or reinforcing the brand.
Place is the process used to bring the product to the consumer. It has to be a combination of intermediaries like the distributors, wholesalers, and retailers. The internet is a new form of placement since it’s a direct marketplace now. The internet is now a preferred place for a lot of companies to sell their products, because shopping trends have now shifted to online. Retail stores, and malls are proven to be struggling, because of how easy it is to a product now. For example, Amazon prime will have any product shipped and received to the consumer home within two days.The place is essential since the use of the correct place can increase sales and maintain loyal consumers over a longer period; this would cause a more significant market share and increase revenue and profits. The placement focuses on where the business is located, where the target market is placed or even both. If the placement placed correctly, then all the elements from the marketing mix will be affected. When selecting which channel to use, companies have to set goals, pick distribution strategies, see the benefits, and the possible channel costs.
