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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.

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.

Overview:For this assignment, 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. Please follow the instructions below and save your file in .doc or .docx format. Please follow APA guidelines.*To view the grading rubric for this discussion, click the name of the discussion, then click “Grading Information”Instructions:In our discussion this week, and in assignment 1, 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 5, there are a variety of factors which influence which promotional mix elements a firm chooses to use, including:

  • Budget available
  • Stage in product life cycle
  • Type of purchase decision
  • Target market characteristics
  • Buyers’ readiness to purchase
  • Buyers’ preferences for media
  • Regulations
  • Competitors
  • Availability of media
  • Push vs. pull strategy
  1. Choose three (3) of these factors to utilize for this assignment.
  2. 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.
  3. Next, describe how each of these factors has likely influenced the choice of promotional mix elements for your chosen product or service.
  4. Do you feel that the firm has selected the right promotional mix elements to communicate about their product?
  5. 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?

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