Promotion in Marketing Essay

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EASTERN AND SOUTHERN AFRICA MANAGEMENT INSTITUTE (ESAMI) MASTERS IN BUSINESS ADMINISTRATION Managerial Economics (ME 601) Lecturer: Dr Kimaro TOPIC: Promotion in Marketing Management Presented By: Mr Shadrack Melusi SIMELANE Project submitted in partial Fulfilment of the Masters in Business Administration August 2014 ABSTRACT Promotion is the direct way an organization tries to reach its publics. This is perfomed through the five elements of the promotion mix i.e advertising,, sales promotion, personal selling , public relations and direct marketing. With the growing importance of the financial sector, pressures are escalating for more effective marketing management of financial services. Despite the recent recessions the financial industry is continuing to grow in terms of turnover and profits and thus have a supreme impact on other spheres of the economy. Consequently there is growing interest in applying marketing techniques and tools in financial services. Therefore this paper discusses the promotion mix with regard to two institutions in the financial services industry. It has been seen on the discussions that although these institutions are on the same industry they may not utilize the same promotional mix and practices for its products and services. CHAPTER 1 Introduction Nowadays it is important for all organizations to communicate effectively with the present and potential consumers to increase the customer base and the market share for their products and services. Marketing promotional tools therefore can provide a clear, consistent, credible and competitive message about the organization and its products and services to consumers (Jobber, 2007). According to Bridges et al (2006) there is no best alternative to get new and more customers than promotion. It is therefore imperative for organizations to effectively promote their services which are
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