Identify the elements of the promotional mix.
Identification should include elements of the promotional mix and factors affecting the promotional mix. Examples of elements in the promotional mix include
- social media
- personal selling
- sales promotion
- public relations
- visual merchandising.
- How can a fashion business formulate an effective promotional strategy within a budget?
- In their attempt to attract customers, why do some manufacturers and retailers choose to issue coupons rather than lower product prices?
- Which types of promotion allow for maximum customer interaction?
- How does the marketing mix influence the promotional mix?
- How would the promotional mix for a small locally owned boutique differ from that of a national chain?
- How might a fashion business use the promotional mix to develop a company image?
- What is licensing? Why do manufacturers request licensing of a designer or brand name?
- What are fashion shows? How are they used as a form of promotion?
Other Related Standards
Economics and Personal Finance Standards of Learning
The student will demonstrate knowledge of the role of producers and consumers in a market economy by
- describing how consumers, producers, workers, savers, investors, and citizens respond to incentives;
- explaining how businesses respond to consumer sovereignty;
- identifying the role of entrepreneurs;
- comparing the costs and benefits of different forms of business organization, including sole proprietorship, partnership, corporation, franchise, and cooperative;
- describing how costs and revenues affect profit and supply;
- describing how increased productivity affects costs of production and standard of living;
- examining how investment in human capital, capital goods, and technology can improve productivity;
- describing the effects of competition on producers, sellers, and consumers;
- explaining why monopolies or collusion among sellers reduces competition and raises prices; and
- illustrating the circular flow of economic activity.