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Advertising and promotion of Galaxy chocolate - Essay Example

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The terms advertising and promotion are both utilized interchangeably because they tend to have a strong correlation.Advertising refers to an act/ a form of business communication,of making a product or service from getting known by the members of the public…
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Advertising and promotion of Galaxy chocolate
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Download file to see previous pages mers. Marketing further involves selling, advertising as well as bring products to the people. PROCESS FOR THE FORMULATION OF A BUDGET FOR AN INTEGRATED PROMOTIONAL STRATEGY The first process in formulation of an integrated promotion budget entails objectives setting.Whereby, decision makers should determine the current and future of an organisation and integrate those goals in budget formulation.The second process entails determination of organization resources.This means that financial resources,assets and liabilities of a business should be taken into account when formulating a budget for promotion of galaxy Chocolate.The third process entails projection of company future needs.This can be done by looking on the company’s future data and projecting on the company’s future needs.Under this stage, the company may consider the four marketing mix namely 4p’s,meaning; product,price,promotion and place.The fourth process involves seeking approval of the formulated budget from the budgeting committee. While the fifth process of formulating a budget for an integrated promotion entails distribution of the approved funds. Finally the last process may entail evaluation and monitoring of whether the approved budget is being utilized appropriate in promotion of galaxy chocolate (Richard, paras.2-8). DEVELOPMENT OF A PROMOTIONAL PLAN FOR GALAXY CHOCOLATE The plan shall include tools and techniques that will be utilized in promotion of galaxy chocolate. In addition, this plan will incorporate a promotion budget as well as adjustments that will be made in order to cope with product cycle adjustments. Some of the tools and techniques that will be utilized include; Advertisement tools such T.V shows, bill boards, news papers and magazines. On the other hand, promotion tools such as free gift will be given as well as use of personal selling. The estimated budget for promotion and advertisement is estimated to be $12000 per month. The adjustment that will be put at the decline stage of the product will include phase withdrawal as well finding a niche market to exploit the available opportunities (Pride, William and Ferrell, p.78). INTEGRATION OF PROMOTIONAL TECHNIQUES INTO THE PROMOTIONAL STRATEGY FOR GALAXY CHOCOLATE There are various forms of promotion/advertisement techniques that may be utilized in promotion of galaxy chocolate produc ...Download file to see next pagesRead More
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