A franchise is a contractual arrangement in w hich a wholesaler or retail dealer agrees to meet the operating requirements of a manufacturer or other franchiser. Brokers and agents usually take possession an d title of the goods they handle. The primary objective of promotional efforts is to increase the demand for a specific product or service. The marketing mix is a subset of the overall promotional mix. Product advertising is the personalized selli ng of a product or service.
Television is the dominant medium for adverti sing to local markets.
The advantages of radio advertising include i mmediacy, low cost, flexibility, practical and low-cost audience selection, and mobility. Sales promotion is another term for advertisi ng and encompasses the same things. Full-cost pricing allows the marketer to aver age variable costs over the entire line of products being sold by a firm. Demand for a product with close substitutes t ends to be inelastic. Price theory concepts are easily applied to p ractical pricing situations.