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 selling of a product or service. Television is the dominant medium for advertising to local markets. The advantages of radio advertising include immediacy, low cost, flexibility, practical and low-cost audience selection, and mobility.
Sales promotion is another term for advertising and encompasses the same things.
Full-cost pricing allows the marketer to average variable costs over the entire line of products being sold by a firm. Demand for a product with close substitutes tends to be inelastic. Price theory concepts are easily applied to practical pricing situations. Cost-plus pricing uses a marginal cost figure per unit and allows for the determination of markdowns to achieve maximum profit. A skimming pricing strategy involves the use of low price relative to prices of competing products or services.