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. A skimming pricing strategy involves the use of low price relative to prices of competing products or services. A competitive pricing strategy shifts the emp hasis from price competition to nonprice factors.