----are products that are available in the market but the potential buyers do not know about their existence or they do not want to purchase them.
Answers
Explanation:
Marketing communications are designed to inform potential customers and to motivate them to purchase your products or make use of your services. Each element of your communications strategy--promotions, advertising and public relations--must be aligned with and support a compelling positioning statement that is unique to your business.
In order for your business to succeed, you need to advertise and promote your products or services to the same buyers that your competitors are targeting. In those rare cases where your business is one-of-a-kind, you still need to tell target buyers that your business exists with some kind of advertising or promotional communication. Public relations (PR) activities are another way to promote the image or reputation of your product. PR is similar to promotion and advertising, but can be more indirect, since some or all of the publicity a company's products and services receive from public relations activities may not be controlled by the company.
Setting a marketing budget
Spending for promotion, advertising, and public relations (that is, "marketing support") varies substantially based upon the type of business. Industrial business-to-business operations may spend less than one percent of net sales, while companies marketing consumer packaged goods may spend 10 percent or more. Retail stores that advertise and promote spend four percent to six percent of net sales for marketing support, on average.
The amount of money spent on marketing support also varies based upon product life cycle. Consumer packaged goods companies may spend 50 percent of net sales for introductory marketing programs in the first year, subsequently lowering the percentage spent to a stable 8 percent to 10 percent within a few years.
Small businesses often estimate their sales revenue, cost-of-goods, overhead, and salaries, and estimated gross profit. Anything left is considered available funds for marketing support. A more rational approach is to estimate what your direct competitors spend in marketing support as a percentage of net sales and then try to at least match that amount.
While small businesses often have limited budget resources for advertising, it is helpful to benchmark what you are spending with national averages. Each year, Schoenfeld & Associates conduct a survey that gathers information regarding advertising spend by industry. This may help to give you a ballpark idea of the "norm" in your field.
The following table provides information on some of the more common business types. The website for Advertising Age provides information gathered by Schoenfeld & Associates for two hundred types of businesses. This information is free with registration on the website
Answer:
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Explanation:
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