Factors Affecting A Company 's Success

1830 Words Aug 31st, 2014 8 Pages
There are many factors that contribute to a company’s success. The two main factors that will be highlighted in this content are promotional and advertising strategies. Promotion is the method you use to spread the word about your product or service to customers, stakeholders and the public. “Promotional strategy objectives vary among organizations. Some use promotion to expand their markets, and others use it to defend their current positions (Boone, L. E., & Kurtz, D. L.).” Promotion is one of the key elements of the marketing mix, and compacts with any one or two way communication that occurs with the consumer. Once you’ve acknowledged your target market, you’ll have a good idea of the best way to grasp your customers, but most …show more content…
It has a lot of advantages that traditional advertising doesn’t. This form of advertising gives such wide possibilities such as: video advertising, advertising on social networks, mobile advertising, e-mail advertising, banner advertising, and Google Search advertising to name a few. Although internet and television are the top two sources of advertisement, it illustrated in the course readings how “Daily and weekly newspapers continue to dominate local advertising. Marketers can easily tailor newspaper advertising to local tastes and preferences. Advertisers can also coordinate advertisements with other promotional efforts such as discount coupons from supermarkets and one-day sales at department stores.” Considering all of this information, the objective of advertising is to increase your profit by increasing your sales.
Selling is the exchange of goods or services for an established sum of money. In planning the sales promotion of your company, you will need to consider the following stages: prospecting and qualifying, approach, presentation and demonstration, handling objectives, closing, and follow up. Prospecting and qualifying is the act of identifying prospects that are quality consumers who can afford the product. “Companies use different tactics to identify and qualify prospects. Some companies rely on business development teams, passing responses
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