Issue link: https://docs.hic.us/i/403552
Operating an effective marketing plan requires money, so you will have to allocate funds from your operating budget to cover advertising, promotional and all other costs associated with marketing. Develop a marketing budget based on the cost for the media you will use, and the cost for collecting research data and monitoring shifts in the marketplace. The marketing budget should address the following: • advertising and promotional plan • costs allocated for advertising and promotions • advertising and promotional materials • list of advertising media to be used Advertising and Promotions Techniques Perhaps, the first step in developing an effective advertising and promotional strategy is to understand the difference between the two concepts. Most people think that advertising and promotions are one in the same; there is, however, a distinction between the two. While both advertising and promotions use the different media formats--print, radio and television--as a way of conveying a message, promotion encompasses much more. It is the method of advertising and can entail community involvement. This could mean sponsoring a Boy or Girl Scout troop, allowing non-profit organizations to use your facility, such as, letting the high school drama club use your parking lot for a car wash fund raiser, sending an underprivileged child to day camp or involvement in any type of positive community activity that will bring attention to your business. While advertising is a way of keeping your business is the public's eye, promotions are a way of signaling that you are concerned and committed to the welfare of the community and its residents. This commitment may be one of the most effective techniques for building customer loyalty. People tend to be more supportive of businesses and organizations that give something to the community rather than those that just take from the community, never giving anything in return. Now, let's look at how to develop an effective advertising program and promotional program for your business. Advertising Advertising plays an important role in successful business ventures. It entails identifying and selecting the media that provide the greatest amount of exposure for your business and developing effective, yet appropriate materials for each medium. It is more than running an ad in a local newspaper, on a radio or television station or just simply hanging a sign outside your business and waiting for the customers to purchase your product or service. It requires that you know www.hsi.us care@hsi.us 57