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Understanding the Market — Entrepreneurship STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEntrepreneurshipUnderstanding the Market5 Marks
Question
Discuss briefly the elements of 'promotion mix'.
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Answer

The various elements of promotion mix are as follows:
  1. Personal selling: It is an art to induce people to buy the product. It is an effort to win the everlasting confidence of the consumers through directly interacting with them.
  2. Advertising: An activity which establishes non-personal contact with the customers regarding the product, idea and service. It is an effort to create and sustain the demand for the product.
  3. Publicity: Unpaid mention of the enterprise, its product and brand by the news media in newspaper, journals, radio or television. It is an uncontrolled form of promotion.
  4. Exhibitions and demonstration: Promoting the product by displaying it in fairs and exhibitions. The firm may also demonstrate the product and its actual working.
  5. Public relation: The enterprise may start public contact programmes to introduce the product in the market.
  6. Sales promotion: It is an effort to stimulate customers to buy more and more of particular commodities with the help of schemes such as buy one get one free, discount coupons, etc.

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