Promotional Budget-Magic knife Essay Example | Topics and Well Written Essays - 500 words

Promotional Budget-Magic knife - Essay Example The heat produced, therefore, has the capability of melting butter in seconds during when it is spread on the bread slices. This makes it easy and simple for butter application process to occur. The knife can also cut ice cream cakes, cupcakes and many others, very simply and in a very easy and efficient way. It makes the cutting process simple and very easy to occur. Being a new product in the market, I will be faced with the challenge of ensuring that the product and its brand penetrate the market and gain popularity among consumers. The only way to do this will be through carrying out promotional services to ensure that the information about the knife and its capabilities and workability is spread to the targeted audiences. The major promotional services or strategies will include the use of radios, television, roadshows, online advertising, print advertising, trade shows, publications, and catalogues and brochures. The choice of the right promotional channel will depend on the prevalence of the targeted audience in that channel. Knives are used by every family households, but it becomes the responsibility of the parents, more so, mothers to purchase them. However, restaurants, butcheries, ice cream parlors, fruit parlors, and food courts also use the knives a great deal. The above chosen media for promotional services will, therefore, be appropriate as they are all accessible to the targeted groups mentioned. However, allocation of funds in the promotional budget will depend on the extent of promotional services in that particular medium as well as the effectiveness of advertising in such a medium (Bizmove, 2013). The promotional budget will be considered to be 23% of the total sales realized. However, as the sales increase due to more awareness creation by advertising, the budget will be increasing. It will, therefore, mean that, if more sales are realized, there will be more investment in