Final answer:
Analyzing the promotional mix of a company of personal interest, such as Apple, reveals that advertising is an effective element to increase customer knowledge about their products. Apple's synergistic promotional strategy across multiple platforms creates a strong, recognizable brand. Other strategies for monopolistically competitive firms to increase demand include product differentiation and improving customer service.
Step-by-step explanation:
To analyze a company's promotional mix is to look at the different methods the company uses to communicate with its customers about their products and brands. Selecting a company of personal interest, for example, could be a well-known tech giant like Apple. Apple utilizes a synergistic promotional strategy, where you might see an advertisement on television, then come across an ad on social media, and finally, see their products prominently displayed at an Apple Store. Among the various elements of Apple's promotional mix—advertising, personal selling, sales promotion, public relations, and direct marketing—advertising through key visuals and branding is particularly effective in increasing customer knowledge and creating a cohesive image of their products.
Monopolistically competitive firms, aside from advertising, can increase demand for their products through product differentiation, improving product quality, customer service, and also branding. These methods ensure that the firm stands out in a crowded market and builds a loyal customer base.
When assessing the effectiveness of a promotional mix, it is vital to consider the intended audience and the problem the promotion is addressing. For example, if the target audience is tech-savvy consumers, then online and digital media platforms might be the most effective modes for advertising. Apple's promotional efforts are often successful because they are designed to resonate with their particular target market, and uses a mix of media to reinforce their product's presence in consumers' minds.