1 / 45

MARKET A PRODUCT/SERVICE

MARKET A PRODUCT/SERVICE. A business with the best products/services will fail if customers are not informed and persuaded The task of informing the customers that such products and services are available and persuade them to buy is called PROMOTION

etoile
Télécharger la présentation

MARKET A PRODUCT/SERVICE

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. MARKET A PRODUCT/SERVICE • A business with the best products/services will fail if customers are not informed and persuaded • The task of informing the customers that such products and services are available and persuade them to buy is called PROMOTION • An entrepreneur should know what promotion is and how it can help him increase his sales and get the profit that he aims • There are some reasons why customers buy the products/services • - They like the product itself • - The place of the business can easily be reached (convenient location) • - The appearance of the business in any promotional activities (like • advertisement)

  2. METHODS OF PROMOTION WORD OF MOUTH ADVERTISING SALES PROMOTION PERSONAL SELLING PUBLICITY

  3. How to promote your own business? • A large portion of the most valuable potential customers are spending much time and attention on Facebook • Not only are the young people fully engaged in Facebook, but adults, and professionals from around the world constitute a substantial Facebookuserbase • Notes and Photos are two Facebook applications that allow you to share product information and product photos with your friends. 

  4. How to promote your own business? FACEBOOK NOTES • As for notes, provide some useful information related to your product • This kind of instructions is more attractive and popular with Facebookfriends • In this way, you will get lots of loyal fans, and then you can recommend your product accordingly • So for you guys, your groups could probably make these facebook’s notes, and from there, you can tag your friends (inviting them to come to your businesses)

  5. How to promote your own business? FACEBOOK PAGES • Facebookpages provide an easy way for businesses to establish a presence on Facebook • You can customize pages by adding Flash and other Facebook applications accordingly • Facebookpage is the platform for your loyal clients, where they can leave a message and get involved with your business totally • So for your class, each business group can probably create your own facebook page

  6. How to promote your own business? FACEBOOK GROUPS • FacebookGroup is a community for customers, partners, and friends to participate in conversations about your products. Therefore, this is closed to public • You can easily send news and updates to your group members easily – messages will arrive in their Facebook inbox • The best part about group message is that you can send as often as you like for free. • FacebookGroup is a viral marketing way for your products. Once member joined in your group, they can easily invite their friends to join in group. If the members are satisfied with your group, it can grow rapidly.

  7. How to promote your own business? FACEBOOK EVENTS • FacebookEvents are free application to promote products’ events, new product launch, and other marketing events • It is very easy to create a new event, which includes a wall, discussion, photos, and links • This type is suitable if you are organizing an event that happens on a specific time • You can easily invite all of your Facebook friends, and the friends going to the event can also invite their friends to join in. • FacebookEvents enables you to ‘INVITE’ your friends and they can decide whether to click ‘I’M ATTENDING’, ‘MAYBE’ or ‘NO’

  8. How to promote your own business? TWITTER 1.Create a twitter account with url related to your business. Make sure that your business or website name included in it. For example http://www.twitter.com/webapprater 2.Upload image for your twitter profile and optimize the image using free twitter tools. 3.Add your corporate business website’s address in profile, so that visitors come to know your website presence 4.Promote your twitter presence by adding twitter link on websites, email signatures, customers newsletter and so on 5.Do not forget to include your brand name as the title of your profile.

  9. How to promote your own business? TWITTER 6.Use Free Google keyword tool to select keywords related to your business and add it with your tweets using the “#” symbol before it. 7.Use your keyword in first 30 characters of your tweet which will be easily track by google real time search engine. 8.Select some important keywords of your business and include in your “bio” section. 9. Post tweets about useful links, resources, images, info graphs related to your business 10. Send direct message to the people about your product or service 11.Increase sales  using twitter by giving special offers and coupons to your followers

  10. How to promote your own business? EXAMPLES OF BRANDS USING TWITTER AS THEIR MARKETING TACTIC McDonalds Coca Cola Burberry

  11. How to promote your own business? BLOGS Answer Community Questions or Comments – No doubt, your business constantly receives questions and comments from your community. Instead of passing these questions off to a file you leave at work go ahead and write about them on the blog. Talk about a new Product Release – If there is a new product or service being release at your business than create a blog post. Although not everyone will find direct value in the post if they aren’t your customers you can still excite others that have been waiting for a new feature, product or service from your business! Share Exclusive Discounts and Promos – Hold a contest, exclusive event or a gift back to your community while pushing out a new blog post. Customers love when there are ways to interact with your business such as participating in a poll in exchange for a prize. You could also use your blog to push out new coupon codes to ignite sales in new and old products. 

  12. How to promote your own business? BLOGS Highlight a Great Customer – Have a customer that’s been with you for years? Highlight them by sharing a small story about them on your blog. Show your customers that you care about them. Share Reviews and Feedback – If a customer leaves a great testimonial than share it with the rest of the community!  Reviews can be a great way to share what others have to say about your business and it doesn’t come across as forceful marketing Connect with other Bloggers – Connecting with other bloggers to extend your network can help promote your product when there is an equal exchange of value between two parties. If another blogger thoroughly enjoys your products, they’re likely to write about your business on their own blog. 

  13. How to promote your own business? LEAFLET • Leaflets & flyers are one of the most popular ways of promoting a business • Leaflets are not expensive and can be an extremely good way of targeting your target market through placing information about your company directly into their hands

  14. How to promote your own business? LEAFLET • HOW TO DO IT? • Create a catchy heading • Be precise with the rest of the content, include a couple of interesting photos or graphics, and finally ask for action • Tell the recipient what you want them to do or they simply won’t do it.  • There are a number of different distribution options available to you: • Through letterboxes • Placed in magazines • Included in mail shots • Placed on car windscreens • Handed out to passers-by • Left in public places for people to pick up

  15. How to promote your own business? LEAFLET • HOW TO DO IT? • Create a catchy heading • Be precise with the rest of the content, include a couple of interesting photos or graphics, and finally ask for action • Tell the recipient what you want them to do or they simply won’t do it.  • There are a number of different distribution options available to you: • Through letterboxes • Placed in magazines • Included in mail shots • Placed on car windscreens • Handed out to passers-by • Left in public places for people to pick up

  16. EXAMPLES OF PRODUCT MARKETING • UNIQLO (Clothing) • Through newspaper • Targeting customers who are; multi-national (Asian, African, Caucasian, Latinos, etc), likes clothing that are simple and colourful, prefer colourful hoodie

  17. EXAMPLES OF PRODUCT MARKETING • Pedigree (Pet food) • Through billboard • Targeting customers who are; pet owners, animal lovers

  18. EXAMPLES OF PRODUCT MARKETING • John Lewis (UK’s dept. store) • Through television • Targeting customers who are; people who celebrate Christmas, age group is quite wide as this celebration-themed advert will appeal to people who have Christmas spirit

  19. EXAMPLES OF PRODUCT MARKETING • Coca Cola • Through public transportation (bus) • Targeting customers who are; people who enjoy drinking Coke, bus riders and pedestrians

  20. EXAMPLES OF PRODUCT MARKETING • Various ads in Yellow Pages • Through Yellow Pages (telephone directory book) • Targeting customers who are; Yellow Page’s users, people who are looking for services like cleaning services, insurance, plumbing, etc

  21. EXAMPLES OF PRODUCT MARKETING • Hotel • Through catalogues/leaflets • Targeting customers who are; wants to go for a holiday, wants to stay in an affordable yet nice hotel, probably youngsters with limited budget

  22. EXAMPLES OF PRODUCT MARKETING • Dior Addict lipstick • Through Vogue Magazine • Targeting customers who are; Dior cosmetic’s users, Kate Moss’ fans, young adults (female) who are quite well-off (due to high price range of these lipsticks)

  23. EXAMPLES OF PRODUCT MARKETING • Nando Restaurant • Through leaflet • Targeting customers who are; looking for gourmet fast-food (high quality and quite expensive), family with kids, peri-peri lovers

  24. EXAMPLES OF PRODUCT MARKETING PERSONAL SELLING (Retail Selling) Make up counters and clothes shop

  25. EXAMPLES OF PRODUCT MARKETING PERSONAL SELLING (Field selling) Door-to-door selling and road shows

  26. EXAMPLES OF PRODUCT MARKETING PERSONAL SELLING (Telemarketing selling) Buying goods from TV and then, order by telephone

  27. EXAMPLES OF PRODUCT MARKETING SALES PROMOTION (Premium) Example Buy colgate toothpaste, get one free toothbrush SALES PROMOTION (Trading stamps) Example Usually in dept store Collect 10 stamps- 5% discount 20 stamps- 10% discount 30 stamps- 15% discount

  28. EXAMPLES OF PRODUCT MARKETING SALES PROMOTION (Sampling) Example Sample sized beauty products in magazines SALES PROMOTION (Buyer Contests) Example MATTA Fair’s visitors (and buyers) can get a chance to win various prizes

  29. MARKET A PRODUCT/SERVICE • WORD OF MOUTH • A method of promotion that encourages people to tell other people products/services they have enjoyed • When people have nice experiences about a product/service, they have a tendency to tell this to their friends • It is believed that word-of-mouth is the most powerful information for buyers/customers because it involves friends viewed as trustworthy • Positive word-of –mouth is the result of the following: • Competent employees • Proper treatment of people • Not overcharging • Not using false claims in advertising • Having good products/services • Keeping customers happy

  30. MARKET A PRODUCT/SERVICE • SELECTING A DISTRIBUTION OUTLET • DISTRIBUTION OUTLET- shops responsible for the physical transfer of goods from producers/manufacturers to customers/buyers • A business should properly plan to ensure that their products are available in the proper quantities at the right time and at the right place • Three types of distribution outlets: • Direct marketing (business communicates directly with the customers to sell their products/services) • Wholesalers/retailers (Manufacturers sell to wholesalers, then, wholesalers to retailers. Then, retailers to customers) • Agents (Agents are the ones who are in contact with the wholesaling companies and are paid commission on their sales

  31. MARKET A PRODUCT/SERVICE PRODUCER CONSUMER PRODUCER RETAILER CONSUMER PRODUCER WHOLESALER RETAILER CONSUMER PRODUCER AGENT WHOLESALER RETAILER CONSUMER

  32. MARKET A PRODUCT/SERVICE • STAGES IN CONSUMER DECISION MAKING PROCESS • An individual who purchases products/services from the market for his/her own personal consumption is called as consumer • FOR EXAMPLE; Tim went to a nearby retail store to buy a laptop for himself. The store manager showed him all the latest models and after few rounds of negotiations, Tim immediately selected one for himself

  33. MARKET A PRODUCT/SERVICE STAGES IN CONSUMER DECISION MAKING PROCESS Tim= CONSUMER Laptop=PRODUCT WHY DOES HE WANTS TO BUY A NEW LAPTOP? His old laptop was giving him problems He wanted a new laptop to check his personal mails at home He wanted to give laptop to his wife as a gift He needed a new laptop to start his own business COULD BE ONE OF THESE REASONS

  34. MARKET A PRODUCT/SERVICE The store manager showed Tim all the samples available with him and explained him the features and specifications of each model (INFORMATION) Tim before buying the laptop checked few options as well (newspaper, websites, magazines, advertisements, billboards, etc)

  35. MARKET A PRODUCT/SERVICE NEED RECOGNITION INFORMATION GATHERING/SEARCH EVALUATION OF ALTERNATIVES PURCHASE OF PRODUCT/SERVICE POST-PURCHASE EVALUATION

  36. MARKET A PRODUCT/SERVICE STEP 1 Need is the most important factor which leads to buying of products/services An individual who buys cold drinks or a bottle of mineral water identifies his/her need as thirst However in such cases steps such as information search and evaluation of alternatives are generally missing Information search might be done if products involve are high-priced products like cars, laptops, mobile phones, etc

  37. MARKET A PRODUCT/SERVICE STEP 2 When an individual recognizes his need for a particular product/service he tries to gather as much information as he can • An individual can acquire information through any of the following sources: • Personal Sources- Discussion of his need with friends, family, co workers, etc • Commercial Sources- Advertisements by shops that might tempted him • Experiential Sources- Individual’s own experience, prior handling of a particular product

  38. MARKET A PRODUCT/SERVICE STEP 3 Evaluate the various alternatives available in the market STEP 4 After going through all the above stages, customer finally purchases the product STEP 5 The purchase of the product is followed by post purchase evaluation

  39. MARKET A PRODUCT/SERVICE SIGNIFICANCE OF VALUE In management, business value is an informal term that includes all forms of value that determine the health and well-being of the firm in the long run Business value expands concept of value of the firm beyond economic value (also known as economic profit, economic value added and shareholder value) to include other forms of value such as employee value, customer value, supplier value, channel partner value, alliance partner value, managerial value, and societal value Many of these forms of value are not directly measured in monetary terms

  40. MARKET A PRODUCT/SERVICE SIGNIFICANCE OF QUALITY Aristotle once said, “Quality is not an act, it is a habit.” In almost every part of business, from the products and processes to the human resources and the whole management team, quality is always a big issue. And why not? Quality affects your success (or failure) in business. When your quality is so-so, you expect a so-so business. But when you have the best quality there is, you will have the best and profitable business

  41. MARKET A PRODUCT/SERVICE SIGNIFICANCE OF QUALITY • Quality = Consistency • A client who is satisfied and happy with the first buying experience needs and wants to be equally happy on each further occasion • The only time when inconsistency is welcome is when quality improves • -Going below the standards is unacceptable and may take your business to ruins • Most clients who really care about quality are willing to pay a bit more to obtain it and see ‘the extras’ as worth the additional expense

  42. MARKET A PRODUCT/SERVICE SIGNIFICANCE OF QUALITY Quality helps your business • In large companies, quality is so important that many they have a separate quality assurance department. This is to make sure that the company’s products and services meet the required quality standards • These large companies give a lot of attention to quality because they know that the quality of the product or service that they provide ultimately impacts their brand • - Providing quality products and services can set your business apart in the market teeming with low-class products

  43. MARKET A PRODUCT/SERVICE SIGNIFICANCE OF QUALITY Quality helps your business Here are some tips to bring some quality to your business: STUDY TRENDS Do what works best for your client and what you know will last longer. It pays to acquire the skill of foresight WORK SMART Working smart is a good idea. This means that you are taking full advantage of the tools and resources that you have to do the most efficient job possible SET PROPER RATES If you price your products and services too cheaply you may be tempted not to apply the quality processes needed to produce the kind of quality that stands out.

  44. MARKET A PRODUCT/SERVICE SIGNIFICANCE OF CUSTOMER SATISFACTION Why is customer satisfaction so important today? Quite often the difference between those that simply survive in business and those that thrive is keeping abreast of, and adjusting to, the ever changing attitudes and expectations of the market place One such change has been the significant change in attitudes of customers over the last 10 years There was a time when customers were less critical and vocal if not totally satisfied when dealing with a business. This is not the case today

  45. MARKET A PRODUCT/SERVICE SIGNIFICANCE OF CUSTOMER SATISFACTION Today, customers are becoming increasingly more demanding, less tolerant and very critical when not having their expectations met There was a time when the choices available on where and who to deal with was limited. The power belonged to the business owner, customers had nowhere else to go and therefore customer satisfaction was not so important Today, customers have lots of choice on where and who to deal with. As a result the power has now shifted to the customer. If they feel you can not satisfy their expectations they will simply vote with their feet and deal with someone who will.

More Related