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

• 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)

METHODS OF PROMOTION

ADVERTISINGPERSONALSELLING

PUBLICITY

SALES PROMOTION

WORD OF MOUTH

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 Facebook userbase

• Notes and Photos are two Facebook applications that allow you to share product information and product photos with your friends.

• As for notes, provide some useful information related to your product

• This kind of instructions is more attractive and popular with Facebook friends

• 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)


FACEBOOK NOTES

How to promote your own business?FACEBOOK PAGES• Facebook pages provide an easy way for businesses to establish a presence on Facebook• You can customize pages by adding Flash and other Facebook applications accordingly• Facebook page 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


FACEBOOK GROUPS• Facebook Group 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.• Facebook Group 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.


FACEBOOK EVENTS• Facebook Events 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.

• Facebook Events enables you to ‘INVITE’ your friends and they can decide whether to click ‘I’M ATTENDING’, ‘MAYBE’ or ‘NO’


TWITTER1.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.

http://www.twitter.com/webapprater

http://www.twitter.com/webapprater


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

TWITTER

How to promote your own business?EXAMPLES OF BRANDS USING TWITTER AS THEIR MARKETING TACTIC

Burberry

Coca Cola

McDonalds


BLOGSAnswer 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.


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.


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


LEAFLETHOW 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


LEAFLETHOW 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

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


Pedigree (Pet food)-Through billboard-Targeting customers who are; pet owners, animal lovers


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


Coca Cola-Through public transportation (bus)-Targeting customers who are; people who enjoy drinking Coke, bus riders and pedestrians


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


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


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)


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


PERSONAL SELLING

(Retail Selling)

Make up counters and clothes shop


PERSONAL SELLING

(Field selling)

Door-to-door selling and road shows


PERSONAL SELLING (Telemarketing selling)

Buying goods from TV and then, order by telephone


SALES PROMOTION (Premium)ExampleBuy colgate toothpaste, get one free toothbrush

SALES PROMOTION (Trading stamps)

ExampleUsually in dept storeCollect 10 stamps- 5% discount20 stamps- 10% discount30 stamps- 15% discount


SALES PROMOTION (Sampling)ExampleSample sized beauty products in magazines

SALES PROMOTION (Buyer Contests)

ExampleMATTA Fair’s visitors (and buyers) can get a chance to win various prizes


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:1) Competent employees2) Proper treatment of people3) Not overcharging4) Not using false claims in advertising5) Having good products/services6) Keeping customers happy


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:1) Direct marketing (business communicates directly with the customers

to sell their products/services)2) Wholesalers/retailers (Manufacturers sell to wholesalers, then,

wholesalers to retailers. Then, retailers to customers)3) Agents (Agents are the ones who are in contact with the wholesaling

companies and are paid commission on their sales


PRODUCER CONSUMER

PRODUCER RETAILER CONSUMER

PRODUCER WHOLESALER RETAILER CONSUMER

PRODUCER AGENT WHOLESALER RETAILER CONSUMER


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


STAGES IN CONSUMER DECISION MAKING PROCESS

Tim= CONSUMERLaptop=PRODUCT

WHY DOES HE WANTS TO BUY A NEW LAPTOP?

1) His old laptop was giving him problems2) He wanted a new laptop to check his personal mails at home

3) He wanted to give laptop to his wife as a gift4) He needed a new laptop to start his own business

COULD BE ONE OF THESE REASONS


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)


NEED RECOGNITION

INFORMATION GATHERING/SEARCH

EVALUATION OF ALTERNATIVES

PURCHASE OF PRODUCT/SERVICE

POST-PURCHASE EVALUATION


STEP 1Need is the most important factor which

leads to buying of products/servicesAn individual who buys cold drinks or a bottle of mineral water

identifies his/her need as thirstHowever in such cases steps such as information search and

evaluation of alternatives are generally missingInformation search might be done if products involve are high-

priced products like cars, laptops, mobile phones, etc


STEP 2When 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


STEP 3Evaluate the various alternatives available in the market

STEP 4After going through all the above stages, customer finally purchases the product

STEP 5The purchase of the product is followed by post purchase evaluation


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


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



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



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



Quality helps your businessHere are some tips to bring some quality to your business:

STUDY TRENDSDo what works best for your client and what you know will last longer. It pays to acquire

the skill of foresight

WORK SMARTWorking 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 RATESIf 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.


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

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.


SIGNIFICANCE OF CUSTOMER SATISFACTION

Documents

MARKET A PRODUCT/SERVICE