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The relationship between promotion and sales promotion
The relationship between promotion and sales promotion
Product pricing and strategies
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Promotion
The critical question that must be asked with regard to promotion is: How can I promote my product so that my target market knows what a wonderful product I have available? Promotion refers in essence to communication with the customer. In its simplest form, it means message sent, message received, and message acted upon. If the product has been produced with the needs and desires of the customers in mind, the communication necessary for getting customers to buy it is through the message used to reach them. Promotion includes all the advertising and selling efforts of the marketing plan. Goal setting is important in developing a promotional campaign. The ultimate goal is to influence buyer behaviour, and therefore the desired behaviour
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In the case of promoting the sale of fresh fruit, much depends on the specific market and market segment, and on whether the promotional campaign is generic to a fruit type and grower community, or highly specific and applicable only to fruit of a particular cultivar from a particular grower at a particular time. Promotions may also take the form of general media messages, or so-called above-the-line promotions, or price discounts and in-store promotions, referred to as below-the-line. Promotions are communication tools. Which, how and when these tools are used depend on specific …show more content…
• Product is differentiated not only by the characteristics of the product itself, such as external and internal quality, shelf-life, seediness, size and maturity time, but also by factors such as production practices and packaging.
Place: Where does my target market want this product? / How am I going to get my product to the target market?
Price: At what price can I sell my product to the customer to ensure the optimum sales but also the best possible profit margin?
• The price at which a product is sold is the most essential factor in profitability.
• Price is generally determined by the market, except where the specific product is in short supply and high demand.
Promotion: How can I promote my product so that my target market knows what a wonderful product I have available?
• Promotion is in essence communication with the customer.
• There are five categories of promotional effort, being advertising, personal selling, sales promotion, public relations, publicity, and direct selling.
People: Who do I need and how do I need to manage my workforce to achieve the requirements of the
A couple of Squares has a limited capacity for which to produce their products and smaller companies tend to have larger fixed costs than bigger companies. Therefore, A Couple of Squares must maximize profits in order to ensure that they will stay in business. A profit-oriented pricing objective is also useful because of A Couple of Squares’ increased sales goals. A Couple of Squares increased their sales goals due to recent financial troubles. Maximizing profits is the easiest way to meet these sales goals due to the fact that A Couple of Squares has limited production capacity. The last key consideration favors a profit-oriented pricing objective because A Couple of Squares offers a specialty product. A specialty product often has limited competition, therefore can be priced on customer value. Pricing at customer value will maximize profits as well as customer satisfaction. A Couple of Squares’ lack of production capacity, increased sales goals, and specialty product favor a profit-oriented pricing
Some of the features and benefits the product will sell is a unique experience for the buyer and special codes for social media. I would like to have a known position in the market it doesn't need to be as big as Coke-a-cola or Pepsi, but it is known so when someone goes to the store they
Product is/are the products or services you offer and are they unique and different, superior in quality and easier to use. In my own opinion, the product or service is one the most important aspects of a successful business. If you have an item that the customer really wants they will drive out of their way to purchase it. They are usually willing to pay a higher price if the quality justifies it. When a local popular hamburger place open up in Phoenix, people drove long distances and sat in long lines just to bite into one of their juicy hamburgers.
To sell your product for more than what you paid to make it, you must understand the basic economics of your company in order to set the price
This is another crucial step where you introduce your product to the audience. This can be done using banner ads, product reviews, discounts and emailing
Once the target market has been identified it is important to develop a marketing strategy. In today's fast paced, information overloaded society; conveying a message about a product seems to be more difficult than ever. The consumer is bombarded with advertising everywhere they look. Today advertising not only exists on television, radio, magazines, and newspapers, it can be found on billboards, park benches, in our mailboxes, on buses, taxis, at sporting events, and on clothing.
By following the strategy that I have given, we can monitor the sale of our product. Once we see an increase in revenue, we can increase our advertising campaign to directly penetrate household markets through TV and/or radio. All of these numbers and strategies seem to line up for a successful product.
Promotion will come in the form of indirect communication through such social media as well as face-to-face communication within the stores in areas that I plan to introduce the product to (Bovee, 2012, p.308). Using social media I believe it’s a great tool and the use of it could be exponential without spending a fortune to promote. Promoting within the store will better inform potential customers of the new product and hopefully encourage to purchase.
With supply solely, factors involved with regulation of the supply also control some aspects of demand. Things such as production costs and desired net profit can determine whether a business succeeds or not. Having a balance between quantity and price is the greatest control any business can have. Pricing is obviously one of the most beneficial, or destructive, parts of a business. Pricing is the first and most valuable thing an individual will look at, which will overrule most other judgments based off of quality and detail. Balancing the price, however, helps to create a pristine product, with just the right amount of detail that will fuel the market, while still generating a steady net income.
Motivate the Avon business to reach its goals of promoting its products and gaining sales through advertisements, sales competition, participating in conventions and endorsing franchise. Advertising is the key to attracting consumers and the outcome is high sales. Such advertisement is done through media (television), mail, or the internet. The more awareness from the public of the company the more likely to attract more buyers and the outcome is high sales.
When a business aims to be as successful as possible in selling its products and services, it must examine in detail whether or not the products will be attractive and necessary; if the price is optimal; if the product is being distributed in the best locations; and finally, how interest and awareness can be created for the products. In order for a business to target all of these elements at the right people at the right time, it must employ the right type of marketing mix: Product, Price, Place and Promotion.
In writing the business plan, I determined our target market and our marketing strategy to gain a share of the market. I also had t...
Promotion. Finally comes promotion - informing the customer on the qualities and advantages of the product so that the potential buyer learns about the product, prefers it to those of the competitors, and has an opportunity to buy it at some place.
· The Right Marketing Mix – Is the product right?, Is it sold in the
Advertising lies in the Promotion part of Marketing Mix, but it applies to all the other P's as well. Promoting one’s business is the key ingredient to making one’s business successful. Promotion, along with a great product, key placement, and a reasonable price, will help a marketer work his way to the top. Promoting does not mean leaving his advertising up to the word of mouth of his current customer.