Important and long-term marketing decisions on product may be termed as product strategies. You should also monitor their prices and be able to respond to changes. New companies particularly have to advertise to apprise consumers who they are and what they offer. While the answer to that question is not always black and white, there are several marketing promotions that have stood the test of time for their effectiveness in attracting customers and growing market share. When developing your brand marketing plan, consider including a promotion that motivates consumers, creates engagement, enhances brand awareness and grows market share. Seasonal changes are good examples of times when companies utilize this strategy, when they discount the prices of the items that are going out of season. Like any other , the user can use any Microsoft PowerPoint application versions.
New customers also may be attracted to the promotion if they hear about it. The question then becomes, which type of promotion will deliver the greatest return on investment? Sales promotion covers following decisions: i. Recruitment, selection, training, transfer, and promotion of salesmen iv. Some strategies may call for complex computation methods and others are intuitive decisions. Product is the basic element of marketing mix because all other elements are required only when there is product.
Demand and price are inversely related i. Analyzing various relevant factors affecting channel decisions iv. Slide 33: This is an Our Goal slide. Price can be defined as the economic value of product normally expressed in form of money. Ultimately, it results in more product units being sold and — assuming the business provides excellent customer service — greater profits. Explore how pricing strategy fits in with other elements of the marketing mix.
Each segment has 4 sub-sections to present the series of consumer-focused questions. Most popular forms of sales promotion are free gifts, discounts, exchange offer, free home delivery, after-sales services, guarantee, warrantee, various purchase schemes, etc. It can be very difficult for a luxury brand to get started when no one has the money to spend on it. Promotion mix involves all those efforts directed to increases sales of products on a continuous basis. Slide 43: This is a Puzzle image slide to show information, specification etc.
The idea is to attract your customers to your store where they can be convinced to buy your other products. These slides have 100% compatibility with Google Slides. With nearly three quarters of Americans claiming to be price sensitive when shopping, have become an increasingly popular way to promote a brand or service. Price is the prime mover of the wheels of the economy namely, production, consumption, distribution and exchange. Deciding on sale force size iii. By leveraging these elements to take advantage of natural strengths, the company can improve its chances of successfully marketing its product.
Rebates also offer a lower net-price for their marketing spend, which attracts shoppers while preserving margins for retailers and brands — unlike instant discounts. While creating the marketing plan, the company can come up with good concepts for new product development as well. Businesses also need to persuade prospective clients to select their products or services, instead of those offered by its competitors. Product-related strategies including branding, packaging, labeling, colour, weight, grading, etc. In addition to risk and compliance, a good rebate, sweepstake or contest should be highly orchestrated in terms of its logistics, quality standards and supporting documentation to ensure the promotion is executed at the highest possible level and offers a solid paper trail in the event of an audit.
Slide 57: This slide displays a Stock Chart with volume as parameter in terms of high and low, open and close. A company who offers premium quality offers exceptional services and will charge a premium price in comparison to the competition, which in this case is a coach seat in the back of the plane next to the engines. The success in pricing strategies for businesses is heightened with clarity on market conditions, an understanding of the consumer's unmet desire, and the amount they are willing to pay to fulfill it. You can use this template to present the 4 elements of marketing mix — product, promotion, price and placement. For more information call 800 493-7063. If the company desires a 10% profit, then they will set the price 10% higher than what it costs to produce and market the product.
Competitive You take a survey of the pricing implemented by your competitors on a similar product that you are trying to market and then decide whether to price your product lower, the same, or higher. This is a basic policy issue that affects the entire marketing planning process. Brands must react and find faster ways to compete such as offering dynamic promotions that motivate consumers toward an action or purchase. This strategy is combined with the other marketing principles known as the four P's product, place, price, and promotion , market demand, product characteristics, competition, and economic patterns. State your important goals here. The actual money you will receive as payment for your product can be complicated by certain pricing factors so you may receive more or less than the advertised price.