m11 l1 promotional strategies
DESCRIPTION
NCVPSSmall BusinessTRANSCRIPT
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Marketing a Small Business
Promotional Strategies
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PROMOTIONPROMOTION
The various forms of communication that marketers
use to
INFORM, PERSUADE, and INFORM, PERSUADE, and REMIND REMIND
customers of their product or service
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A carefully arranged sequence of promotions designed around a common theme responsive to specific objectives.
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Objectives of Promotion• Provide InformationProvide Information
– Inform the market about the availability of a particular good or service
• Increase DemandIncrease Demand– Some promotions are aimed at increasing primary
demand, the desire for a general product category– More promotions are aimed at increasing selective
demand, the desire for a specific brand
• Differentiate the ProductDifferentiate the Product• Accentuate the Product’s ValueAccentuate the Product’s Value
-- -- Promotion can explain the greater ownership utility of a product to buyers, thereby accentuating its
value and justifying a higher price
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• HOW will potential customers be told about products?
• WHAT is the promotional message?
• WHEN & WHERE will the message be delivered?
• What are the COSTS of different types of promotion?
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Preopening plan: A plan that outlines promotional activities for a new business before its opening.
•Establishes positive image
•Informs potential customers about the business opening
•Creates customer interest
•Begins six weeks before store opening
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Preopening plan
•Examples of opening activities
Grand opening sale
Reception
Ribbon cutting
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Ongoing plan: A plan that helps maintain and build sales after a business has opened.•Explains major features and benefits of products/ services, or ideas
•Communicates information about sales
•Introduces new products, services or ideas
•Developed for various periods of time