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Franchisee Know How
From initial enquiry to closing of Franchisee.
BASIC OF MARKETING
A little bit of marketing theory...All it takes is a little theory practiced and applied, andsoon you will find that marketing comes naturally.Marketing is more than sales. Marketing is the set ofactivities used to1. Get your potential customer's attention2. Motivate them to buy3. Get them to actually buy4. Get them to buy again (and again…)Marketing is how you define your product, promote yourproduct, distribute your product, and to maintain arelationship with your customers.Marketing theory is made up of the 5 P’s.Product,Positioning,Place, Price andPromotion. Each "P"
contributes to your marketing
Product
Product is, of course, the thing (or service) that you haveto offer to the customers. There are a number of thingabout the product you should evaluate. It is important tounderstand your product from the customer’s point of view.
Product Description
It is critical to be able to say in one clear sentence whyyour product is perfect for a specific buyer and what itdoes best.” To (target audience), (product name) is thetype of (product) that (performs this task)."
Product Name
It is more important to be descriptive than creative.There are some exceptions to this - such as music bandnames. One of the best ways to determine a name for aproduct is to have a brainstorming session. The rules ofbrainstorming are:
1.
No ideas are rejected or criticized
2.
It is a free form "brain dump"
3.
Someone is in charge of writing the ideas on a boardwhere everyone can see them.
4.
After the ideas a generated, they are ranked bypreference.5.The pros and cons of the top ideas are discussed.
Functionality, Features & Benefits
In order to begin to understand the product from acustomer’s point of view, list the functionality, thefeatures, and the benefits that product has. Listfunctionality and features that could be added.Prioritize each for the target market or market segments todetermine the development of the product going forward.
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This list will be used in positioning the product.
Product Adaptability
By understanding how adaptable your software is, you canincorporate the necessary elements into your marketing.There are five factors for measuring how "adaptable" a newproduct is:
•
Relative advantage of the product: How superior is theinnovation to the product or other problem-solvingmethods it was designed to compete against?
•
Compatibility: Does it fit with current product usageand customer activity?
•
Complexity: Will difficulty or confusion arise inunderstanding the innovation’s basic idea?
•
Divisibility: How easily can trial portions of theproduct be purchased?
•
Communicability: How likely is the product to appearin public places where it is easily seen and studiedby potential users?
Example - Product Music CD
What is it that you are selling?You could say you are selling music, or an experience, or afeeling, or yourself. But the bottom line is that you wantpeople to buy your CD.Note: Producing CDs has many advantages over producingtapes. CDs can be produced for about $2 - $3 each, and youcan charge $10 - $20 for them. CDs give a professional,polished impression, and it is the media of choice formusic listeners.Ah. But what about tickets you sell to a show? Or T-shirts you sell? Aren't these your product? Not really.They are ways to promote your CD. Everything you do shouldbe done with the end result of selling CDs.
Positioning
Simply, positioning is how your target market defines youin relation to your competitors. A good position is:1. what makes you unique2. This is considered a benefit by your target marketBoth of these conditions are necessary for a goodpositioning. So what if you are the only red-haired singerwho only knows how to play a G minor chord? Does yourtarget market consider this a good thing?Positioning is important because you are competing with allthe noise out there competing for your potential fans
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attention. If you can stand out with a unique benefit, youhave a chance at getting their attention.It is important to understand your product from thecustomer’s point of view relative to the competition.
Environment
In order to begin positioning a product, two questions needto be answered:1. What is our marketing environment?2. What is our competitive advantage?The marketing environment is the external environment. Somethings to consider:
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How is the market now satisfying the need yoursoftware satisfies?
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What are the switching costs for potential users foryour market?
•
What are the positions of the competition?The competitive advantage is an internal question. What doyou have that gives you advantage over your competitors.Some things to consider:
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Is your company small and flexibility?
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Do you offer low cost and high quality?
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Does your product offer unique benefits?
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Are you the first on the market with this product(First mover advantage)?
Positioning Strategies
There are seven positioning strategies that can be pursued:
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Product Attributes: What are the specific productsattributes?
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Benefits: What are the benefits to the customers?
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Usage Occasions
:
When / how can the product are used?
•
Users
:
Identify a class of users.
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Against a Competitor
:
Positioned directly against acompetitor.
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Away from a Competitor
:
Positioned away fromcompetitor.
•
Product Classes
:
Compared to different classes ofproducts.
Segmentation
There are three types of segmentation:
1.
Mass Marketing or Undifferentiated Marketing
:
Go afterthe whole market with one offer and focus on commonneeds rather than differences
2.
Product-variety Marketing or Differentiated Marketing
:
target several market segments and design separateoffers for each
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Retail Marketing Final
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| Category: | Uncategorized. |
| Rating: | (28 Ratings) |
| Upload Date: | 07/04/2007 |
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pls send me the project on "consumer's problem in retail"
its a good matter for the searcher who are finding data on specific topic
yes I agree with you
now cld some 1 relate this to cafe coffee day and make an ansoffs matrix along with it plss
Excellent
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gud