INFORMATION TECHNOLOGY
ENTREPRENEURSHP
CLASS 10: BUILDING & DEVELOPING A BRAND
Elikem Nutifafa KuenyhiaManagement Consultant & Corporate Lawyer
Agenda for class 11
• The 4 Ps. • The importance of the customer.• Tactics to maximise benefits of
marketing strategies.• Draw up a marketing strategy for a
company.
What is Marketing?
• Management process which identifies, anticipates and supplies customer requirements efficiently and profitably [CIM (UK)]
• Marketing is a human activity directed at satisfying needs and wants through exchange processes [Kotler]
• The process of winning and retaining customers [Kuenyehia]
Characteristics of modern marketing
• It is operational• It is customer oriented• It emphasises mutuality of benefit• It is value driven
Customer!! Customer!! Customer!!
Conduct customer research to understand what the needs, wants and desires of
customers are.
Customers expect and demand more, because they know they can get more.
They do not need to deal with companies that don’t understand and appreciate this.
Elements of marketing strategy
The 4 Ps
•Product
•Price
•Place
•Promotion
How it works…
Awareness Knowledge Evaluation Trial
Adoption Lack of
awareness
The Customer
Place
Promotion
Price
Product
CUSTOMER
Product
• Physical products• Experience of the service• Image and emotional connotations
associated with the product or service
• Entire spectrum of delivering and consuming the product or service
Approaches to product ideation
• Reactive approach• Proactive approach
Price
• Will the customer be willing to pay the price you are asking for?
• How much is the value of your product worth to the customer?
• What pain of the customer does your product or service seek to address?
Pricing strategies
• Penetration – Going with a low prices to beat the
competition– Involves initial high investments
• Skimming – Low entry barriers– Not so tough competition
Pricing tactics
• Price flexibility• Level pricing• Introductory pricing• Discounts• Allowances• Geographic terms
Place
It refers to the place or method of distribution.
Place
Location!!
Location!!
Location!!
Location!!!
Place – Choice of distribution channel
• How many potential customers will you have?
• Will they be companies or individuals?
• Does the product require explanation?
• Is it an upper or lower end price product?
Examples of distribution channels
• Third party retailers• Agents• Franchising• Wholesalers• Stores• Own sales staff• Internet
Promotion
Potential customers must first HEAR about your product or service and be
CONVINCED to purchase.
Promotion - Components
• AdvertisingCommunication to potential customers through the mass media with the view to;1.Attract attention2.Inform 3.Persuade 4.Inspire confidence in the product
Promotion - Components cont.
• Personal sellingInvolves the art of persuasive sales on a one-to-one basis
Promotion cont.
Effective communication must:
– Explain the value of your product or service to potential customers
– Convince them that your product or service meets their needs better than competing or alternative solutions.
Promotion - Tactics
How to get the customer’s attention:– Classic advertising i.e. newspapers,
magazines, trade magazines, radio, TV, etc.
– Public relations– Exhibitions, trade fairs– Customer visits– Mass selling– Copywriting
Promotion cont. - Focus
Focus on the people who make the purchasing decisions;E.g. when marketing kids’ toys, the focus should be on the parents especially mothers.
Conclusion
There are internal and external variables which can not be controlled, no matter the amount of work gone into a strategy.
Forget about the external factors and concentrate on the internal factors like budget, personnel, creativity, etc. in order to build a solid brand.
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