It is also important to have the right quantities available, as running out of stock on an order is never good for business. With increase in production the companies can get the economies of scale which reduces the cost of production and thus the increase in cost due to expenses on advertisements gets compensated. Thank you for reading inBusiness Blog. You also have the option to opt-out of these cookies. Most clients didn’t visit the offices, although when this did happen, clients were always made to feel very welcome and in lovely surroundings. Generally the free gift is related to product but it is not necessary for example, Mug free with Bourn vita, Shaker free with Coffee, Toothbrush free with Toothpaste, etc. If services are included in the marketing strategy, the four Ps are extended to seven. Apart from four major elements of marketing mix, another important tool of marketing is maintaining Public Relations. (ii) Advertising Encourages Sale of Inferior and Dubious Products: The advertisements show all types of products irrespective of their quality. Other qualities, a salesman must possess, are: (i) A salesman must have a good power of memory and observation. We identified that our target audience was not the client, but instead a relative to the client. whether it accepts the Push Strategy or a Pull Strategy. x��=�r�ȱ��?̣�� � ��-�X�:ٔ���N��nh��ӤB@r�?�_�� $0�@M��4E��鞞�w��Ͷ���F���雦�/>//�/�77�8�x��p�������_.�gg����_�_�I��+����5/��._���7b�����ׯN�J_|�z�J�E��¦�y���K��!�5�N\�_����_�r$f����Տp���~�8T�H���B�F0ɷ�M�l$�(�:M2eI�m*JtEa%��I� ��"3�J��B ��,���o�O��C$���X�c��,���5&�$�U�X+��$�v����Z(�4E�xl��'���'�4I.L�y If customers visit a physical location, a shop, a restaurant, an office etc., first impressions count. They are happy to pay a lower price for this ‘low-quality.’. P1 – Product – In this case a service of live in care, P2 – Price – Not the cheapest price on the market, P3 – Place – Visiting the clients home made the difference, P4 – Promotion – Identifying the correct target audience was key, P5 – People – Having great carers was the key to great testimonials, P7 – Physical Evidence – good client brochures provided the initial confidence. The consumers’ group is the most important part of public as success of business depends upon the support and demand of customers only. Customers are happy to pay more, but in exchange for a higher price, they expect a better product or service for their money. (v) Advertisement Costs are passed on to the Customers in the Form of Higher Price: The most serious objection to advertisement is that it increases the price of product because the firms spend a huge amount on advertisement and these expenses are added to cost and consumer has to pay a higher price for the product or service. They start demanding the products which they don’t even require. Promotion encompasses a whole range of activities, which includes advertising, PR, testimonials, special offers and discounts, exhibitions, Pay Per Click (PPC), social media, customer service and more. This offer is given to clear off the stock or excessive inventory for example; coke announced 2 liter bottles at Rs 35 only. Use of sales promotion tool may affect the image of product as buyer feel that product is of low quality that is why firm is offering incentives. For example, a company’s name may be covered in news for reservation of jobs for women or for introducing new technology etc. I love the knowledge you provide here and can’t wait to take a look when I get home. So now that the Marketing Mix 4P’s have been outlined, it’s time to look at the three extra P’s added by Brooms and Pitner. How to make money online blogging with Wordpress. Starting from the promotional goals is necessary to identify tasks that are necessary to achieve the objectives for each task should be considered role of some forms of promotion and to determine the means to achieve them. This is then known as the extended or services marketing mix (Kasper, Van Helsdingen & Gabbott, 2006:465). Whilst cash flow is the life blood of a business, without the correct marketing (online or otherwise) to your target audience, there wouldn’t be any ‘cash-flow’ in the first place. (iii) Advertising Confuses Rather than Helps: The number of advertisements shown in TV and Radio are increasing day by day for example, if we take TV, there are so many advertisements of different companies shown such as LG, Onida, Sony, BPL, Samsung, Videocon etc. endobj It connects members of the target audience with the behavior, and links suppliers and consumers. 1 0 obj Generally at the end of season big companies offer their products at discounted price to clear off the stock e.g., season’s sale at Snow-White Jain Sons, Paul Garments, Bhuvan Garments, etc. Help to convey the policies and programmes of the organisation. (iii) A salesman must be a man of sound character, loyal and dependable. Sometimes customers have many doubts regarding the use of product, these doubts can be clarified only when there is two way communication. We made sure we visited the customer in their own home. 105 0 obj <>stream Post was not sent - check your email addresses! Personal selling offers attractive career with job satisfaction and security. The elderly care market is extremely competitive with many players vying for the business. Sales Promotion –covers a lot of activities: direct payments to retailers for shelf space, free samples, coupons, trade allowances… 3. Generally when a new product is launched for example, when Hindustan Level launched Surf Excel it distributed the samples as it wanted the customers to try it. Making the effort to go to the right ‘Place’ made sure the business was won. If you’re looking at increasing prices of your products, review what number of customers you could lose as a result of the price increase. The MOTO was – ‘To provide the level of care that we would want to see our parents receive.’. Your business processes should be designed with the customer in mind, and not around your convenience. The price of your products or service positions you in the market place in relation to your competitors. Meeting the client, together with the children in the clients home was an important part of the information gathering. It creates a monologue and not a dialogue. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. In personal selling salesmen provide information regarding the new products available in market, uses of those products etc. endobj Each media have its own advantages and disadvantages. The marketing professionals who shape and implement marketing strategy contribute directly to the economic wealth of a nation. It’s highly probable that the first-time experience of customers with companies is via their website. This refers to refund or part of price paid by customer on presenting the proof of purchase for example, Rs 2 off on presentation of empty pack of Ruffle Lays. Public Relations: The marketers try to build a favourable image in the market by creating relations … And then develop the products to meet the customer needs. Promotion mix ; A promotion mix is a set of different marketing approaches that marketers develop to optimize promotional efforts and reach a broader audience. for example, in advertisement of Band Aid, Detergent Bar, Fevistick, etc. Personal selling efforts can be changed according to the type of customer salesmen are attending. Of course the office and support staff were important too, which included employing a qualified nurse. Place can be applied to placing your advert in the right place. Personal selling is very important from customer’s point of view, as customers can get required information about the product from customers.
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