1. 1 Marketing Promotion PriceProductPlacePromotion Positioning Positioning

2. 2 What is Promotion? Promotion is the vehicle most entrepreneurs use to tell consumers their message. Promotion is the vehicle most entrepreneurs use to tell consumers their message. It is the KEY element in the success of any new venture. It is the KEY element in the success of any new venture. Using the results of Market Research, entrepreneurs use promotion to bring their product or service to the attention of their target market. Using the results of Market Research, entrepreneurs use promotion to bring their product or service to the attention of their target market.

3. 3 Effective Communication Entrepreneurs communicate with customers in their target market to: Entrepreneurs communicate with customers in their target market to: 1. Let them know about a Product or service (availability) 2. Persuade them to try a product or service 3. Remind them the venture is around and thriving (awareness)

4. 4 Promotional Activities Include: 1. Advertising 2. Personal Selling 3. Publicity 4. Sales Promotion

5. 5 Advertising Advertising is a message paid for by the venture and directed toward the target market. Advertising is a message paid for by the venture and directed toward the target market. The purpose of advertising is to move customers through the AIDA formula The purpose of advertising is to move customers through the AIDA formula 1. A ttention 2. I nterest 3. D esire 4. A ction

6. 6 Purpose of Advertising: AIDA 1. A ttention- advertising should attract attention of customer 2. I nterest- create an interest in the product or service 3. D esire- stimulate a desire to have the product or service 4. A ction- encourage customer to seek out and buy the product or service

7. 7 Create an Effective Advertising Campaign by Answering these Questions: 1. How do customers currently find out about my product? 2. What strategies would help me reach more potential customers? ( advertisements, flyers, personal referrals ) 3. How willing are people to try my product or service? What would encourage more people to try it? 4. What is the competition doing? How can I do it better? 5. According to others, how does my product or service compare with he competition?

8. 8 Advertising can be Delivered Through a Variety of Media: Newspapers Newspapers Magazines Magazines Radio Radio TV TV Interne Interne Direct Mail Direct Mail Signs in/on transit vehicles Signs in/on transit vehicles Directories Directories Outdoor billboards Outdoor billboards

9. 9 Select the Media Form to Reflect the Following Factors: The audience you want to reach The audience you want to reach The number of people who will see the advertising The number of people who will see the advertising The trading area to be covered ( a neighborhood, a city, a province, a country, many countries ) The trading area to be covered ( a neighborhood, a city, a province, a country, many countries ) The budget The budget The suitability of the medium to the product or service and to the target market The suitability of the medium to the product or service and to the target market

10. 10 Personal Selling Selling is what keeps a venture alive and well. Selling is what keeps a venture alive and well. A good salesperson makes the customer feel like the most important person around. A good salesperson makes the customer feel like the most important person around. A salesperson’s job is to show the customer how the features of a product or service meets his/her needs. A salesperson’s job is to show the customer how the features of a product or service meets his/her needs. Salespersons must be knowledgably about the product, be able to answer questions or demonstrate the product. Salespersons must be knowledgably about the product, be able to answer questions or demonstrate the product.

11. 11 Publicity Publicity is an unpaid message delivered by the media to the target market. Publicity is an unpaid message delivered by the media to the target market. The media decides if he product or service is newsworthy. The media decides if he product or service is newsworthy. A reporter give a factual account of the product or service without trying to persuade customers to buy. A reporter give a factual account of the product or service without trying to persuade customers to buy.

12. 12 Sales Promotion Sales promotion is an activity undertaken to increase sales and support advertising Sales promotion is an activity undertaken to increase sales and support advertising Free samples, coupons, free giveaways, coordinated programs with charities or other businesses, are all examples of promotional ideas. Free samples, coupons, free giveaways, coordinated programs with charities or other businesses, are all examples of promotional ideas. The Internet promote sales easily, inexpensively and fast. (ie. user’s can print coupons directly from web sites) The Internet promote sales easily, inexpensively and fast. (ie. user’s can print coupons directly from web sites)