C if you are introducing a new item to a market work

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c) If you are introducing a new item to a market, work on developing a roll-out strategy with your buyer, offering promotions and samples to help introduce your product to customers. Start small and establish communication with buyers early. 5. Step three: Develop your brand and value proposition a) Once you have identified your target customer segment, you’ll want to develop a brand and value proposition that speaks to their needs b) Branding and value proposition definitions i. Brand : A brand is a name, term, sign, symbol or design intended to identify a seller’s offering with competitive distinction. A brand conveys a meaning to a particular kind of customer about a company and its products relative to the product’s attributes and benefits, and the customer’s values, culture and identity. ii. Value proposition : A value proposition is a promise to deliver significant value to the market through specific products and services with meaningful differentiation from competition. Your value proposition is the reason why a prospective customer should buy your product. It contains elements of the Four P’s that contribute most to differentiated competitive value. The value proposition statement— Explains how your product solves customers’ problems or improves their situation (relevancy) Delivers specific benefits (qualified value) Tells the ideal customer why they should buy from you and not from the competition (product differentiation or uniqueness) Is easy to read and understand/should be in the language of the customer. • Consists of: n Headline: what is the end-benefit of your offering, in one short sentence. Can mention the product and/or customer. Should be an attention grabber/include impact statement. n Subheading or a 2–3 sentence paragraph. A specific explanation of what you do/offer, for whom and why is it useful/ who benefits, etc. n 3 bullet points. List of key benefits, varieties, attributes. n Visual. Images communicate much faster than words. Show a picture of your farm, produce or an image reinforcing your main message. iii. Sample impact statements “Your purchase keeps harmful pesticides out of the environment” ( ) Organic farming creates healthy soil without the use of synthetic fertilizers Certified Organic products are GMO- free Organic farming promotes wildlife and biodiversity, supporting larger populations beneficial insects like bees and other pollinators Lecture 1: Marketing Basics
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Marketing Basics Unit 5.0 | 219 iv. Sample value proposition statement Traditional Medicinals – “From the corners of the earth, to the bottom of your teacup, we’re preserving tradition and creating a sustainable future. For over 30 years we have been making herbal teas blending the ancient art of traditional formulating with the most modern methods to ensure you a consistently reliable and good tasting cup.” ( ) Jacobs Farm – “Founded in 1980 as a small organic family farm, Jacobs Farm remains committed to benefiting people and the environment for generations to come.
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