You can also strategise by directing where sales and

This preview shows page 71 - 74 out of 87 pages.

You can also strategise by directing where sales and promotions take place. For instance, you will place your merchandising displays in the most visible places to your audience, where they are most likely to trigger a purchase of your product/service. Point-of-sale displays, increased shelf space and bolder displays can influence customers to buy your product over your competitors'. You can send marketing teams to stores/locations where your product/service is sold, to provide demonstrations and expert advice to potential customers and boost sales. You can also target the trade itself and offer them discounts and benefits to stocking and selling your products/services this will likely increase their efforts to promote them to customers. To decide which sales and promotions strategies to use, you need to have clear objectives to determine which will best achieve them.
Business College at International House RTO Code: 91109 CRICOS 02623G Level 1, 203 Clarence St, Sydney NSW 2000 | Floor 1, 237 Oxford St, Bondi Junction NSW 2022 3 Searcy St, Darwin NT 0800 | Level 6, 601 Bourke St, Melbourne VIC 3000 [email protected]| You need to think about the long-term effects of sales promotions, for example, while reducing prices may attract more sales, it also reduces the profit margin; you need to be sure that the overall profit increases by attracting sufficient new customers during this period. This is why sales promotions are usually more effective for new products and more risky for existing ones. Economic, social and industry directions, trends and practices You will need to take notice of economic, social and industry directions, trends and practices when planning your marketing strategy, as these will help you determine what will be most successful. Economic, social and industry directions will help you determine customer needs and what strategies are currently selling and not selling. From this, you can determine what is more likely to be successful. You may also spot a gap in the market or decide to take a risk on a strategy that is different to current trends in order to stand out. Industry product and service knowledge In order to successfully market a product or service, you will need to know the industry it resides in and how it works. This will help you identify the following: Strengths of the product/service Weaknesses of the product/service Comparisons to similar products/services in the industry Industry trends Cost of production Profit margins Selling strategies and trends Past trends Upcoming products. What do you know about your industry and the products and services you are marketing?
Business College at International House RTO Code: 91109 CRICOS 02623G Level 1, 203 Clarence St, Sydney NSW 2000 | Floor 1, 237 Oxford St, Bondi Junction NSW 2022 3 Searcy St, Darwin NT 0800 | Level 6, 601 Bourke St, Melbourne VIC 3000 [email protected]| Activity 4E 5. Evaluate and improve international marketing performance 5.1.Monitor product, pricing and distribution policies in relation to market changes,

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture