ENTREPRENEURSHIP LEVEL 2 Topic 2 : Customer

Transcript:ENTREPRENEURSHIP LEVEL 2 Topic 2 : Customer:
ENTREPRENEURSHIP LEVEL 2 Topic 2 : Customer Relations and Marketing 2.3 Determine and implement suitable ways to promote the products or service of a new venture. MR Masibi T Learning Outcomes Define promotion, using examples of different advertising strategies. Prepare a list of suitable ways to promote the product or service of the new venture. Provide suitable examples of the promotion of the product or service of the new venture Introduction As we discussed the importance of research, types of research (Primary and secondary) and other various ways to conduct it. Though the main important part for previous lesson was questionnaires. Now we have to use promotion as to test the results of the questionnaires that was conducted which brings us to the topic of today which is determining and implementing of suitable ways to promote the products or service of a new venture. Marketing is a challenge for small businesses, most of entrepreneurs neglect it because they think is expensive and difficult. In this chapter we will discuss techniques that are also relatively cheap to market for small business. Terminologies Promotions – means that an entrepreneur can use to communicate with the customers for them to know about service or product that are offered. It has two components : communicating products/services to the market and persuading the market ( Customers) that they need or desire his or her service or product. Persuade Ethical Stakeholders Signage Niche market Budget Marketing and selling Selling is the actual buying of product or service, mainly giving the customer goods and he or she pays for them Marketing are all the means that are done to make customers buy goods. There are techniques that can be used for marketing which are as follows ( this techniques differ in cost and difficulty): Personal selling[ Page 73-74] This is a costly technique as you have to hire salesperson to initially perform this technique But in small businesses or newly venture enterprises an entrepreneur performs this technique by himself this results in various advantages as customers have the chance to personally be told how the product works and they can also ask question, it builds a strong reputation and customer base Marketing and selling techniques….. 2. Sales promotions [ Page 74-75 ] -This are the things that encourages customers to buy goods in a short-term from businesses. Below are some of promotions that can be done: Sales