Lesson 8: Placement and Promotion

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Watch this with a 10-15 minute audiotrack at http://vimeo.com/novusprogram/lesson8

This lesson will introduce the marketing mix, and introduce the concepts of Placement & Promotion as critical decisions in how to sell products or services.

The Novus project is a combination of video tutorials designed to be used in conjunction with a free business simulation software program. The Novus Business and IT Program contains 36 business and IT training videos, covering basic finance, accounting, marketing, economics, business strategy, Word, Excel, and PowerPoint. Users will have an opportunity to apply the lessons in the Novus Business Simulator. Over six rounds, the user or teams will have to make decisions on capital purchases, financing, production, financing, and human resources for a microbrewery. This channel has arranged the 36 video lessons into the order in which they are meant to be used with the simulator. To watch this slideshow as a video, please go to our Vimeo page at: https://vimeo.com/novusprogram. To download our free business simulation software, please go to our SourceForge page at: http://sourceforge.net/projects/novus/.

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Lesson 8: Placement and Promotion

  1. 1. Placement & Promotion Objective: This lesson will introduce the marketing mix, focusing on placement and promotion for small businesses.Novus Business and IT Training Program
  2. 2. The Marketing Mix• A good marketing mix has a… – Product that fulfills a customer need or want – Price that will be attractive to the customer and profitable to you – Placement that is easily accessible for customers – Promotion that clearly explains the benefits of the product and how it can be purchased.Novus Business and IT Training Program 1
  3. 3. Placement• Where you sell your product – Know where your customers shop – Different locations have different transportation costsNovus Business and IT Training Program 2
  4. 4. Promotion• Selling, Advertising, or Publicizing a product – Communicate to customers – Persuade them to buy• Promotion Strategy is determined by… – Customer Behavior – CostNovus Business and IT Training Program 3
  5. 5. Small Business Marketing• Promoting your product with fewer resources 1. Gather Information! 2. Use low-cost marketing options: • Customer Relationships • Social Networks • Marketing Materials • Local Media • Internet • Special OffersNovus Business and IT Training Program 4
  6. 6. Gathering Information• Promote the right message to the right customers.• Ask the following questions: – Who are my customers? – Why do my customers buy from me? – What’s the best way I can communicate with my customers?Novus Business and IT Training Program 5
  7. 7. Customer Relationships & Social Networking• Customer relationships – Sell your product or service – Understand customers – Communicate promotions• Word-of-Mouth – Good product => Right Customer => Free Promotion – Poor product => Wrong Customer => Disaster• Social Networking – Connect to customers through Facebook, Twitter, etc. – Be active! Communicate your offerings and promotions.Novus Business and IT Training Program 6
  8. 8. Marketing Materials, Local Media, and the Internet• CLEARLY STATE THE BENEFITS AND HOW THE CUSTOMER CAN BUY!• Distribute marketing materials to logical places• Local Media – Newspaper, Radio, Magazines, Television – More Expensive• Websites: – Effective if used properly – Compare with more inexpensive marketing methods first Novus Business and IT Training Program 7
  9. 9. Special Offers• Types of Special Offers: – Discounts – Buy 1 get 1 Free• Good way to get new long term customers – Can lead customers to promote for youNovus Business and IT Training Program 8
  10. 10. Developing an Offer - Example• Bakery – By watching and talking to her customers, the owner learns they are… • Mostly from the local neighborhood • Primarily regulars who come in almost every day • Newspaper readers – What should she do to promote her bakery?Novus Business and IT Training Program 9

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