ENTREPRENEURSHIP CHAPTER 12 Mark Jason P. Garingarao Von Juvicel B. Tabogon
PROMOTING THE SMALL BUSINESS • Identifying the target market, makes concrete moves to convince prospective customers to pruchase the what is selling.
PROMOTION • Is and how achieve sales and profit ibjectives. • Persuade prospective customers.
PROMOTION AND CUSTOMER DEMAND• Little promotional effort brings large increase in customer demand this result will depend on the nature of product or service.
Types of Customer Demand • Established Demand – Positive experience with the firm’s products; – The convenient location of the firm; and – The attractive appearance of the firm. • Even without promotion demand will materialize • Newly created Demand – Successful promotional made by firms creat new demand.
Methods of Promotion • Small Business – Advertising – Personal Selling – Publicity – Sales Promotion – Word of Mouth
ADVERTISING • Types of Advertising Media • Television • Radio • Newspapers • Billboards • Direct Mail
PERSONAL SELLING • Promotion thatdirect, personal, and face to face.
Types of Sales Person Current Order Customer New Getters Business Field SALES Order Order InsidePROMOTION Takers Order Missionary Support Trade Personnel Technical
THE SELLING PROCESS • Prospecting. Involves researching potential buyers. • Qualifying. Must be considered. – The ability to pay, and – The willingness to listen to a sales message.
PUBLICITY• Appearing in print, broadcast, or electronic media and not paid for by the firm. – Types of Publicity • News publicity – Spontaneous news publicity. Accidents – Planned news publicity. Promotion • Business features articles. Business Magazines • Service features articles. Charity Works • Finance release. Stories appears in buisness sections • Product release. New products improvements aimed at all forms of media for publicity
PUBLICITY • Pictorial Releases. Illustrations • Background Editorial Releases. Media writers and editors • Emergency publicity. Special Media
SALES PROMOTION• Publicity that increase sale through temporary sales incentives. – Major tools of sales promotion • Point of Purchase Display. Sellers attract attention, inform and persuade customers • Premium. Special incentives • Trading Stamps. Customer Value Card • Sampling. Free samples • Product Demonstration. Customers are given opportunity to observe product before purchasing • Retailer Coupons. Free item
SALES PROMOTION • Consumer Contest. Customer joining contest. • Sweepstakes. Purely games • Rebates. Return money based on proof of purchase • Trade Shows. Get leads on potential customers.
Word of Mouth• Positive attracts new customers and retains existing ones.