#commerce/y9/business #todo
Product §
- This is the nature of the goods and services, and also the various product line.
- It is more than just the product; it includes product positioning, packaging, branding and customer service (eg. warranty and feedback)
- It is crucial to differentiate the product from the competitor’s version.
Product strategies §
- Product positioning is where your product or service fits into the market, what features make it unique, and why its better than competitors.
- Product packaging is the development of container (or wrapping) and graphic design of the product. Attractive packaging can lead to a positive impression of the product. It is to preserve, inform, protect and promote the product.
- Product branding is the name, logo, symbol or design of the product to differentiate from its competitors.
Price §
- Business need to charge the right price to maximise profit. (business goal)
- If too high, it can lead to lost sales (too expensive). If too low, it might give the impression that it is a cheap product.
Pricing strategies §
- Cost + Margin is when you calculate the cost of product, then add a % of profit (ie. margin)
- Market price is when you determine the price customers are willing to buy and suppliers willing to sell, ie. supply and demand.
- Competitors price is when you base your price off your competitors.
- Discount price
- It is the methods and strategies used to communicate, persuade and remind customers about its goods and services.
- It aims to attract new customers, increase brand loyalty (reinforce product image) and encourage existing customers to buy more.
- Personal selling: Sales assistant will outline the product features and can tailor to meet the customers needs.
- Sales Promotion: Activities and materials to attract customers like free samples, coupons and loyalty programs.
- Publicity: Highlight the product features. (eg. blog) Sometimes, negative publicity might be better than no publicity.
- Advertising: Communicate a message about the product to the public.
- Sponsorships: Using celebrities to attract potential customers.
Place of distribution §