Unit 28-LO3 Explain and justify appropriate promotional activities to support the launch.

Course: Pearson BTEC Levels 4 and 5 Higher Nationals in Business

It is important to identify and analyze the promotional activities that are appropriate for your product or service. Promotional materials can be used in a variety of ways, including:   -Printed collateral, such as brochures and flyers; -Digital collateral, such as email blasts; and -Outreach efforts to influencers.

For example, if you own an ice cream truck business, you would likely promote it with printed material like brochures or flyers at events where there is a large crowd (e.g., festivals). You might also use digital collateral by sending out emails about your business to customers who have purchased from you in the past or those who have subscribed to your mailing list via social media platforms like Facebook or Twitter.

The marketing mix:

The marketing mix in the context of a new venture/small business.

The four P’s are the pillars of marketing and product development, and often the first to be considered in developing a new venture. The marketing mix usually consists of people factors, product factors, environment or situational factors, and price (or pricing)

People Factors – defining your target consumer including their demographics, psychographics, geography, physical (infrastructure) location within a store(s), lifestyle habits, etc.

Product Factors – determining which products best suit your market such as pricing strategy/model; present decision-making; uniqueness; quality; features offered relative to competitors’ offerings; promotion areas, etc.

Environmental/Situational Factors – what other companies are competing with you for customers? where will they find out about your product? in which ways will you promote your product?

Price Factors- determining how much to charge as well as how, when and where customers can pay for the products.  Payment options/modes include cash, checks (usually not recommended), credit cards, debit cards, electronic payments, etc.

The importance of pricing strategy for a new venture and the likely response of competitors.

Pricing strategy is an essential component of any new venture. Price can determine success or failure for a business, as it’s the factor customers use to decide if they should buy your product. It is important to tap into pricing psychology to take advantage of the cognitive biases that exist with people’s perceptions of price and cost.

Naturally, competitors will react in one way or another to prices being lowered on the market, but at least know that lowering prices may lead them to lower their own prices because they see competition entering the market and fear losing potential profit margins.

Furthermore, it is important not just to consider your competitor’s reaction when changing prices but also how much room you have left for your company as well as what differentiates your product from the competition’s. This is where the promotional strategy can be helpful in marketing a new product or brand.

Business identity and promotion:

Developing an identity and the key promotional messages for the business

It’s not easy to develop an identity and a good promotional message. But it’s easier than you think.

First, you need to get clear on the value your company offers and what kind of customer you hope to attract in order to best promote that value.

This is where “doing your homework” really pays off because if you don’t understand those two things, then how can you possibly know what makes a customer tick? From there, the process of developing a memorable message or slogan could take some time–hundreds of hours even–but I can’t imagine getting that first brainstorm without taking action.

So focus on those two things when deciding what the key messages are for your marketing communication: understanding who we want our customers and how we’re going to get them.

This entire process is known as “positioning”. Experts have found that, when it comes to positioning a product or service, there are some key rules of thumb: ensure the customer understands why they need your product; understand who your competition is and how you’re better than them; give yourself plenty of room to grow by setting the bar high in terms of what people expect from you.

Choosing a name and registering a domain.

Choosing a name and registering a domain for your business identity is not as straightforward as it seems. A good business domain should represent the uniqueness of your company in a way that communicates what you do.

Here are three steps to follow when choosing a name and purchasing your domain:

Define the purpose of your website or blog – What will this website or blog be about? Is there any intellectual property that you want to protect with an acquisition? If it’s related to specific subjects, will you need more than one website?

For example, if I own “Ronald McDonald” then by registering “Ronald McDonalds” I am performing trademark infringement due to trademark dilution. Likewise, someone who owned the mark “Chocolate” could not register “Chocolate.com”.

Let’s say I had a website and I was writing about Donald Trump; for how long would people visit my site before going elsewhere? My name is Jon MacDonald, so obviously my URL will be jonmacdonald.com or something along those lines.

The beauty of selecting a domain name that contains your target audience’s brand names is being able to write articles on their topic and gain as much exposure as possible due to the fact that all they’d have to do is Google it in order to find your content. You want this page to rank on top!

Visual identity and website creation with e-commerce capabilities (e.g. virtual shopping cart and secure online payments).

A user can use PayPal to shop, or even better, they can just put their items in the virtual shopping cart and checkout without actually purchasing anything. After all, we don’t want to charge upfront for our services until we know that we’re giving the right product!

Tentree’s e-commerce sites are created with web-optimized design techniques. Once designed a website is delivered with all the necessary framework and extensions (such as shopping carts) ready to go online. We’ve already tested your craftiness by uploading an entire storefront through Photoshop Express – only on select websites of course 😉

The type of payment solutions you decide to accept on your new site is, believe it or not, a real deal-breaker for many of your potential customers. If the majority of their favorite online shopping sites offer PayPal acceptance, they will do so too. I’m not saying that Paypal is the best option available – it’s just one example from the top of my hat.

There are other options like Google Checkout, Bill Me Later (a service by eBay), 2Check Out, etc… These services are all highly popular among online sellers and carry high conversion rates! You can choose the most suitable payment gateway based on your needs without paying anything upfront until you receive real payments coming in from actual buyers!

Cost-effective promotional techniques, including use of social media and online promotion: blogs, Twitter, podcasts, video clips, virtual tours, and image captions

There are many ways to promote a business without breaking the bank. Here are some of the most cost-effective strategies that you can do on a budget.

Blogs: Blogging is an excellent way to build a reputation and create trust with potential customers who don’t know you yet, as well as provide them valuable information they’re looking for in exchange for their email address. With quality writing skills, blogging can be done on the cheap since books, blog posts, newsletters, and videos about your topic can all be recycled into content that targets more specific audiences and demographic segments.

Twitter: With Twitter growing exponentially in size (it already has an astounding 170 million monthly users), it’s bound to create more buzz due to its popularity. Twitter is an excellent way to reach a wide audience, and it’s been proven that influential people (such as your target market) are more likely to follow companies on Twitter than other social networks.

Online Media: Many sites have the ability to distribute press releases for free or for a small fee, allowing you to connect with journalists who can help promote your product launch in exchange for relevant content and links back to their site.

Sponsorships: Trade shows are a great place not only to meet actual potential customers but also industry leaders who may be able to help spread awareness of what you’re doing through their followers/customers via social media posts, articles, blog posts…even YouTube videos!

The pros and cons of trademark registration.

Pros:

-Legal protection of your brand against infringers who could create a competing company or website using the same name.

-If the trademark succeeds, you can retain exclusive use of the mark for ten years and renew at any time during that time period for an additional ten years. Otherwise, whoever is first to file in that ten-year span may trademark and own the name after it expires, either by directly buying it from you or by being granted priority because they filed their paperwork on time.

Cons:

-It can be expensive and difficult to maintain a federally registered trademark; there are filing fees every few years (or whenever) along with several thousand dollars in legal costs to register the trademark.

-It is entirely legal for others to use your mark if they are not selling a product that directly competes; they don’t have to worry about being sued or prosecuted by you.

-“Oftentimes, trademarks are used without the owner’s permission and in a way that causes consumer confusion because it associates the unapproved good or service with an approved one.”

To start a new business, you need to find your solution. Solve the problems.

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