Marketing matrix (BCG, Ansof’s, Porter’s competitive matrix)

 

BCG matrix (Boston Consulting Group):

portfolio analysis

Ansoff matrix: tool that helps businesses decide their product and market growth strategy.

Porter’s competitive matrix

Personal selling. Methods of personal selling effectiveness evaluation

Personal selling involves the two-way flow of communication between a buyer and seller, often in a face-to-face encounter, designed to influence a person’s or group’s purchase decision.

Personal selling process:

1. Prospecting – searching for and qualifying prospects

2. Preapproach – gathering information and deciding how to approach the prospect

3. Approach – gaining prospect’s attention, stimulating interest, and making transition to the presentation

4. Presentation – beginning converting a prospect into a customer by creating a desire for the product or service

5. Close – obtaining a purchase commitment from the prospect and creating a customer

6. Follow-up – ensuring that the customer is satisfied with the product or service

 

Sales promotions. Target audience. Main tools of sales promotions. Pro and cons of Sales promotions

Sales promo consists of a diverse collection of intensive tools, mostly short term, designed to stimulate quicker or greater purchase of particular products or services by consumers or the trade.

While advertising offers a reason to buy, sales promo – an intensive to buy. Sales promo includes tools for consumer promotion (samples, coupons, cash refund offers, prices off, premiums, prizes, patronage rewards, free trials, warranties, tie-in promotions, cross promotions, point-of-purchase displays, and demonstrations); trade promotion (prices off, advertising and display allowances, free goods) and business- and sales force promotion (trade shows and conventions, contests for sales reps and specialty advertising).

Sales promotion consists of a diverse collection of incentive tools, mostly short-term, designed to stimulate quicker or greater purchase of a particular products by a consumer or the trade.

- contests, games lotteries

- premiums and gifts

- sampling

- fairs and trade shows

- exhibits

- demonstrations

- coupons

- entertainment

- trade-in allowances

- price packs

- Free trials

 

 

PR and their role in the overall marketing strategy.

Public relations is a form of communication management that seeks to influence the image of an organization and its products and services. Publicity tools- tools for obtaining non-personal presentation of an organization, good, or service without direct cost.

PR involves a variety of programs designed to promote or protect a company’s image or its individual products. PR should perform the following 5 function:

1) Press relations – presenting news and information about the organization in the most positive light

2) Product publicity – sponsoring efforts to publicize specific products

3) Corporate communication - promotion understanding of the organization through internal and external communication.

4) Lobbying – dealing with legislators and government officials to promote or defeat legislation and regulation.

5) Counselling - advising management about public issues and company positions and images.

PR can contribute to the following marketing objectives:

1) build awareness

2) build credibility

3) stimulate the sales-force and dealers

4) hold down promotion costs

Major tools in marketing PR:

1) publications – annual reports, brochures, articles, company newsletters, magazines, audiovisual materials.

2) Events – news conferences, seminars, outgoings, exhibits, contents, competitions, anniversaries, sport and cultural sponsorships that will reach the target publics

3) News

4) Speeches

5) Public-service activities – contributing money and time to good causes to build a good will

6) Identity media – company logos, stationery, brochures, signs, business cards, uniforms, dress codes – visual identity that the public immediately recognises.