The main ways to promote Term Paper Example | Topics and Well Written Essays - 1000 words

The main ways to promote - Term Paper Example The lack of adequate product promotion can fail any business whether big or small. Hence, it is highly necessary to disseminate the product to the largest segment; if a business intends to attract large numbers of customers. The underlying key factor to any business’s success remains centered on having a good promotion. There are many ways to promote a product in Qatar, but the most effective ways include advertising, personal selling, discounts and special offers. This paper discusses the main ways to promote a product and which ways better to apply promotion in Qatar. However good the product, it is highly unlikely to sell itself, which is why a good promotion becomes necessary; to ensure a company markets its products efficiently to its customers. Effective ways to promote a product successfully in a competitive market include the following: Media promotions may involve using radio, television, newspapers, magazines, posters and billboards, or handing out leaflets in the street or homes. Small agro-processors find the use of television and newspapers as unrealistic options, but following several market types of research other approaches seem viable. A majority of businesses utilize the radio approach by using a number of rural radio stations to promote their products. This approach not only promotes products to a wider segment of consumers, but it also offers the possibility of relatively low-cost advertising. The other alternative that has proven effective in promoting a product a product using commercials on televisions involves the out-of-home TV viewing (Stafford, 2005). Most people hate commercials, so they tend to change channels when commercials come up; that is why home-TV viewing cannot effectively suit as a way of promoting a company’s products. However, people tend to find it interesting watching comme rcials when on the move for example in buses, in shops,

Marketing Assignment Essay Example | Topics and Well Written Essays - 2000 words

Marketing Assignment - Essay Example Successful differentiation gives the firm a competitive advantage as customers will look at the products as superior and unique and can be achieved in various ways. This paper will first detail eight ways to differentiate product offerings, and then concentrate on packaging the product in a more creative manner and incorporating new functional features into the product or product innovation. Strategies for Product Differentiation One way to differentiate products is via product innovation by adding functions or features into a product and commanding a higher price (Trout & Rivkin, 2012: p 34). These features can be added through acquiring or licensing complementary feature sets or by using the firm’s in-house team for product development. Another way to differentiating products is through packaging. At times, all it takes to differentiate or re-energize a product is via changing the packaging. This was very effective when it was used in collaboration with another product and d elivered in an innovative manner. While this method does not have enough value to change a consumer’s life, the manner of packaging offers more convenience allowing them to charge more (Trout & Rivkin, 2012: p 45). A firm could also pursue other market niches in areas that are unsophisticated (Trout & Rivkin, 2012: p 67). ... Yet another product differentiation strategy is via the generation of referrals. A firm, in this case, helps to cultivate referrals and create sales models around the type of selling that are consultative while being less confrontational (Trout & Rivkin, 2012: p 76). In a competitive market, prospects referred by happy customers will be inclined to buy products. This can be achieved by offering incentives to current customers in the hope they will send referrals. Other firms will offer increased service as a means of product differentiation. They combine superior service with a commodity product that helps to differentiate this commodity. Through re-defining their service, the firm, redefines the playing field and offers a home-court advantage since other competitors do not use this combination while they charge a premium for the product. Another strategy is via figuring out what they can guarantee. Since the firm has to deliver on expectations from the client or refund them, they wi ll offer an upfront guarantee (Trout & Rivkin, 2012: p 87). A firm could guarantee their clients that their prices are the best, and offer to refund their money if they find cheaper items of the same quality elsewhere. Since the customer has not time to compare prices, they will buy this product because the price is guaranteed to be the lowest. Firms could also collaborate with complementary service or product providers when their product does not stand by itself as a unique offering. Both entities benefit from this arrangement, for instance, the HBO’s partnerships with motels to show their movies allows HBO to have exclusive viewership in these motels while the motels benefit from showing exclusive movies. Finally, a firm could also employ their hidden assets as a