Transcript Document 7467003

FM10421: Sales Promotion
Week #1
Let’s see your registration sheets!
Psychology of Sales Promotion
• Targeting and research is essential FIRST!
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Who are you selling to?
What do they want?
What do they care about?
Who do they want to be?
• A.I.D.A
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Attention – get them to notice you
Interest – make them want to know more
Desire – now they want your product
Action – they actually purchase it!
Broaden Your Market!
• New Markets
• Expand and Grow with your market
– Urban Outfitters and Anthropology
– Toys R Us
• Expand Service
– Amazon
Problems in Retail and the Market
• Change
• Economy
– What is immune?
– What are some surprises?
• Competition
• Inflation
• Technology
– E.g. MP3
Targeting is Key
• Markets are less and less diversified
– Must work to keep customers!
• Why buy from you vs. your competition?
– Offer an extra benefit
– Social factors
Advertising
• Value of Advertising
– A.I.D.A.
– Reach?
– Return?
• Factors for placing ads
– Population
– Economy
– Location
Who is the Target?
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Consumers
Retailers
Distributors
Competition
Who is doing the Advertising?
• Retailer
• Manufacturer
• Trade Associations
PUSH Through vs. PULL Through
• PUSH through method:
– Manufacturer to Retailer to Consumer
– Encourage Retailers to carry product
• PULL through method:
– Manufacturer to Consumer, demands from
Retailer
– Encourage Consumers to purchase
• These days, need both
Brand Development
• The product is often secondary
• Selling an image
– Company values
• Patagonia
– Technology
• Nike
– Leadership
• Intel Inside
• Why is this necessary?
Review First Half
• “Sell the sizzle, not the steak”
• Brand vs. product
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Nike
Victoria’s Secret
IBM vs. Apple
Coke vs. Pepsi
Image development and targeting are the
keys to success!
FM10421: Sales Promotion
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Instructor: Max Minkoff
Teaching style: Interactive!
To contact me: [email protected]
Other availability: Immediately after class
Website: www.planetminkoff.com/AIPh/SP/
Course Content
• Teaching Strategies
– Interactive Class Discussion
– PowerPoint w/printed notes
• Textbook:
– Fashion Sales Promotion: The Selling Behind
The Selling by Pamela M. Phillips
• Technology Needed:
– Word Processing
– Graphics
Evaluation
• 45%: Class Participation
– Including attendance
– Turn in assignments on time
• 15%: Weekly Quizzes
• 40%: Final Project
Attendance Policy
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Two absences = one full grade drop
A third absence = an additional grade drop
Four absences = Failure
NOTE:
– There are NO excused absences.
– Lates and/or early departures add up!
I WILL FAIL YOU IF I HAVE TO!
Cellphone Policy
• OK if it rings
– I don’t expect you to remember to turn it off
• BUT!
– Don’t answer your phone in class!
– Don’t step into the hall to talk
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– No text messaging
How to do well in this class
• I’m not here to test your memory!
• Come to class
– Don’t be late – they add up!
• Participate
– We all know about how products are sold
• Think about promotion
– Why are products sold the way they are?
Class Objectives/Final Project
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Product/Company Name, Description
Logo
Positioning statement
Target Profiles
Packaging objectives & design
Print advertising objectives, plan, and ads
Brainstorming
• Group method for generating options
– Everyone suggests solutions to problem
• Rules:
– Postpone and withhold your judgment of ideas
• Don't even groan, frown, or laugh
• All ideas are equally valid at this point
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Encourage wild and exaggerated ideas
Quantity counts at this stage, not quality
Build on the ideas put forward by others
Every person and every idea has equal worth
Let’s Brainstorm!
Possible transportation methods
between 1622 Chestnut & 2300
BRAINSTORMING SESSION
• Product Needs/Ideas
• Each group must submit (1 sheet of paper)
– At least 5 neatly written ideas
– Group members names
HOMEWORK:
• Read Chapter 1 (The selling game)
Preview of Next Week
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Quiz on Chapter 1
Target Profiles
Image Development
Movie: “Wag the Dog”
– Bring snacks!