IBE Marketing FAQ
1. How can we determine the 4 Ps for our product?
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1. How can we determine the 4 Ps for our product?
Product is defined as the need-satisfying offering of a firm.
2. Where can we find information on our target market?
Surveying your target market is the most direct way to find out what your target market needs. Talking to local stores and observing purchasing trends among your target market will also help.
3. When should we narrow down to 3-4 possible products?
Getting an early start is always best in the end for your company. The earlier you narrow down your product ideas the faster you can begin working on researching these products, which ultimately gives you more time to select a final product and begin the process for ordering, tracking, and selling inventory. [Central Tendency's] suggestion is that you have a narrowed down product list before the end of the second week of company time.
4. How should we plan a marketing survey?
Planning a marketing survey is one of the most important tasks that you will have to do all semester. Here are a few tips for making this process easier. Remember that no one likes taking surveys, so keep it brief. A survey that is over one page is too much information, so narrow it down. Make sure to have at least five questions (anything less than that is not taken serious). Be sure when selecting questions that they are clear and precise. Give clear instructions for answering the survey. You should plan on doing two surveys. The first one should contain open-ended questions. The second one should have leading questions (yes or no). It is always a good idea to have sample pictures of your product on the survey as well.
5. How far in advance of using numbers should we plan the survey?
As soon as you have your product ideas narrowed down to 3-4 ideas you should begin circulating your surveys. Again, beginning early is always key. The earlier you have these surveys turned in, the more meaningful they will be in determining the best possible outcomes for your company and it will also give your company feedback for adjustments if needed. Given that you have your product ideas narrowed down before the week is over, you should shoot for surveying between weeks 3-5.
6. What do we do with the survey?
Use your survey information to determine the best product to choose and how much to sell it for. Also, having survey information helps your company determine your best target market and it sets a foundation for determining company-marketing strategies needed to sell your product.
7. What is required for a GroupWise email?
GroupWise email is a secure server intended to send private information between professors, suppliers, company members, and other people of importance. GroupWise is an account given to one membere of the company (typically the secretary) by a professor. Sending information, such as SSN's and other personal info to the bank is more secure through such an account. The password is to be changed by the one person in charge immediately and that person is the only person who can access the account. At the end of the class period the person in charge of the account is to give the professor the new password so it may be altered for the incoming IBE companies. The person in charge of the GroupWise email account should be very trustworthy.
8. What are effective ways to sell the product?
Do not assume that everyone knows what and why you are selling. Advertisement is key. Make sure you promote your product through methods such as flyers, table tents, table selling, wear/display or use your own product. Personal selling goes a long way, so be aggressive!
9. What do top salespeople recommend?
Ask everyone and do not assume anything... you never know if you will get a sale until you attempt a sale. Be organized, friendly, and mention the benefits to you and the buyer for purchasing the product. Every consideration is an opportunity to sell.. use it!
10. How do we help poor salespeople improve?
Remember to always be positive! Remind these salespeople of their individual responsibilities to the company and together come up with strategies for selling that best suit the sales persons' strengths as sellers. Give ideas for improvement based on top salespersons' strategies.
11. Should we use newspaper for advertising?
We do not recommend newspaper advertising unless it is free of charge to the company. From past experience we have found that newspaper articles do not generate enough sales to cover the costs of the advertisement. However, if you choose to advertise using the newspapers as a sales media, we suggest that you only use local advertising because that is where your sales are likely to come from.
12. Should we use table selling and is it worth it?
Table selling is a great idea, if your company puts forth the effort. And sales from the table cover at least the cost of selling at the table. Table selling is a great way to advertise your product. It would be helpful to your company to choose a high traffic area like the union mall or WDE.
13. Should we use the ucmo logo? Why or why not?
Depending on your target market using the ucmo logo could increase sales. We cannot actually say yes or no, this answer is ultimately up to your company to decide. But some things to consider when using the ucmo logo are Alumni support, campus affiliation, and possible sell to the bookstore if the product is unique. Some downfalls to using the logo are licensing fees, possible competition with the bookstore, and royalties.
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