Comparing a Bread-Toaster features and Benefits to Customers.

PRODUCTS FEATURES.	CUSTOMER BENEFITS.
The Bread-Toaster uses the latest technology microchip.	Never burn your slice of toast again,
The Bread-toaster has “In-built moisture reader”.	“It transforms stale bread into fresh toast”
Bread-Toaster has “Audible toast-completion bell.	“It lets you know when the toast is ready”

Developing A Brand or Branding. 308

A brand is a logo, sign or symbol that stands for a very clear strong message of good quality and reliability of a product from a single glance. A customer should be able in a second to look at one of your products and assimilate all that you stand for by recalling the brand values.

An effective way of differentiating your products from those of your competitors is to use branding. Branding means developing unique attributes so that your products are instantly recognisable, memorable and evoke positive associations. Some brands have a solid and reliable personality and others are youthful and fun. Branding conveys a full and complete complex message effectively and quickly.

Product brand attributes are: good quality and value; reliability and durability; usefulness, value for money and aesthetic value.

Service brand attributes are: friendliness; creativity; courtesy, helpfulness and knowledgeability.

Choose a brand name that enhances your product and company image, it must be short, crisp, apt, and easy to read and remember. If your market is international ensure that your brand name is pronounceable and not rude in other languages or with negative connotations.

The creation of a corporate identity is a vital element of branding because; branding presents an integrated, strong instantly recognisable, individual image that is regarded in a positive way by customers. Seize every opportunity to strengthen your corporate identity through branding.

Maintain the positive values of your brand by patenting, trademarks, design rights and other devices to prevent others cashing on it. Ensure that standards of customer care, service, and product quality remain high giving real substance to the BRAND.

Achieving Growth Through Products.

Achieve growth by expanding your share of the existing market, finding new markets, developing new diversified products.

Implementing Growth Strategies.

GROWTH STRATEGY	IMPLEMENTING THE STRATEGY
Market Penetration by market-share reaching previously unreached potential customers.	Use heavy advertising, promotional offers, mail campaigns, cold calling to find new customers, focusing on winning customers from your competitors.
Market Development by identifying and breaking into new markets to increase sales of existing products.	Use targeted advertising direct mail, Internet; remodel products, an appeal to new markets, and setting up sale arm to deal with companies.
Product Development introduces new product lines, add-ons, to existing products to appeal to current market.	Research new product ideas ask customers for opinions, examine successful rival product lines, and ensure that your market is not already saturated.
Diversification is expanding through the development of new products to be sold to new markets, this is like going into a completely new market, and it’s risky but it can be done.	Rules that apply to setting up new enterprises also apply to organisations seeking to diversify; you need to develop a separate marketing strategy.

Maximising Publicity. 314

In order to buy from you customers must know what you are selling, that is why promotion is a vital part of the marketing mix. A successful promotion (publicity) campaign can lead to an enhanced profile of your products, increased sales and improved profits. Before starting promotion you need to map out exactly what you wish to achieve so that you can choose the right method to attain your goals.

Setting out Your Objectives.

1 Consider the outcome you desire and set clear specific measurable, time-limited objectives to achieve it.

2 Avoid vague outcomes such as “to attract more orders” you must be specific “e.g. “to attract orders at $100,000 in four weeks” or “to attract 5,000 enquiries for 1,000 sales per month”.

3 It is only by setting measurable objectives that you will be able measure success.

4 Use public launches and previews to reach your customers.

5 Use directories, public displays, year books, public holidays celebrations as publicity tools.

6 The most effective tools are the press and radio advertising, direct mail and internet.

Consider the Following Publicity Tools,

a) Advertising in newspapers (print) allows targeting because most publications have detailed readership profiles.

b) Radio adverts are easier to digest (understand) than newspaper (print) but they are more transient (pass too fast).

d) Direct mail is highly effective if it is properly targeted, but it has a poor public image.

e) The internet is a booming growth publicity tool with a vast potential.