stimulates sales Marketing image and publicity builds an image of the store in the mind – public’s about the store and its products Personal selling the actions and behaviours of the sales persons in the store – Quality of merchandise should be as advertised to maintain confidence in consumer marketplace Product the goods should fit with the marketing strategies to attract the ideal – consumer Retail store image has been shown to play an important role in store patronage, and it is widely accepted that psychological factors have a significant role in store image formation. Past research has often involved the measurement of tangible attributes, or links between store images and Perceived store image consumers’ self-images. and the personal values which underlie behavioural choices Identify buying motives for use in selling. customer’s 2 Identify desirable personality traits important to business Students may cite the habits of highly effective (Independence proactive, “7 people” – begin with end in mind, putting first things first, Interdependence think win-win, seek – first to understand then to be understood, synergize, continuous improvement Sharpen – the saw) or they may simply discuss desirable traits such as: confidence, flexibility, motivation, enthusiasm, creativity, intelligence, emotional intelligence, etc 3 Identify elements of promotional mix Advertising Newspaper, television ads Billboards and in-store displays Personal Selling Samples In-store face-to-face advertising Tele-marketing Sales Promotion Coupons, Sweepstakes/contest (Enter to win with and Rebates purchase…) Publicity/Public Relations Holding a charity event on behalf of the store/new department Host competition Host community event (Barbecue, Bake Sale etc.) 4 Identify factors affecting a profit business’s Profit is the monetary return a business` owner receives for taking the risk of investing in the business. Profit equals income less expenses. There are two types of profit: gross – the money left over after the cost of goods is subtracted from sales, and net the money – left over after the operating expenses are subtracted from the gross profit Factors that affect profit include: the demand for the good/service, expenses, prices, the economy, and chance. To increase profit, a business can increase worker efficiency, increase sales or decrease expenses Revenues: number sold * sales price per ruler Expenses: Fixed costs + (variable costs * number produced) 4 of marketing Product; Price; Place; Promotion P’s –
stimulates sales Marketing image and publicity – builds an image of the store in the public’s mind about the store and its products Personal selling – the actions and behaviours of the sales persons in the store Quality of merchandise should be as advertised to maintain confidence in consumer marketplace Product – the goods should fit with the marketing strategies to attract the ideal consumer Retail store image has been shown to play an important role in store patronage, and it is widely accepted that psychological factors have a significant role in store image formation. Past research has often involved the measurement of tangible attributes, or links between store images and consumers’ self-images. Perceived store image and the personal values which underlie behavioural choices Identify customer’s buying motives for use in selling. 2 Identify desirable personality traits important to business Students may cite the “7 habits of highly effective people” (Independence – proactive, begin with end in mind, putting first things first, Interdependence – think win-win, seek first to understand then to be understood, synergize, continuous improvement – Sharpen the saw) or they may simply discuss desirable traits such as: confidence, flexibility, motivation, enthusiasm, creativity, intelligence, emotional intelligence, etc 3 Identify elements of promotional mix Advertising Newspaper, television ads Billboards and in-store displays Personal Selling Samples In-store face-to-face advertising Tele-marketing Sales Promotion Coupons, Sweepstakes/contest (Enter to win with purchase…) and Rebates Publicity/Public Relations Holding a charity event on behalf of the store/new department Host competition Host community event (Barbecue, Bake Sale etc.) 4 Identify factors affecting a business’s profit Profit is the monetary return a business` owner receives for taking the risk of investing in the business. Profit equals income less expenses. There are two types of profit: gross – the money left over after the cost of goods is subtracted from sales, and net – the money left over after the operating expenses are subtracted from the gross profit Factors that affect profit include: the demand for the good/service, expenses, prices, the economy, and chance. To increase profit, a business can increase worker efficiency, increase sales or decrease expenses Revenues: number sold * sales price per ruler Expenses: Fixed costs + (variable costs * number produced) 4 P’s of marketing – Product; Price; Place; Promotion
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