Marketing is more than advertising- it refers to delivering value and benefits, creating products and services that will meet the needs and wants of customers at a price they are willing to pay and in places where they are willing to buy them.
Please respond to the following this week:
1. Identify and briefly describe the biggest competitor for your NAB business. What is their approach to marketing?
2. Outline the value your product brings to your customers (value proposition) and how they will benefit (what problem is your product solving?).
3. What would be your marketing strategy to reach your customers?
To help you address this week’s discussion:
Video explaining how to answer this week’s discussion
Video explaining concepts related to this section.
You will have three headings each focusing on one question (see below).
Check out Chapter 10: Marketing Strategy to learn more.
You will use this week’s information in Assignment 2- questions 2, 3, and 4.
– Who is your biggest competitor and what they do
– Describe their approach to marketing
– What value are you providing to your customers through your product (the end benefit, what do you offer)
– What problem is your product solving, why is it useful
– What makes your product unique and different?
– Describe your marketing strategy to reach your customers; list the marketing vehicles (TV ads, billboards, samples, social media, etc.) you will use to reach your customers, then briefly describe.
– If you advertise, where
– If you do promotions, describe how
– If you send a newsletter, to what mailing list
– If you are doing trade shows, which one and how frequently
– If you are advertising on TV, which channels and how often
Check Chapter 10 for information on marketing strategy and pages 162 and 163 for a description of marketing vehicles you can use to promote your product.
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