Buying and Merchandising 🤑

• Merchandisers


  they decide how to display or package the product such as how it is presented in stores or online.
• Branding


  putting a logo or creating a name to diferentiate the product from others. It creates a promise to help the customer
• Product 


  how are the products special, who is the audinece
• product branding


  a product's logo or design communicating with the consumer
• Corporate Branding


  promoting the theme behind the brand as opposed to the product. For example, Apple's sleek and minimalist design gives them a modern theme. Coca cola's red and whtie logo gives the theme of happiness and togetherness
• The Four P's

  Product, Price, Promotion, and Place
• Pricing


  is it competitive, what is the price range the target audience can afford
• Places


  where will you sell the product, where does the target audience shop, what distribution channels are best to reach the target market
• Promotion


  advertising the product, what marketing channels are most effective
• SWO/Competitive Analysis

  Strengths, weaknesses, opportunities, and threats
• Product Bundling 


  A marketing strategy that joins products or services together in order to sell them as a single combined unit. Bundling allows the convenient purchase of several products or services from one company.For example: Instead of buying just one pencil during a single purchase, your customer can be given an option to buy a pencil, eraser and sharpener as a bundle, making them purchase more than one product thereby increasing your average order value.
• Four stages of the product life cycle

  introduction, growth, maturity, decline
• introduction stage


  companies focus their efforts on promotion and production to draw customer attention adn increase product awareness using special promotions.
• growth stage


  companies focus on customer satisfaction adn introducing new models to compete against competitors.
• maturity stage


  the company focuses on fighting off the competition and deciding whether or not to improve the product to gain addtional sales
• Decline stage


  management must decide how long it will continue to support the product and when to drop the product
• Competitive positioning


  the ability to make your company stand out from its competitors. For example, if CAR BRAND A has developed a reputation as the most economical in a category, then CAR BRAND B, rather than competing on that decision-making factor, might position themselves as the safest
• Market profile


  analyzing attributes relating to a target population such as demographics, competitors, and stage of growth(introduction,growth, maturity, decline)
• Customer segment


  the process by which you divide your customers up based on common characteristics – such as demographics or behaviours, so your marketing team or sales team can reach out to those customers more effectively. For example, Drunk Elephant, a pricy skincare company, may focus on advertising on social media to attract teen girls
• Delivery value


  the process of delivering value to your customers by providing them with solutions that meet or exceed their expectations. For example, emailing customers immediately with detailed, clear responses to answer their questions
• Brand equity


  consumer perception of the brand name of a particular product or service, rather than from the product or service itself.

  When people see the Apple logo, they immediately associate it with innovation, quality, and a sleek design. This positive perception and reputation that Apple has created among consumers makes people willing to pay a premium for their products and remain loyal to the brand.
• External brand communications 


  the information about the company that is uncontrolled by the company itself (word of mouth/publicity). Also the info that is controlled by the company such as ads, social media influencer collabs, and packaging design
• Economic utility


  the measure of how much a product or service fulfills a consumer's needs or desires. It is important in understanding consumer behavior and helps businesses determine the demand for their products or services.
• Sugging


  refers to the unethical practice of using a survey or research to disguise a sales pitch. It misleads individuals by pretending to gather info for research purposes, when the actual intention is to promote or sell a product or service. for example, you receive an email inviting you to participate in survey and claims that your opinion is valuable. However, the questions are designed to steer you towards a product. at the end, they may even offer you a special discount or promotion to entice you to make a purchase.
• Promotional mix


  a combination of marketing methods including advertising, sales, public relations and direct marketing to achieve a specific marketing goal.