Raffles Can Promote Your Companies’ Image
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Kristina is a student at Iona College.Â ThÐ°nk ÑƒÐ¾u Kristina, Ð°nd best Ð¾f luÑk with ÑƒÐ¾ur Ñ•tudÑ–ÐµÑ•!
â€œImpact a Lifeâ€ Scholarship contributor:Â Kristina Kozakevitch
YÐ¾u ÑÐ°n hÐµlÑ€ Kristina Kozakevitch’sÂ pursuit Ð¾f a scholarship award bÑƒ ÑlÑ–ÑkÑ–ng the â€œsharing Ñ–Ñ• ÑÐ°rÑ–ngâ€ buttÐ¾nÑ• bÐµlÐ¾w.
While the official definition of marketing is being an action or business of promoting and selling products or services, including market research and advertising; it is also rather more than this, more than just the idea of how to sell and/or advertise products. The very use of marketing, when done correctly, can help to improve a business in more ways than one. By using these concepts and configuring them for their own advantage is the first step to a successful business.
The idea of marketing first began with the need to produce, established during the early 1900s. An unlimited market was in place at this time, and because of the unlimited supply of buyers, it was expected that someone would always be interesting in purchasing products because of the excess of people and limited supply. The supply that was made included farm products as well as manufactured ones as well. However, because of all the production that occurred it made people become picky with what they wished to buy. This led to the need to emphasize on the idea of selling, rather than producing. With the creation of consumers because of the end of World War I and the beginning of the â€œBaby Boomâ€ as a result, there was a conjoined sentiment that one would have to be careful on how to market production.
After the sense of both buying and selling in the minds of the people, the need for a marketing concept was presented and established in the 1960s to 1970s. This societal concept consisted of three steps; consumer, service, and profit orientation. Consumer orientation consisted of the need to find out what consumer wants. With this in mind it would be easier to produce that and sell it to the public. In the eyes of the company, the consumer is always number one. Service Orientation is the idea that one should service what you intend to sell. If the product you have is capable of breaking, and is in need of fixing, as the selling you must have a way to do so already in mind. If the client is not satisfied with the product because it malfunctions and has no way of being fixed then it can be assumed that the customer will not purchase from supplier again. Profit orientation corresponded with the idea of price strategy, with this one would need to focus on setting prices for your products that will guarantee you’ll make money on each sale. There is often trouble with this however as while profits are the goal of any business, setting prices based on profit goals can present some problems for your business. This societal marketing concept of the 1960s dealt with the needs, wants and demands of customers. It was in the interest of the company to figure out how to satisfy their customers by producing superior value that should satisfy them and promote the well-being of society as well.
Although the aforementioned topics are essential for a working and successful business, customer relationship is perhaps the most important. Beginning in the 1990s the idea of having a relationship with the customer became abundant. Companies began to concentrate on the consumer more by offering them benefits and bonuses for purchasing their products. A well known example of this is frequent-flyer points that airline companies use. Many airlines nowadays have frequent-flyer programs designed to encourage airline customers enrolled in the program to accumulate points which may then be redeemed for air travel or other rewards. Typically this program works as follows: you accumulate a set amount of miles based on how far you fly or how much you spend on your credit card, and then you are able to use these miles to buy future tickets for a cheaper price.
Within the marketing concept the idea of the â€œfour Pâ€™sâ€ becomes more apparent. The main idea is that if you do not have a marketing strategy, you are way behind in the game. The first â€œPâ€ of the concept is the product; it may be new or may already be out there with its own twist, either way competition may not be so bad. Once the product is sorted out the producer must set a price to sell it at. The price must be reasonable to make the consumers wish to purchase it, however, if it already exists you may wish to lower the price or even raise it if it is slightly better. Some companies also offer products for free, this is often used as an advertising opportunity to put your company out there and show off more of your products. Placement is a huge deal within the the retail world, as location can make or break a company. A lot of money, time, and research is spent on this to pay attention to the flow of people and work it to their advantage. Promotion is the last of the four key concepts in the marketing mix, essentially you have to use all information to help business. Promotion of your product is one of the most important however, because without it your product would not be known and would not sell.
The promotion of products can be seen as essential to a business, it is rather important for customer awareness of a product or brand. This in turn will generate sales, and create brand loyalty. One way businesses can derive promotional and customer loyalty/retention benefit is by utilizing a raffle in their marketing efforts. Raffles by companies often draw attention to people who have never heard of said company prior to that moment as well as their past customers. The raffle can be for the companies benefit or even for someone else; the main idea that is generated by their is traffic to their company. Raffles can promote companies images as well as their name.