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| Philosophy |
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'People buy benefits not features.' People want to know 'what's in it for me?' People will be glad to buy your product or service, if the benefit to them is strong and clear. |
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We believe in the 'long term value of a customer.' Repeat sales are much more profitable than the initial sale. Peter Drucker wrote: "Companies are not in business to make things but to make customers." |
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People adopt products because of: comparative advantage, compatibility with values, observability, trialability and simplicity. |
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Purchase of a product or service is the last event in a chain that comes after advertising has delivered information to the consumer, that leads to brand recognition, that leads to confidence or attitude about the brand, that leads to intention to buy. |
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If your brand or service is the hub of a wheel, then the spokes of the wheel of marketing must include: personal selling, store promotions, consumer promotions, consumer price, product improvement and advertising. |
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New products are important in our strategy because they replace products that are at the end of their life. All products go through an evolution. The product lifecycle includes development, growth (stars), shakeout (question marks), maturity (cash cows), saturation (dogs), decline and petrification. |
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Advertising is the difference between a generic product and a branded product. |
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