Lesson Three

This lesson we learnt about the different types of promoting strategies there are. We slit into groups to see which groups could come up with the most strategies. Our group thought of 30, another thought of 30 and the final group thought of 16. We all had different strategies and i learnt that there are many ways to advertise and promote a product.

some of the things that our group thought of were:

1. billboards
2. television
   
3. aero-line advertising
   
4. airplanes (the flags)
   
5. writing in the sky
   
6. radio
   
7. taste testing
   
8. movies ( in the movies, ads before the movies)
   
9. free samples
   
10. in the toilets, behind the doors
11. school fundraising
    
12. sport sponsors
13. reality tv
    
14. advertisments
15. celebrities
16. websites
17. pop ups
    
18. packaging
    
19. on the side of cars
20. stickers
21. trailers
22. newspapers
23. magazines
24. books ( on the back it advertises another book)
    
25. stationary
26. hats
27. shirts
28. public boards
29. conversations, friends
30. seeing people carrying product around
    
31. balloons
32. music
33. flags
34. blogs

and there are sooo many more that other people though of. I learnt this lesson that there are many ways to advertise for a product.

Lesson Two

This lesson in business finance management we learnt about pricing strategies. To do this we focused on the pricing of magazines and the advantages and disadvantages of the different types of pricing strategies.

The magazines that we used to look at pricing strategies are:

• Girlfriend $5.70
• Dolly $5.30
• Woman's Day $4.50

The different types of marketing strategies that we learnt about in class today are competitive, penetration and plus.

Competitive pricing is when you have lower prices than your competing stores so that you can win over customers. eg. coles and woolworthes.

Penetration is when you put your product on a very cheap price to start with to that you can get customers attention, once they like your product and continue to purchase it, you raise the price. They will continue to purchase your product despite the raise in price because they have become familiar with its use and know it is reliable.

Cost plus is when companies sell goods for only the amount it took to produce it plus cost plus. eg. pen cost $2.00 to make but sold for $2.50. therfore 50 cents cost plus.

Lesson One

This lesson we learnt about pricing strategies like :

• Skim Pricing
• Penetration Pricing

Skim Pricing is when you introduce your product for a high price in order to skim off the top of the market.

Penetration Pricing is when you introuce a product at a low initial price in order to gain a share of the market.

for more information about skim pricing vs penetration pricing you can go to this website.

http://www.tutor2u.net/business/presentations/marketing/skimmingvpenetration/default.html

We also learnt about television ads that promote their product as cheap and easy to return if you arent satisfied. When in reality their product is not cheap, its is only cheap in the beginning. The you have the monthly fees and and the cost of sending it. And they dont tell you that when you return it you have to spend a lot of money on sending costs.

We also learnt about what people look before they buy a product from charity.

1. price
2. use (s)
3. quality
4. which charity
5. is the charity well known

this is what i learnt in lesson one.

HEY!!!

Hi everyone!
This is my first post on my BFM blog. All we had to do this lesson was to set up our blog but i will be regualrly be talking about my marketing assignment here.
I Hope you enjoy my blog!
Katie :)