MARKETING PSYCHOLOGY
A guide line
for entrepreneurs
Learn impression Management
Learning impression management does not need special academic
qualification. Majority of the successful entrepreneurs do not have academic
business management qualifications. Still they win the business. HOW?
Good impression is created in the market both by the entrepreneur and by
the enterprise. The personality of the entrepreneur create good impression in the market.
Hence Sri. PadmasreeYusafali is
the pround of Kerala. A man of business and charity. It is your vision of life that brings you good name .
Socially committed
personalities can win the business easily since it creates good impression
quickly. Eg. Schorlaship for l
students, House for houseless people
etc. You may go for profit but not for
profiteering.
Social responsibilities taken over by
the business bring high impression than the usual advertisement. Hence
the advertisement cost may be set
aside for social responsibilities.
Solutions for the promotion of
mankind is the better way of
impression managmenent.
The
style of value addition also contribute for impression management. Even
the packing style has a role to play.
The message your business and your
products bear is another tool to create
impression. A product should have to good
message to deliver to the public. The
message may subjective or objective. People view a product from different
angles and decision mark given to the product.
We are
conditioned to brands. Hence if want to purchase a bathing soap we ask not for soap but for brand . Accordingly we
are asking for say, Lux,
Medimix etc. and not for bathing
soap. It is because of the message that
particular product bears. It is through
the brain storming technique of
advertisement. Hence when we go
to market we never ask for product like
toothpaste, bathing soap, hair oil, tooth powder, chocolate, food supplement etc. instead we ask for their brand.
Examples of messages a product bears:
1. The
first food supplement introduced
in kerala containing anti-carcinogen.( for an artocarpus product.). Anti carcinogen
means preventing carcinoma.
2. Ayurvedic
soaps protecting your skin( ayurvedic
elements may be given)
3. Baby
oil- Particular attention to babies
create impression
4. Food
supplement enhancing sexual energy.
Is big business alone
enjoys demand?
The answer is NO.
Tiger and Elephant have its beauty
and strength. The rat has its
beauty and demand . It is not simply the might that enjoys
beauty. There are other elements of beauty. It is true that everything big enjoys
respect. Respect for bigness is a craze
for people. The small beauty is also enjoyed.
The are number of success stories of small entrepreneurs. The DICs of
Kerala can give true picture of this success stories. The Artocarpus Pvt. Ltd. In kinfra park
kannur is an excellent example. Sakthi Tarpolin
is another example. It is the quality of
entrepreneur that matter.
Identification of a New Project
Prospective entrepreneurs usually
approach industrial officers and General Manager DIC for advice to start a
new project. There are different project available which have high potential for success. Among these numerous
projects which project is to
be selected is a key question before the entrepreneur.
A
project is not created in a vacuum and not
implemented in vacuum. There are
many concrete elements connected with
the creation and implementation of a
project.
See the following reqirements
1. A
promoter is required
2. Infrastructural
facilities required(both economic and social)
3. Skilled
and qualified promoter(Qualification does not mean academic qualification)
The
success of a project depends upon the quality of the promoter. The particular skillof the promoter is a major factor
deciding the success of the project. One
cannot simply win the business simply imitating a successful business.
Price psychology:
It is often noticed that low price of
the product make it market
frieldly. It is not always true. But
Corporate business giants charge very
high price for their products and in spite of this high price their products
are highly demanded in the market and people are in Q to
buy their product. High price is taken as the charge for high quality. This subjective approach from the part
of customers is very popular in the market. For
many people it is proud to use
branded product only. Here, The
consumer behavior is to be studied deeply. Honesty is instinct for willpower which in turn work as a stimulant
for goal achievement. Allowing Special
Discount is a good
practice. Instead of price deduction,
special discount and prize offers have
good impact. Special discount is a piece
of love and have an emotional impact.
People chase behind special discounts.
Product psychology:
How a product find its place in
the market is an important question for which many have no answer. Is it the
quality that matter? Low Price? Good packing? All these may matter and you may sell your
product keeping all these merits but find yourself in failure .
It is the way of communication that matter. The public should know about it. Hence Advertisement is a major
factor. From the simple mouth advertisement to the latest e.advertisement. ACTION SATISFACTION
should be the style. You should have a
claim regarding the quality, price and
purpose of the product. The purpose of
the product is the key factor influencing the customer for which
the customer is buying the product. Why
a bathing soap is bought? Is it to protect your skin? Good smell? Keep your beauty? Your way of communication decides the
success. You should make the customer
feel it.
Beauty of small and micro units:
The
question is whether the small and micro
units will win the business. Government have a policy to protect the small
and micro units by rendering varying service both monetary and
non-monetary. Government offers
Investment subsidies which have been received by numerous units. Industries Department provides handholding
services to prospective entrepreneurs
and hence licensing procedures are made simple. Government provides Infrastructural facilities in notified areas.
The
real hero in the success story of the business is not the product but the
Promoter. He makes every thing positive.
Hence the common
slogan ATTITUDE DETERMINE ALTITUDE