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Manish Ghaware Roll No-08

PRODUCT MANAGEMENT Assignment No-2


Ques 1 Evaluate the in store marketing effort where certain categories or brands seem to be receiving the biggest in store push. What merchandising efforts do you see? Ans .1 While advertising can bring customers to a store, it can also work from within your store. Today many retailers realize how important in-store advertising can be to their bottom line. Despite the drop among television viewers between 18-34, television advertising is still a 50+ billion dollar industry. Meanwhile, in-store advertising accounts for just over 15 billion dollars. This does not mean that retailers prefer advertising on television by a 3 to 1 ratio: It means that you can spend a lot less money advertising in your store. Moreover, you'll find that it can be highly effective Retailers that want to thrive don't simply rely on corporate-established marketing strategies to attract customers. Instead, they employ in-store marketing tactics to push sales to customers who are already thinking about making a purchase. Various in-store strategies are effective in boosting sales. Retailers should consider their customers' demographic and tastes when developing in-store marketing strategies. Daily Specials

Retailers can effectively market a specific product by featuring it as a daily special. Restaurants often use this option, offering one menu item at a reduced price to push sales. However, this marketing tactic can extend beyond the restaurant industry. A clothing store can choose a product that isn't selling so well and market it as the day's special at a reduced rate. Customers are drawn to the discount, which can increase sales. Prominent Placement

The setup of a retail store has a significant impact on how items sell. If merchandise is poorly arranged or hard to find, customers won't take their time to sift through items and find one that works for them. However, a prominent product display at the front of the store can draw customers to that product, especially if it is attractively or interestingly arranged. Thus, retailers should create well-developed product displays as an effective way to sell products. Salesperson Interaction

In-store marketing gives retailers the opportunity to use salespeople as marketers. Customers are stopping by the store because, at a minimum, they're interested in browsing through the store's products, if not buying them. Thus, salespeople can help turn that browsing into a sale. Retailers can train their salespeople to become effective marketers by having them share product knowledge and benefits with customers, point them to on-trend products and inform them of sales and specials. Store Atmosphere

Taking time to create a customer-friendly atmosphere is an effective marketing strategy for retail stores. However, it's essential that retailers understand their target demographic when setting the store's atmosphere. A teen clothing store might choose to

Manish Ghaware Roll No-08 play loud, popular music, while a health food store might choose a modern design and natural elements for its decor. A retailer that pleases customers as soon as they walk in is more likely to make the sales it needs to thrive. The retail store's shelf is the final battleground for the consumer's money. If it's advertising that gets customers into the store, it's merchandising that gets them to select one product over another once they're there. In fact, recent research suggests that 70 percent of supermarket shoppers and 74 percent of mass-merchant shoppers make their purchase decision inside the store. For many marketers, this strengthens the case that in-store merchandising just might be more important than media advertising. In-store merchandising is a term applied to any method for maximizing sales at the retail level by making a product stand out from competing products or simply stand out from the clutter of messages in the store environment. It applies to making sure that your product is displayed properly and in sufficient quantity, in its allotted space, with the appropriate merchandising materials, and without other products encroaching on your shelf space. In-store merchandising is also the last chance to present shoppers with information about a product's features, benefits, price, and positioning. Thus it has implications for packaging and the complete array of point-of-purchase (POP) materials, such as product displays, posters, banners, shelf-talkers, and danglers. In-store merchandising inevitably plays a role in the on-going war between manufacturers and retailers over a number of issues. For instance, a larger package might attract the customer's eye, but suppose it doesn't work with a retailer's shelving arrangement? Or what happens to your POP display if the retailer's objective is to maintain a less-cluttered store environment? Can you count on the retailer to renew your stock or set up your POP materials? Also, if a manufacturer's merchandising efforts are going to result in an improvement in the store's profit, shouldn't retailers share the cost of those efforts? The answers to these questions will depend largely on the relationship that a company has with its various retailers. Obviously, leading manufacturers with strong brands will have more leverage in this argument. For a manufacturer, the main issue is clear: how to get consumers to choose your product over another once they get into the store. You have a variety of tools at your disposal, including packaging, displays, POP media, and couponing. Bear in mind that the value of instore merchandising in enhanced to the degree that it is coordinated with local and massmedia advertising. That's the best guarantee that a consistent message will be conveyed to consumers from the time they are exposed to media advertising to the moment they take a product from the store shelf. Obviously, the success of any in-store merchandising effort depends on the cooperation of the retailer. Among the most important issues that arise in in-store merchandising are the following: Category management. This is becoming increasingly important to retailers. A manufacturer's merchandising strategy, focused on its specific brands, might be at odds with the retailer's, which is aimed at increasing sales--and profitability--of the merchandise category as a whole. Manufacturers that show how their merchandising efforts will contribute to the retailer's objectives are more likely to win the retailer's in-store support. Category captains. Many retailers rely on the largest supplier in a particular category to help plan and manage the category as a whole. This tends to squeeze out smaller vendors. Carrying out the program. Retailers are looking to shift more and more of the burden of putting products on display to manufacturers and their representatives.

Manish Ghaware Roll No-08 Floor-ready merchandise. Larger retailers are trying to eliminate the time and cost involved in ticketing merchandise and otherwise preparing it for display (see Packaging Considerations). A merchandising services firm can improve the chances that your product gets on the shelves, is displayed properly, and is supported by your POP materials. The typical grocery store carries some 35,000 stock-keeping units (SKUs). Few of them are supported by a manufacturer's sales force, so most manufacturers use a merchandising services firm of one kind or another. Slotting fees are often an issue for new-product merchandising. Since new products are inherently risky, some retailers will demand an extra payment in exchange for making shelf space available. Store decor. Upscale retailers may resist displays and POP materials that violate their standards or create a cluttered retail environment. Displays come in a variety of shapes and sizes, but what they have in common is that they are designed to perform a specific function for a product or promotion. That function might be to create an appealing environment for the product, facilitate restocking, enhance product image, and demonstrate how the product is used, or just grab the attention of shoppers. Following are some of the most popular devices used in in-store merchandising: Assortment display: a display designed to offer the consumer an array of sizes, colors, or types of merchandise Audio-visual display: a display in which audiovisual technology is used to stimulate purchases Case stacking: a display constructed by piling up product in its shipping cases, usually with its top row or front side cut open to display the product Display stock: usually, durable goods that are placed on various display fixtures so they can be examined by consumers Dump bin: a freestanding bin containing merchandise (usually a single item) that appears randomly "dumped" Dump display: goods that are casually collected on a table or in a box to suggest a bargain to customers Environmental setting: a display set up, usually with a variety of coordinated merchandise, in a setting that is meant to resemble a shopper's home Floor pyramid: a product display in which the items are stacked in a stepped pyramid Floor stand: a display unit, usually of corrugated cardboard, that elevates products that are too small or too expensive to be stacked in the usual manner Light box: a box-shaped display unit in which a back-lighted transparency forms one face of the box Pallet display: a mass display of product built on a pallet and contained in corrugated boxes or other structural components Shelf-extender: a small tray, designed to fasten on the shelf and project from it, extending the space of the shelf Showcase: a glass display case in which products can be viewed, but not handled unless removed by a salesperson Tie-in display: a joint display with a noncompeting product

Manish Ghaware Roll No-08 Theme display or setting display: a retail display in which products are presented in a setting or environment having a specific theme Wall display: a display of posters and/or product items that are suspended from the store's walls to attract attention and promote sales . Wrap-around: a decorative banner that is draped around an in-store product display.

Ques -2 Can you think of yourself as a brand? What will you do to promote yourself as a brand? Ans Yes I do consider myself as a brand, as a brand is something which has/creates a value in itself. Being a brand means I have certain values for which I am recognised or known in the company I work or even around everyone I deal with in day to day life. Now in order to promote myself as a brand I can use both traditional as well as modern marketing techniques. Traditional in terms of my physical/emotional behaviour with colleagues, friends and family that represents my attributes as a person and Modern Marketing techniques like the social media we have today eg Facebook ,LinkedIn ,twitter etc . Following are listed few areas which I would undertake to promote myself as a brand

1.

I need to asses myself and understand my core strength and build a consistent and reliable and realistic brand with my core strengths, skills and experience .Since a brand which is simple and easy to connect with is always easy to remember .- I need to be consistent and should set realistic achievable goals

2. In Addition the skills and experience I have which help me in my work place or in society need to be channelized or utilized properly, I need to be aware of my skills and capability and accordingly I need to recognise my worth based on the current market situation, whether I am paid correctly for the skills and contributions I make for the organisation I work for I need to value myself with the current market conditions . 3. This is the 21st century in order to brand myself or promote myself I need to reach to my target group ,hence in order to do so I need to choose appropriate social forums like facebook ,twitter ,LinkedIn etc . Based on the social media I choose I need to select what is to be posted on which forums. for eg on facebook I may post about my recent holiday pics other stuff which I would like to share with my friends ,on the other hand on medias like LinkedIn I would choose to post about my professional experiences and happenings in the corporate world ,hence I would target different segments through different forums Choosing my communication forum. 4. Creating a to do list on weekly or daily basis whether it is work related or personal would help me to work in an organised way ,that would help me utilised my time in a better way so that I could promote myself as a reliable and efficient ,for eg- In office if I organised my work properly and reply to the

Manish Ghaware Roll No-08 customers on time there would be appreciation from the customer and my superiors for the same and help me brand myself as punctual and dependable person -Scheduling my Programs . 5. In order to promote myself as a brand I need to create my image as transparent, reliable and trustworthy. I need to work out with my family, friends and colleagues in such a manner that they find me trust worthy and can easily depend upon me for any solution of a problem that would bother them in their life. I need to connect myself with my family and friends with a nice and friendly manner Building trust amongst family ,friends and colleagues These are few of the stratergies I would apply in order to promote myself as a brand and if I am successful in implementing the same effectively I can certainly a brand in myself