Product Orientation= A product orientated approach means the business develops products based on what it is good at making or doing, rather than what a customer wants. This approach is usually criticised because it often leads to unsuccessful products - particularly in well-established markets.
Asset-led Marketing= uses product strengths such as the name and brand image to market both new and exist-ing products. With asset led marketing, Marketing de-cisions are based on the needs of the consumer and the assets of the product
Adding Value= The concept of 'Added Value' is that the customer gains some additional advantage without having to pay for it - or pay very little, compared with its value to the customer.
Adding value to your products or services is a way of enhancing what you are offering, without necessarily adding to your costs. It can also help to differentiate your products from those of your competitors. This makes direct price comparisons more difficult for prospective customers, and can increase your profit margins.
Here are some popular 'Added Value' ideas:
- Guarantees: The cost is usually very small, but they can go a long way towards gaining customer confidence. This can reduce a buyer's resistance.
- Delivery: Most customers put reliability first, speed second. This does not always have to be free.
- Service: Very important to customers, and a major way to retain customer loyalty. Difficult to establish credibility for new customers, since 'service' has to be experienced to be truly believed.
- Credit: Can add value to some customers. But make sure that your own finances will not be damaged. Finance companies could be used - and some of them will pay you a commission.
- Packaging & presentation: The more professional and attractive the packaging, the more the perceived value of the product will be.
- Quality assurance: International standards, such as ISO 9000 accreditation can be of value, but reputation is equally important.
