08 Dec 2022 04:00 PM (America/New_York)
Marketing Agricultural Products
Marketing Agricultural Products
What is Marketing:
Marketing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services
What is agricultural marketing?
Agricultural marketing covers the services involved in moving an agricultural product from the farm to the consumer.
Reasons for agricultural marketing
1. To avoid wastage of products
2. Market sales
3. Brand awareness
4. Business expansion
5. Competitive advantage
6. Costomer trust
4 ps of marketing
What are products
A product can be defined as anything that can be offered to a market to satisfy the needs or wants of the customer. Products can be physical goods,(tangible products) or services, experiences, , places, information, and ideas. (Intangible)
Types of products
These are the most frequently bought products which do not require a lot of buying effort, and are often bought immediately without much comparison to other brands. These are purchased often and fall in routine, thus appealing to a large market. For instance, sugar, salt, hair brush, or laundry detergents etcetera fall in the category of convenience products and are low priced and readily available
Pricing is defined as the amount of money that you charge for your products
A pricing strategy is an approach taken by businesses to decide how much to charge for their goods and services. The interaction between margin, price, and selling level is given specific consideration while pricing products. Therefore, it’s important and complicated to design a proper pricing plan that ensures business success.
Types of pricing strategy
A skimming pricing strategy is a pricing technique in which a business sets its initial price high and gradually lowers it when more competitors enter the market.
# pricing for market penetration
It is the opposite of price skimming. Skimming starts with huge prices, and the penetration pricing strategy uses low prices to enter the market. This is done to attract the existing consumer base of the competitors. Once there is establishment of a reliable pool of consumers, the costs slowly increase.
Premium pricing strategy involves businesses that create high-quality products and market them to high-income or net-worth individuals. The key here is to manufacture unique, high-quality designs and products that convince the users to pay such huge amounts. The premium pricing strategy targets the luxury goods market.
The strategy targets customers who prefer to save money. Big companies employ the strategy to make customers feel they are in control.
# value base pricing
Factors affecting pricing
Consumers willingness to pay
Place definition in marketing highlights where and how a business will strategically locate its products or services to capture the target market's attention and optimize purchases.
An excellent marketing place strategy enables the service and products to stand out, differentiating the company from the rest of the competition.
Physical stores offer a full range of products and services to the customer through a front-end retail location. Nearly everyone can relate to this method, which can be seen at the local shopping mall and the variety of stores and boutiques available to fit any consumer desire.
A wholesale approach considers utilizing third-party vendors to offer and distribute the products or services to the customers. Generally, we see this type of distribution for bulk items, such as farm supplies or restaurant equipment. Marketing professionals noticed an interest in this style of distribution, and we see more consumer wholesale companies in the marketplace, such as Sam's Club and Costco, which are membership driven.
The direct sales method utilizes internal sales groups that reach potential customers through direct mail offerings, telemarketing, or online portals. Typically, these are used for your unique products or services that have a specific target audience and require intricate customer details. Often, we see this approach for timeshares, special offerings, and companies with lower distribution budgets.
A sales representative approach deploys field sales staff, who travel to on-site locations to facilitate customer purchases. This is a distribution channel with a broad scope and includes everything from your corporate software purchases to your neighbor's Avon representative.
A promotion strategy is key for positioning your brand on the market, making people aware of the products or services you offer, and how they could benefit by choosing you.
What to do before promotion
Types of marketing
Offering refund hi
Face to face
Television and radio
Benefits of promotion
Target the right audience.
Gain brand awareness.
Attract prospects and customers.
Publish your promotion at the best time.
Increase qualified customer traffic.
Show differentiation from competitors.
Offer more value to your customers.
Engage with your target audience.
Drive customer decision-making.
Find potential partnerships.
Create customer relationships.
Build your reputation.
Improve word-of-mouth opportunities.
Stay ahead of the competition on market share.
Grow sales and profit
Presented by : Taiwo Akinlami