promoting yourproduct part ii
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Entrepreneurship: Owning Your Future, 11th ed. Steve Mariotti
© 2010 Pearson Higher Education,Upper Saddle River, NJ 07458. • All Rights Reserved.
l Discuss public relations and publicity l Discuss ways to budget for promotion
Promoting Your Product – Part II
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Entrepreneurship: Owning Your Future, 11th ed. Steve Mariotti
© 2010 Pearson Higher Education,Upper Saddle River, NJ 07458. • All Rights Reserved.
Public Relations and Publicity
� News Articles and Announcements. The PR staff works to develop good relationships with reporters in the local news media. A press release is a written statement that typically consists of several paragraphs of factual information about a product or business.
� Community Events. Sponsoring an event that promotes a good cause can create favorable publicity.
� Contests. Contests help create excitement about your product or business by offering prizes to winners.
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Companies have public relations (PR) departments to help build and maintain a positive image. Examples of activities and tools used to get publicity include:
Entrepreneurship: Owning Your Future, 11th ed. Steve Mariotti
© 2010 Pearson Higher Education,Upper Saddle River, NJ 07458. • All Rights Reserved.
Budgeting for Promotion � Your budget for promotion will be determined by:
· Your business industry · The strength of your competition · Which media best reaches your target audience · The funds you have available
� If your promotional budget is low, here are some ways to keep costs down: · Swapping Services. A trade-out is a bartering practice whereby you
trade your company’s products or services for air time on a radio station.
· Cooperative Advertising. When two companies share the cost of advertising, it is called cooperative advertising.
· Testimonials and Endorsements. If customers, news sources, or organizations praise your products or services, ask if you can quote them in brochures or catalogs or on your Website.
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