A023-ENTREP 1A: MID DQ 6

Submitted by: Dianna Lynn L. Molina (BSA-1-3)

Submitted to: Sir Arly N. Visperas

1. As owner-entrepreneur, what would you suspect to be the possible

reasons why the sales of your particular product line continue to decline?
Justify your answer.
> There could be a variety of reasons for declining sales growth, but as an
entrepreneur, one of the possible reasons why sales of my specific product line
continue to decline is due to lack of promotion of my products that leads to
customers being unaware that my product exists.

2. How would you justify the cost that you allocate to your sales promotion?
Under what conditions you may decide not to spend in promoting your
product?
> I need to spend money on the right things. First, I need to set my overall
marketing budget. Before I start working out how to allocate your market
budget, it’s helpful to know how much I have to spend overall. The size of my
marketing budget depends on my goals and how much I have to spend. Then,
once I have determined my overall marketing budget, I can start working on
allocating it. The first thing to do is to set marketing goals, because my goals will
help determine which channels and strategies I use and how I allocate money to
them. Next is to create a plan for the year. To further guide my marketing budget
allocation, I will create a rough plan for my marketing for the year. Next is to
calculate my expected costs for each marketing initiative and the potential return
on investment (ROI). Then, I will allocate my spending. Based on all of the
information I have gathered, I can split up my spending across the channels I’ll
use. Remember to keep my goals, expected costs, and expected ROI, as well as
marketing budget allocation best practices, in mind. And finally, I will track my
campaigns and refine my strategy by carefully tracking my key performance
indicators and measuring their success.
I don’t have any conditions under which I may decide not to spend on promoting
my products since without promoting my product, it will not increase sales.

3. How important is the choice of proper media in advertising your

product? Discuss.
> The selection of a media is very important. It will have an impact on the
effectiveness and cost of advertising. The best option will be determined by
factors such as your goals, the nature of your product or service, and the
medium's credibility. The goal of media selection is to effectively and affordably
deliver the advertising message to the target audience.

4. Discuss what a product needs advertisement. Is this true of all products?

Discuss.
> All products need advertising in order to keep your company at the forefront of
your customers' minds. With so many options available to consumers,
consumers will frequently want to shop around and evaluate different products.
Advertising keeps your business at the forefront of a consumer's mind,
reminding them of why they should choose you. Also, advertising your product
helps to boost sales of your business by attracting attention to it and allowing
people to become aware of and try your product.