In one of my recent mentoring sessions hosted by the Day 8 Business Academy Foundation last September, the owner of an 11-store laundry chain faced a pricing challenge and asked for my advice. They are considered pioneers in their market and charge P145 for a load of laundry, while newer competitors nearby charge only P100-P120 per load, with prices going […]
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Companies often think offering massive discounts, like 50% off or more, is a smart way to attract customers. It might bring in a lot of sales initially, but let’s take a closer look. The people it draws in the most are bargain hunters – those who love a good deal but might not stick around to buy at regular prices. […]
In a previous article, I delved into the Battle of the Bargains and its far-reaching effects on brands and marketers. This time, I’m back with more insights. It’s time to realize that bargains aren’t always the win-win situation they appear to be. Unscrupulous sellers can damage consumer trust, leading to buyer dissatisfaction and regret. This not only tarnishes the seller’s reputation but […]
In the every-changing world of marketing, it is crucial to understand the fundamental differences between consumer markets (B2C) and business-to-business markets (B2B). Imagine these markets as two distinct ways of doing business, each with its own set of customer behaviors, communication methods, decision-making processes, and rules of engagements. What is applicable in B2C might not be suitable to B2B. Let’s […]
The function of price is to make the product affordable or attractive to the target market while also reflecting the value of the benefits provided. In other words, price is an indicator of how the value of products or services is perceived by the buyers based on the pain points solved. Three concepts need to be understood: Value, Price, and […]
Background: A bargain refers to a favorable deal in which products or services are acquired by customers at a lower cost than usual. It can take various forms, such as outright price reductions or sales promotions like “20% more,” “Buy 2 Get 1,” free delivery, special offers, and more. It can also encompass added value, like advance or special event […]
A business model is a document that outlines how a company creates, captures, and delivers value to its customers and consumers in line with its vision. This concise one-page document can replace a lengthy 100-page business plan. Think of a business model as a way to see the big picture of how your business is designed. To help create a […]
Business Model Map of a Low-Cost Carrier (Decoded by Josiah Go) Let’s begin by examining a scenario where superb marketing is coupled with an insufficient business model during the entry of budget airlines into the industry Case 1: Philippine Airlines (PAL) smartly offered different classes – first, business, and economy – to suit various travelers’ needs. PAL also emphasized their sterling […]
During our recent visit to the Jagalchi Fish Market in Busan, South Korea, my partners and I from Mansmith and Fielders Inc. encountered a remarkable stall, manned by a vibrant and friendly 30-year-old man (let’s call him Mr. H). Let me share the story of how he showcased exceptional selling skills that set him apart from other stall owners. As […]
Oscar Villamora is the Managing Director of URC. He is a recipient of the Mansmith Young Market Masters Awards (YMMA) in 2010. Here he shares his views on managing managers, in the field of sales and marketing. Q1: What do you think is the most significant challenge facing sales managers today, and how can they overcome it? A1: The first […]