Newswise – Chula Marketing Professor from the Faculty of Commerce and Accounting warns 3P entrepreneurs not to do so and stick to their hopes. This fourth wave of COVID-19 will also pass soon.
Thailand has already had four outbreaks of CV-19. People feel differently about each wave, especially those in business.
During the first wave of the disease, many entrepreneurs felt that it was A. “Test” And he saw new business opportunities or innovative business channels. When the second storm hit, many people started “Shock”, But once they accepted the situation, they set out. When the third storm came, many people began to enter “Cold Sweat”. Money ran out and they did not know what to do next. And before they could find any solution, the fourth wave hit hard and quickly, making many entrepreneurs feel “Fatigue” And many “Raises the White Flag” And, as reported in the news, they no longer know that their business legacy is permanently closed.
“We have already made four waves and we must not run out of energy. Let’s move on. Wait a minute and see the countries where the epidemic started, and you will see the light at the end of the tunnel. ” Ast. Professor Dr. Ake Pattaranaku, Vice President, Corporate Communications, Production Management and Aluminum Communications, Chululangorkorn University to encourage entrepreneurs in the Biz Genius section of the program “What should they not do on Chula Radio 101.5 FM during the fourth COVID-19 wave.
In a low-income economy, many entrepreneurs invest more in their business, often developing a variety of competitive strategies that can lead to their business falling into the abyss. Ast. Therefore, Prof. Dr. Ake Prohibition of Business for Employers to Avoid “3P” If you want to travel in the fourth COVID-19 crisis wave until you see the blue sky after rain.
Price: If you don’t want to go down fast, don’t just compete on price reduction
At a time when business seems to be on the verge of extinction, the most popular solution for many entrepreneurs is price warfare, a powerful marketing tool. But in such a crisis. Professor Dr. Ake, Chairman of the Master Branding and Marketing (MMM) English Program, warns against “focusing only on price”.
No matter how hard the competitors lower prices, we should not focus only on ourselves and engage in price wars with them, because we can hurt them. Don’t get caught up in a price war, as prices are not all trade-offs. ”
There are other market combinations we can use during the COVID-19 crisis. (People), Processes, and Physical Evidence that Introduces Experience between the Target Groups.
“If it’s not the price, we can use other marketing mixes, for example, maybe give away freebies, improve the process, or make photo booths attractive to customers, etc. We can compete by discounting, we can promote the same price for brides, but with a clear target group we add value to the product, ”Ast. Professor Dr. Ake gave an example of the use of non-cost strategies.
Delay – Do not take the money and the service first and risk losing customers
Many businesses have resorted to delays in advising customers to pay in advance and use the service later.
“When we need cash flow, we use this method to get customers’ money first. But when the situation improves, or over time, when customers come to use the service, many entrepreneurs do not feel comfortable serving, because these customers buy courses cheaper. We want to get more customers who pay regular prices. Customers are dissatisfied, deceived, and even write negative reviews on social media when they do not feel fully committed, ”he said. Professor Dr. Ake reflects on the history of many businesses in the past.
“This method must be used with caution. If possible, it is best to avoid using this strategy, as end-of-life entrepreneurs often find it difficult to cope when customers come to buy cheap packages. Ast. Professor Dr. Ake warns.
Impersonator – Do not break the law
Many measures have been taken by the government to control the epidemic, such as property closures, limiting the number of customers, and so on. When the plague and locks are prolonged, many people feel helpless and choose to break the law. For example, the spa has secretly opened the back door to customers, drinks are sold in non-alcoholic bottles, or restaurants are secretly opened.
“Please do not do this,” said Professor Dr. Ake. “In addition to severe penalties for violating the law, businesses are at risk of losing their reputation and social responsibility. Most business executives who break the law are arrested, and they suffer a bad reputation. It has no value. Don’t think it’s a secret between us and our customers, and it’ll be fine. Most people who report to the police are their own competitors, not customers. This happens all the time. ”
During COVID-19, no matter how difficult it is to do business, move the business to a “3P Trap”. If any entrepreneur has already gone that route, get out of there as soon as possible.
“These are challenging times. Let’s look at other strategies to attract consumers to use the 7P market mix to help us consider all aspects of the business. I believe there will be light at the end of the tunnel soon, ”Ast. Professor Dr. Ake concludes with words of encouragement.
Listen carefully to “What Businesses Should Not Do During the Fourth Storm of Covenant-19.” Https://www.youtube.com/watch?
Every Monday, 16.30-17.00, you can follow, watch and listen to some great tips for doing business on the Big Genius live on YouTube, at 16.30-17.00-CU radio station.