Marketing strategies are the way marketing objectives are achieved. Development of a strategy involves:
- Selecting and analyzing a target market
- Creating and maintaining a marketing mix
- Creation of advertising and promotional ideas
When properly implemented, the firm achieves objectives.
1. Selection and analyzing of Target market: This area must be separated into three areas, as different areas have different needs, these areas are:
- Retail market
- Wholesale market
- Industrial market
2. Creating and maintaining of Marketing Mix:This broken down into the four P's, they are:
Marketing Mix - Breakdown:
PRODUCT: PRICE: PROMOTION: PLACE:
Quality R.R.P. (List Price) Advertising Transport
Features Bulk Discounts Personal/DirectSelling Channels
Options Other Discounts/Offers? Sales Promotions Coverage
Style Allowances Publicity Locations
Brand Name Payment Period Inventory
Packaging Credit Terms
Sizes
Service
Warranties
Returns
Positioning
An additional part of the marketing mix now exists, it is called 'Service'. Factors here include:
- Customer Needs
- Installation, Maintenance, and repairs
- Guarantees/Warranty period
- After-sales Service
- Complaints & returns procedures
- Comparison to competitors
- Credit offered
3. Creation of Advertising and Promotions: Once the marketing mix has been established, the company’s promotional aspects have now to be completed; these can be made up of plans to do:
- Advertising
- Personal or direct selling
- Sales Promotion
- Publicity (Public relations)
- Packaging and design
4. Staff Motivation: The effectiveness of the companies market will depend heavily upon the staff, and their degree of motivation.
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