Marketing is a means of communication between a business entity and the final consumer of their products. Marketing in an important factor in the progression of a business entity. If not well and effectively done, then profits are hard to come by thus may lead to closure of the business. Effective marketing can not be realized of the 4 ps of marketing are not applied in the marketing strategy. Which are:
1. Product Identification, Selection and Development
In this strategy a product that will be taken to the market must be identified and the target market taken into account. After product identification, selection has to be done to identify a product that fits a market niche. when all these has been done development of the product is undertaken where packaging style is and mode of transport is ascertained. Wide consultation has to be done when undertaking this marketing strategy to avoid false starts and waste of resources.
After a product and the market has been has been identified a price has to be determined. When considering a price of the product, the market location and the targeted consumers has to taken into account for the product to be consumed well. Different prices can be applied in different places depending on the economic status of consumers in that area. Some products are highly priced in urban areas that those at the rural or upcountry areas yet they are the same. Price is also determined by the distance from source to consumers.
In this marketing strategy, a distribution channel has to be identified and ways of delivering the product to the targeted market. The place is composed of location of a business, shop or distributors and also logistics involved. Place of business determines how products will be consumed since customers tend to prefer buying products in a place that is easily accessible at a very competitive price. A business entity when applying this marketing strategy should consider placing the business enterprise at a very accessible and a strategic place.
This is a marketing strategy whereby there in communication through advertising in print media, social media or television so that a product can be known in the market be a lot of consumers. Communication can also be done placing of posters around shopping centers to introduce a product into the market. Promotion in this marketing strategy also involves giving out free samples to potential customers. Even though it is a loss to the company, it promotes more sales thus increasing the customer base in the long run.
Also to be considered in the marketing strategy are the representatives taking products out there. They should know the product well and explain to customers the uses of the product and also educate people of the product. For a product to be consumed well in the market, customer complains must be taken care of. if a customer forwards a complain, it should be looked at fast to promote trust in the product and the business thus sales will be high.
Christine R. Horton is author of this article. Christine is from Canada. She is also a guest writer at StocksNeural stock prediction platform.