Marketing Strategy - Key AreasTo have a good marketing strategy, we must consider these 4 areas (4P) and they are the product, price, place and promotion.
ProductA product refers to the goods or services that a company offers. No one will manufacture a useless product or offer a meaningless service. Every product or service has its own selling point. Some products' popularity is determined by the season, such as Christmas or Chinese New Year, while others have a short shelf life.Once the trend is over, the product value drops dramatically. Understand your products' characteristics and plan/market accordingly. PricingPricing of a product is the selling price of a product. However, in the eyes of the consumers, the listed price is their cost price. A high-priced item may turn away many potential buyers. Lower priced products will be much easier to sell as more consumers will have the spending power. But then a lower price may make the company or the product look less impressive. See Branding. Cost Price (manufacturing) + Profit (desire) = Selling Price How much to earn? Of course, profit should be as high as possible, but that will bring up the selling price. So the question will change to "Who will buy?" To determine the right pricing, we will need to consider the following factors:
To earn more profit, besides raising the selling price, we can look into reducing the production cost. PlacePlace refers to where your clients can buy your product. Choose a good shop location to sell your products: 1. Basically, it means getting a place where there are many shoppers. 2. Corporation with other megastores, through placing your products in their store And not forgetting, the online platform. In this digital era, how could a company not have any foot print on the web? Unless you are only dealing with neighbourhood clients, perhaps, then an online presence is not that essential for your business. But, as the world becomes more digital, who knows if, one day, everyone who runs a business will be required to be online? PromotionPromotion is to make your product well known to the consumers, increase/maintain it's popularity. The goal of promotion is not always about profit-making. On contrast, some companies might even spend a huge amount on promotion campaigns. Looking at long-term benefits, getting the brand well known is more important than a short period of sales boost.
We can have another 2P. They are people and presence. People refer to the staff and sales personnel. Actually, it is about customer service and rapport. Presence refer to the placement of your product in the department store. Show your product at a prominent place, if not your consumer might choose your competitors brand. Presence also refer to the brand/product advertising. Location of the signage are important so as to draw attention. Traditionally, we rely heavily on signage for advertising. Today, we advertise online too. To promote your online presence, we need to look at the following: SEO, SMO, SEM and SMM. So what are they? Hopefully, we will get the chance to cover them in our future post. Stay tune. Editor's Note:
0 Comments
Your comment will be posted after it is approved.
Leave a Reply. |
Details
We will sharing tips on sales, marketing and many business strategies, so join us for some serious business talk.
|