Marketing Strategies

2. Formation of Marketing strategies. • The strategies created for the marketing should be possessive towards the fundamentals of the company’s product or service to reach the target customers and provide a tough rivalry against the opponents in the fast-growing market. • For instance, Lay’s which originated in America uses more cheese in that geographical area whereas in India the customers didn’t like that as they were fond of spices and masala. So they tried using the salt and spice flavours and thus created a strategy based on the analysis of the market and customers’ requirements, providing a way for the formation of required marketing strategies.

3. 4Ps of Marketing • Price • Product • Place • Promotion

4. Price • It’s simply defined as the cost that has been charged for the product or any of the services by the company. It is very difficult in calculating and tagging the actual price to drive more sales as well as the required profit. • Some company’s try to find them by providing all goods and services from A-Z so that it might get a good working atmosphere and more target audience. But when they try lowering the price, people grab around thoughts like low quality, less attractive and loss of originality. So pricing plays an important role in a company’s marketing functions of marketing.

5. Product • A product is what a company sells in the market. It may be soft drinks in beverage companies or clothes in clothing companies. It can also be services like consultation or therapy sessions. A product is everything that is offered to the customer for a certain price. In the 4 Ps, this stands for what type of product is to be offered for customers to give tough competition on their rivalry in the market. • Things to be considered while offering the product for customers • Taste and preference of the customer in the working area. • How much do the customers are ready to try new products? • How to make the offered product more significant? • Be prepared for the competitor’s strategies in advance • Availability and requirements in the market for the product • Before this, the company beware of the product so that it does not waste its time in building those products which are not required or liked by the customer. So in this case analysis of the market and customer is very important for the firms.

6. Place • The place is all about the location or area in which the firm is working. • For any business , the location or place is very important. Sometimes the wrong place or location of the firms might affect the working and might bring an end to the company without profits. For instance, a new startup lounge is located in the heart of the town, and it would have a very good response from the customers. But if in case it is located out of time and requires more time for the customer to travel, customers would lose their interest in enjoying the lounge. So customers would prefer more comfortable and would not compromise with anything while accepting the offer.

7. Promotion • The last P is a promotion in marketing. In marketing, promotion is any type of business communication which is used to inform the merits of the product or service of the firm for the target customer and set up a brand. • Types of promotion •   Advertisement  • It helps to outspread the information about the product to the target audience. It reaches a mass audience in a short time and also has a positive impact on the sales and the company uses advertisement as a promotional tool for their product. Advertisement is carried through traditional methods like paper, magazines and other media services like television, blogs and social media. • Direct promotion  • It is an advertisement where the company directly communicates with its customers. The communication is done through the latest technology such as e-mails, online advertising, promotional letters etc.

8. Promotion • Types of promotion • Sales promotion  • It utilises all the promotional tools to increase the sales of the firms. It is for the short term period and used to expand market demand, refresh the demand of the customers etc • Self promotion  • It is the activity where the firm sends their agent directly to the pitch for the product or service. The feedback from the customers is prompt and therefore helps in building the product. • Public relation • PR is popularly known for broadcasting the information or details of NGOs with the public or individuals. • Online promotion  • This includes all the promotional activities. It is short term in nature and the feedback is immediate. It can be used for all types of the product regardless of size, brand etc.

9. Conclusion Thus, every customer does not like we -too firms or product or market. They require unique and different products and services so they can shift their taste and choice. In this process marketing strategies play an important role in obtaining customers in large mass for the firm. Since it looks boring to listen, it is very essential for a firm for its working. For long term working of the company, customer choice and satisfaction is very important. Before that, the customer needs to know about product availability in the market. For firms, their planned or pre-defined strategies help in occupying the place in the market. No matter how appropriate a strategy might appear, it will fail if not properly implemented. Consequently, clear statements regarding target markets and marketing strategies are necessary to ensure that the defined programmes and strategies will be developed. • For more interesting blogs click here