· Promotion
The fourth element of the marketing mix is promotion. This action enables you to communicate company information and the benefits of your product or service to your target market. Popular promotional methods include print, television, radio, and Internet advertising, publicity events, and sales promotions.
When developing your product strategy, you must consider your target market's needs and desires. Proper research is necessary to develop a product or service that helps your organization reach its goals and objectives. After analyzing the research data, your strategy may include creating new products or services, modifying your existing offerings to meet customer needs, or eliminating the options that are no longer profitable.
Pricing strategy considerations:
· Company resources
· Capabilities
· Competition
· Customer perceptions
When making your pricing decisions, you should consider your company's resources and capabilities, as well as your competition and your customers' perceptions of the product or service. Since the pricing strategy is perhaps the most scrutinized component of the marketing mix, it should be thoroughly analyzed and flexible to adjust to changing environmental influences.
· Pricing strategy
For example, you may discover that consumers buy a competitor's product because it is less expensive than your item. If cost is the primary factor differentiating the two products, your pricing strategy should be flexible enough tin allow you to cut your product's price and maintain an acceptable profit level.
When developing your place strategy, you must consider your customers' desires, needs, and buying habits. Warehousing, inventory control, and efficient means of transporting your product are each important factors of the place strategy.
· Place strategy
However, you must also examine the best avenues to reach your target customers. For example, you may consider selling your product in chain stores, door-to-door, or on the World Wide Web. You must make it easy for your customers to buy your product in the quantities they want.
Promotion strategy consideration:
· Customer lifestyle
When developing your promotion strategy, you should consider the lifestyle of your target market. Through your research efforts, you must find out how your customers behave, what they think, and where they go. Once you understand their lifestyle, you can determine the best promotional methods to use to communicate your message.
Integrated marketing communications:
Applying two or more promotional methods
Applying two or more promotional methods simultaneously is called integrated marketing communications. This promotional strategy is popular with marketers because of its power to present a consistent message through a variety of channels.
The fourth element of the marketing mix is promotion. This action enables you to communicate company information and the benefits of your product or service to your target market. Popular promotional methods include print, television, radio, and Internet advertising, publicity events, and sales promotions.
When developing your product strategy, you must consider your target market's needs and desires. Proper research is necessary to develop a product or service that helps your organization reach its goals and objectives. After analyzing the research data, your strategy may include creating new products or services, modifying your existing offerings to meet customer needs, or eliminating the options that are no longer profitable.
Pricing strategy considerations:
· Company resources
· Capabilities
· Competition
· Customer perceptions
When making your pricing decisions, you should consider your company's resources and capabilities, as well as your competition and your customers' perceptions of the product or service. Since the pricing strategy is perhaps the most scrutinized component of the marketing mix, it should be thoroughly analyzed and flexible to adjust to changing environmental influences.
· Pricing strategy
For example, you may discover that consumers buy a competitor's product because it is less expensive than your item. If cost is the primary factor differentiating the two products, your pricing strategy should be flexible enough tin allow you to cut your product's price and maintain an acceptable profit level.
When developing your place strategy, you must consider your customers' desires, needs, and buying habits. Warehousing, inventory control, and efficient means of transporting your product are each important factors of the place strategy.
· Place strategy
However, you must also examine the best avenues to reach your target customers. For example, you may consider selling your product in chain stores, door-to-door, or on the World Wide Web. You must make it easy for your customers to buy your product in the quantities they want.
Promotion strategy consideration:
· Customer lifestyle
When developing your promotion strategy, you should consider the lifestyle of your target market. Through your research efforts, you must find out how your customers behave, what they think, and where they go. Once you understand their lifestyle, you can determine the best promotional methods to use to communicate your message.
Integrated marketing communications:
Applying two or more promotional methods
Applying two or more promotional methods simultaneously is called integrated marketing communications. This promotional strategy is popular with marketers because of its power to present a consistent message through a variety of channels.