Developing Marketing Strategy
After analyzing the market situation, SWOT and objective, businesses need to formulate a game plan for achieving its goal. The target segment will be identified, and then its needs will be described. Positioning comes after wherein the core competencies will be lined out and information on getting objectives done through product, price, place and promotion will be demonstrated. All these inputs are contributed by different organizational areas to ensure coordination and support when it comes to implementation.
This section explains the medium to be used, as well as variety of tactics or programs to implement. It describes what will be done, person or departments in charge, when will it start, timeframe, coast and tools to be used to measure the effectiveness of marketing strategy.
Control is very important in measuring the effectiveness of marketing plan. Companies can check their marketing performance on a quarterly basis and take corrective measures immediately. Contingency plans outline alternative solutions to specific changes of influential factors affecting the marketing strategy.
Businesses at this present period have grown globally. Companies trying to cope up with technology, strong competition and consumer behaviour require implementation of market research and effective online marketing plan to meet corporate objectives and build a brand with long-term impact for potential and existing consumers.
COLLEGE PROMOTION FOR EXAMPLE
Marketing is considered as the heart of business, and one of its elements that contribute a lot to company’s success is promotion strategy. However, marketing is not only for business firms, it is also for organizations such as church, orphanage, community and even colleges. College needs marketing strategies to promote its teaching and its name itself. One of the major aspects of achieving Colleges objectives is college promotion, which uses tools like advertising, sales promotion, publicity, personal selling, and direct marketing.
Advertising – paid form of presentation of ideas, products and services through a non- personal platform
Advertising is highly influential means of communications and has specific platforms. Its publicized way of promoting a product confers legitimacy and recommend standardized offering of a product. It is a persuasive medium that allows the seller to repeat the message several times creating an impact to its audience. The message of advertising can be customized into artful expression in the form of print, sound, color and motion. However, advertisement using platforms like television and the internet is costly. It does not guarantee that its message will be received by some of its target audience due to inaccessibility and limited frequency of airtime.
Companies use advertising communication mediums for various reasons, such as the following:
- Print ads (mall weekend sale) creates awareness and prompts quick sales
- TV ads (Coca-cola) for brand stability
- Video ads (Blackberry, Nokia) entice trial
- Billboards, packaging inserts, brochures, symbols and logos
Colleges use advertising to promote their school. Some colleges post billboards or posters of top-notched students or board passers as endorsers creating a credible and outstanding image of education.
• Sales Promotion – offers variety of incentives and programs intended to stimulate customer’s trial or purchase of products or services.
Sales promotion includes marketing activities that stimulate consumer demands and dealer effectiveness such as displays, sales caravan, shows and exhibits, presentations and other forms of selling to gain exposure. They provide information that may lead to consumer purchase, incorporate some enticement that offers value to the purchaser, and include distinct invitation to engage in the transaction.
Marketing to colleges of brands and establishments includes giving out coupons for incentives on products, free movie and trade show passes. It also includes campus tour and back to school promotions.
• Public Relation and Publicity – a variety of programs designed to promote and protect organization or company’s image and its individual products.
Publicity stimulates purchase of product, service, ideas or business unit by planting favourable news about it in a published material or by the radio, television, Internet and events that are not paid for by the sponsor. It features news and stories with strong credibility as it is on unbiased medium. It is presented the other means of selling, so it can also reach prospects that are not into advertisements and sales people.
• Personal Selling – face-to-face interaction with customers and prospects intended to generate sales, present or launch a product, answer questions and procure orders.
Personal selling allows direct interaction and response. It uses sales presentation, trade shows, sales conference and programs to enrich seller-buyer and goodwill relationship. It makes the customer feel obliged to listen to the sales talk. It requires skills, training, complete product and market knowledge to perform direct selling well.
• Direct Marketing – use non-personal communication tools to communicate directly and request a direct response from customers and prospects. Direct marketing can be customized; up to date and interactive to communicate and solicit direct response from a person.
In every business organizations aiming to build its brand and grow market awareness, it is essential to consider promotion as an effective strategy. However, the best medium to be used includes cost, message effectiveness, timeframe, and target market. Analysis of the market, competitor research, and market rank help in developing a strong college promotion. Even with businesses inclined with various industries, analysis of market opportunities and threat, planning, implementation and control must be taken into account and managed well. Incurring loss and low rate of investment is so unfavourable and may significantly affect your business. Remember to put up a marketing plan based on factual figures, research, cost and assumptions.
Marketing is often viewed as selling, but selling is just the highlight of marketing. It is just a small measure when it comes to corporate objectives performance. The ultimate goal of marketing is to meet customer’s needs and wants profitably. With the new economy, customer’s satisfaction is not enough to survive and become an excellent player in this tough competition.
Marketing is a task of creating, promoting and distributing marketing entities such as goods, services, events, persons, places, properties, organizations, information, experiences and ideas to customers and clients aiming to provide satisfaction and acquire sales. Before, marketing tasks were designated to marketing professionals only, but due to diversified consumers and extensive competition, all persons in each department incorporate marketing in performing their tasks.
What is thought from college marketing courses is quite different when you are inclining marketing in the corporate world. Marketing concepts and techniques are thought on college marketing courses, whereas the actual marketing involves putting such concepts into application on different scenarios of business trading and satisfying customers implying the corporate objectives of the firm. To help you further understand marketing, we will discuss its core concepts briefly.
“You cannot please everybody”. This is the simplest statement of explaining segmentation concept as you have to choose people as potential customers. There is a broad selection of buyers and sellers in the market and not all of them may consider buying the same product as there are products offered by competitors. As a marketer, you need to identify your target market. Through segmentation, prospects are identified and categorized based on demography, psychographic and behavioural differences.
Once you have identified the segment which has substantial market opportunities, you are now considering them as your target market, and you need to develop an offer which positions your company or individual products. Positioning your product to your target market needs to be exclusive as it outlines or describes the core competencies of your product.
Example: “Payday loans online for bad credit score”. Target market covers professionals with poor credit record. It gives the benefit for those people with poor credit records to avail easy and secure loan application.
There are three classifications of market nowadays. Market place is a physical venue of buying and selling, where supply and demands are met (Ex. Groceries, and department store). With flexible and public characteristics of the Internet, it brings interaction between buyers and sellers, often referred to as market space, making supply and purchase efficient and effective (Ex. Brand websites, and e-commerce). Meta market consists of products and services that are closely related creating opportunities for metamediaries to cater products and services to buyers searching for a certain product. Consumer can access to different companies offering relevant product compare prices and purchase the product through online payment scheme (Ex. E-bay, Amazon, and alibaba.com).
Marketers seek to sell products and services presented with appropriate marketing strategies to potential customers, also called prospects. (Example: Girls aged 18 and above loves to hang out and party are prospects of ladies’ drinks). Marketers need to identify the needs and wants as well as market behaviour of their potential customers or targets. Products are offered to the market with emphasis on its attributes and benefits to gain attraction. Positioning products and services as well-branded needs appropriate marketing strategies and techniques to differentiate the company on its individual products among competitors.
Example: Proctor and Gamble, a global brand, marketing quality products to satisfy consumers over the years use different promotional tools to retain customers and protect its brand identity.
An offering must give value to its target market by providing satisfaction through the combination of quality, service and price. To be able to gain market share, marketers, providing value to consumers, can raise benefits, reduce cost, or a combination of both. They can also raise benefits by more than raise in costs and lower the benefits less than the reduction in cost.
Exchange is the core concept of marketing, where a person obtains a product or service in exchange of money. Transactions happen between sellers and potential buyers on a process of offering a product use of promotion to create brand awareness or introduce a product, communicate with customers and persuade, then get the consumer’s response. Consumers receive the message or they become aware of a product offering, like and decide if they will purchase, then eventually buy the product. Completing this process makes up a successful close deals. The success of exchange between the seller and single buyer can extend for long-term.
Companies should identify their target market and determine the objectives, positioning and tools such as the product, price, place and promotion that best yield results to meet customer’s solution and demands at agreeable cost, convenience and necessary communication. In order to meet corporate objectives, decisions on allocation, communication and distribution channels, and marketing techniques are carefully analyzed, formulated and implemented.
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