A proper marketing strategy is aimed to increase the sales and achieve maximum profits by an organization. Many strategies can be adopted in a marketing plan.
While developing an effective marketing strategy, following factors are considered:
Marketing research
The most important marketing strategy is the analysis of external factors that promote success of an organization. Some of the external factors include competition, business atmosphere, market economy, data compilation and mode of transport to analyze proper marketing strategy.
Selection of Market
Market selection plays a significant role while analyzing better sales of a product. The location of the market greatly affects the amount of sales. The market place should be easily accessible for customers whether in urban area or rural area. The consumer’s choice, taste and likeness affect the product marketing in a particular market.
Identification of target market
The most important step of marketing strategy is to know the ways to identify the target market. In case you are offering a tangible product, you must know the kind of potential audience interested in your product. Proper identification of target market can help achieve your goals.
Product Sampling
Many companies want to encourage potential customers to try their brand and switch to their products. Distribution of free samples can increase impulse purchasing. Product sampling is an effective way of marketing strategy.
Product Planning
Proper product planning determines the value of a product in a specific market. It includes development of the existing product by changing its composition, packaging system and modification of new brands. It also involves deletion of old products and their replacement by the new products keeping in view the brand image.
Delivery system of the product
Marketing strategy involves the proper distribution planning including delivery of the products to various supermarkets, restaurants and shopping malls. Distribution planning is necessary for the transportation of the products from production place to the retailer, physical distribution, wholesale detailing, and inventory sales.
Proper Pricing
Price of the products should be affordable for all the people so that they can easily purchase them. High priced products have fewer chances to be purchased by the consumers. Proper pricing is a part of marketing strategy adopted by various organizations. Most organizations conduct a market survey to see what their competitors are offering and at what price.
Advertising and Communication Planning
The product should be properly advertised through television, newspaper and internet. The more a company advertises, the more it gets profits from the sales. Online advertising is the latest media of publicity of various products. It is very effective and often results in selling more products. An organization gets the chance to focus its product’s quality and convince the customers to by its products.
Company’s brand name
Before buying any product, most customers rely on the brand name of a company. For better publicity, a company should select a good and an attractive product brand. It helps in building an effective marketing strategy. It can involve a thorough market analysis and taste of the customers for a particular brand name.
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