Marketing Strategy and Mission Statement Planning is an important component of every business.
Once a company has worked on the product and price elements, it is time to start a conversation with the consumer about the product. This includes raising awareness through different mediums to increase sales, as well as to create and foster brand loyalty.
Information provided to the customer at this stage helps them in making purchase decisions regarding the product. Often, there is substantial cost associated with promotional activities.
But since the result is often an increase in sales or customer loyalty, there is thought to be long term return on this investment. There are many ends that a company may try to reach through a promotion including but not limited to an increase in sales, acceptance of new products, brand equity creation and brand positioning, addressing competitor actions and rebranding.
It is creating a channel for conversation with the targeted consumer base. The team tasked with these activities will begin by understanding the dynamics of the target audience and deciding which modes of promotion are likely to help meet targets.
Once the channel is decided, information from other elements of the mix is incorporated to ensure that the message sent corresponds to the actual product features, benefits and user experience. None of the elements of the marketing mix work in isolation.
The available information is filtered to include those areas which will be most relevant to the target audience. These expectations are developed into objectives which then shape the selection and execution of these activities.
Some possible objectives of promotion for any company may include: Building Awareness Often, a product or brand may need to create an identity within the market.
For the most part, this applies to a new company, a new brand or a new product. But often it may also be needed in times of rebranding or building up a failing product. The aim then is to select those promotional activities that help inform the customer about the company and the product.
Creating Interest If the customer is already aware of the product or has been made aware through some activities, it becomes necessary to move them along to actual purchasing behavior.
The aim here is to identify a need that the product fulfills and make sure that the customer recognizes this need as something that is unfulfilled for them. Providing Information Sometimes, a company may just need to provide necessary information regarding the product, its benefits, features or usage to the consumer.
This may be the case if a new product is introduced into the market. Unique features or benefits may need to be explained. In other cases, a new feature on an existing product may need to be highlighted. In some cases, such as in instances where environmental impact or health scares may be in play, information about a change in business practices and company policy may need to be communicated.
Stimulate Demand A company may seek to enhance its sales through promotion. If sales have been lower than usual, then the aim may be to get them back up to target level by re-engaging old customers and encouraging new ones to try a product out. In other instances, the aim may be to increase sales further at certain times of the year such as near a major holiday.
Free demonstrations or special deals may be used to reach these ends. Differentiate product In situations where there are many competitors in the market, a company may seek to use promotional activities to differentiate its product in the market and make it stand out from the crowd.
The focus here remains on those features, functionalities or benefits that may not be offered by a competitor or may not be offered so well. Reinforce the Brand One basic aim of a promotional activity may be to further strengthen the brand and its place in the market.
This helps turn a first time purchases into a life time purchaser. This can also help create advocates for the product from within the customer base.
And get regular tips and tricks on topics such as marketing, financing, strategy, and management, so you can start and grow your company more successful. The activity is therefore created using messages, cues and information that they will respond to.
Realistically, the major portion of any promotional budget is aimed at this specific targeted audience. However, there may be important fringe groups who may have an influence over the intended target or stake in the product.
Some of these fringe groups may include: The Actual Audience — These are the current customers of the product as well as former customers and any potential new customers. The activity is created for these people specifically.
Influencers — People or organizations that may have their own sphere of influence over the target audience make up this category.
If a positive impact is made on these people, they may then use this influence to encourage sales. The media, opinion leaders, Trade associations and special interest groups are some of these influencers. Distribution Channel Members — The product is handled and provided to the customer through this channel making them an important category of targets.Marketing mix promotion essay.
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* Parkson, the main distribution channel of Lancôme in Vietnam, is developing and becoming more and more popular here. company will follow the concept of integrated marketing communications-blending the promotion tools into a coordinated promotion mix.
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– Definition of price (by Kotler) – The amount of money charged for a product or service or the sum of values consumers exchange for the benefits of having or using the product or service.
The promotional mix refers to one of marketing mix’s 4Ps and consists of advertising, public relations, personal selling, and sales promotion. It is defined as all the forms of communication that an organization uses to establish meaning for its product, or service, as well as a way to influence the buying behavior of targeted customers.
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