Marketing strategy helps organizations to focus their attention to complete resource utilization to increase sales & win over their competitors. Every company applies some kind of promotion strategies to maintain existing customers, attract potential customers & also to maintain & enhance their reputation in the market.
When designing a promotion plan, first a promotion strategy is thought about. The promotion plan consists of steps to be taken so as to attain success in the implementation of the promotion strategy chosen. Large projects involve choice of different strategies at different levels. Usually a strategy consists of well-sketched tactics. They are supposed to meet the needs & finally reach promotion objectives. Each of the strategies has pre-calculated results because when a specific strategy is chosen at a specific level, its outcome becomes the aim of that particular level. If there is an absence of a well thought strategy in a promotion plan means it is supposedly lacking a nice foundation. A reasonable promotion strategy ought to not only facilitate promotion goals, but also the action sequence of a campaign.
At regular time intervals the firm ought to analyze the promotion decision. This is done with the help of strategic models and the 3C's model is thought about for this purpose. To calculate the company's strategic position, Ansoff matrix is used. The 3C's model determines the factors, which ends up in the success of a promotion campaign. There's key parties involved in this model the corporation, the customer and the competitors. The involvement of all the key parties leads to positive results and this involvement is called the 3C's or strategic triangle.
The role of the corporation is to increase the strength of the company in the success critical areas, when compared to that of the competitor. The customer & his interest form the basis of any strategy. The competitor also plays a vital part. The competitor-based strategies are based on the functioning of business competitors like design & engineering, sales & servicing, & purchasing.
When making a promotion plan depending on some particular strategies known as mix strategies are used. 4P's model is used to calculate whether the plan is sticking to the strategies or not. The P's stand for product, cost, place and promotion. Products are goods produced by the company on a immense scale for the purpose of selling them and earning profit. Cost is the funds paid for a product by the customer. The cost is based on plenty of factors like competition, market share, customer perception and product identity. Place where the product is sold can be either physical store or store on the Web. It is often known as distribution channel. To make the customer knowledgeable about a product, the marketer does promotion. It involves promotion, public relation and point of sale.
There are different types of promotion strategies based on some criteria. Challenger, Leader and Follower are types of market dominance strategies. Market dominance strategies are used to dominate the market. Cost leadership, Market segmentation and Product differentiation are types of porter generic strategies. Porter generic strategies are built on strategic strength or competing abilities and strategic scope or market penetration. Close followers, late follower and Pioneers are types of innovation strategies. Innovation strategies are supposed to trigger the rate of product development and model innovation. It helps the firm to incorporate latest technologies. Intensification, Diversification, Vertical integration and Horizontal integration are types of growth strategies. Growth strategies facilitate the growth of the organization. Promotion warfare strategies are conjunction of promotion strategies and military strategies.
A promotion strategy or a mix of them is selected only after thorough market research. A marketer ought to always be prepared to face any kind of situations like if the strategy is changed in the middle, he ought to be able to perform another market research so as to select the proper strategy, within a short time frame. This can be done basically in the event you have experience.
0 comments:
Post a Comment