Marketing strategies involve decisions about how to promote a product or service to increase sales and profits. The marketing mix, including product, price, packaging, promotion, and distribution, must work together to create a brand that attracts and compels the target market to buy the product.
A marketing strategy is the result of decisions made about how a particular product or service will be promoted to its target customers. Marketing strategies are used to increase sales, launch new products and generally provide profits for a business. Strategies involve building and implementing the marketing mix. The marketing mix, also known as the five Ps, refers to the product, price, packaging, promotion, and location or distribution.
A location or distribution marketing strategy may include selling items in a brick and mortar store and through a website. Or, it may involve choosing one distribution channel over the other. Selecting the right distribution strategy for a business is important as this is how the product gets to the customer.
Promotion strategies might involve a lottery or draw to draw more attention to the business and attract new customers. A new restaurant opening may include a radio promotion with coupons and free meal giveaways to create a “buzz” to entice customers at the doors. A shoe company opening in a mall may not only have signs in the front of their store announcing when their doors will open, they may place ads in local newspapers as a marketing strategy to attract more customers.
Packaging is one of the marketing strategies that is easy to overlook because it can seem like a simple detail. However, studies show that the content and appearance of the product packaging can greatly influence whether or not a consumer decides to buy the product. A consumer can easily select the competitor’s similar product if it seems more attractive and beneficial to the buyer’s needs.
Pricing decisions are an important marketing strategy as consumers can be swayed by lower prices on similar products presented by competitors. The price point must represent value for the consumer. The advertising strategy should back up the product pricing. For example, words like premium and top of the line in advertising can communicate to consumers that the product is of high quality and therefore warrants the price.
The product as a whole must be presented to consumers effectively. Advertising, pricing, and other parts of the marketing mix strategy must work together to create a brand that attracts and compels the target market to buy the product. Branding is important within a marketing strategy because it differentiates a product from its competitors. For example, unlike most cough syrups, Buckley’s advertising that it “tastes awful. And it works” sets it apart from other brands. The marketing message works; many consumers seem willing to put up with an unpleasant taste if the product will help get rid of an irritating cough.
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