Failing to prepare is preparing to fail – Benjamin Franklin
Strategy is the most important aspect of Marketing as it is of any endeavour.
Aligning your behaviour with the objectives is a key determinant in achieving success. Here we cover the most important Strategic Points such as Product, Price, Promotion and Placement, all of them part of the Marketing Mix, the fundamental parts of the Marketing Plan.
The Marketing Mix
Product, The Core of the Marketing Mix
The Product/Service is the most important thing. There’s no point of even covering the other elements of the Marketing Mix if there’s no good planning over the product.
The Bottle is a Metaphor for the conception of the Product.
A few basic questions surrounding the Product;
Q1: What can go Inside the bottle?
A: Wine; Beer; Whiskey; Water; Juice…
Q2: What Glass Colour would suit best?
A: Transparent; Green; Blue…
Q3: What sort of Labeling?
A: Plastic Transparent; Traditional Paper…
The choice of all these elements is going to condition all the other elements of the Marketing Mix.
Price, the Golden Variable.
Marketers don’t define the price by themselves. Price is defined with the input from other departments, especially the Financial Department.
Many consider Marketing and Finance to be completely separate. In reality, the two disciplines are strongly connected to the successful management of a venture.
Both departments try to answer these questions:
- Who will buy our product at the best price?
- How do we get as many profitable customers as possible?
- How can we maximize consumer loyalty and lifetime value (LTV)?
And many more…
How is Finance related to Marketing? Many argue that Finance and Marketing are two completely different realities, the truth is that they couldn’t be more entangled
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Promotion, How and Where?
Promotion refers to any type of marketing communication used to inform or persuade target audiences of the relative benefits of a product, service or brand. The purpose of promotion is to increase awareness, create interest, generate sales and/or build brand loyalty.
There are three objectives of promotion. These are:
- To inform consumers and all other stakeholders.
- To foster sales
- To differentiate a product.
According to your business objectives and target audience, it could make more sense to attend a Business Fair than to conduct a TV Commercial, To buy Adwords instead of Display Ads and Mupis, to Direct Mail instead of Email Newsletter and so on.
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Where will I sell my Products and Services?
Placement is how and where your Product/Service is going to be displayed and sold. Directly to the consumer, and by what means (physical stores, online, etc) and/or Indirectly, through agents, wholesalers, retailers, etc.
Placement is often not given the attention it should. The business owner usually thinks that the more places the better, especially when it comes up to digital options as they usually present very low barriers of entry. Exposing the product to more eyeballs and therefore, possibly increasing the likelihood of selling. It doesn’t always compensate or is the best option.
To choose the right placement strategy you need to consider your Target Audience Consumer Behaviour, the Product itself, the Price and also the Costs and Logistics.