Other approaches[ edit ] The choice of competitive strategy often depends on a variety of factors including: Growth strategies[ edit ] Growth of a business is critical for business success. A firm may grow by developing the market or by developing new products.
Digital marketing — new channels are emerging constantly Company websites Social media applications such as Facebook or Twitter Blogging Mobile phone promotions using technology such as bluetooth YouTube E-commerce Deciding which media channel to use In nature, evolution occurs most rapidly when competition for resources is intense.
The same process is now occurring with promotional media. All traditional media channels are now saturated, and competition for consumer attention is intense. At the same time, the impact of any one medium is becoming diluted. There are many more TV and radio channels, consumer have the ability to skip adverts and free information is now much more accessible.
As a result, companies are becoming increasingly innovative in their approach to communications and a host of new media channels have emerged. Highly targeted communications often lead to better results.
However, personal letters to a handful of your most loyal customers would lead to a dramatically increased rate of return.
When deciding which media to use consider the reach, frequency, media impact and what you can expect for your budget but most of all, ensure your target customer will see the message in the first place.
Media choice is a matter of compromise between volume of people versus the personalisation of the message. The customer needs to be guided through the purchasing process. This means identifying the key stages in the customer journey and ensuring communications messages are personalised and relevant.
Integrated marketing communications Once you have decided which media channel to concentrate on, the next step is to ensure an integrated approach is taken.
An integrated approach can dramatically increase the effectiveness of any campaign and will help create your brand image. Determine the objectives of the advert and ensure these aims are addressed clearly.
Think about the next steps you would like the audience to take, whether this is visiting a website, ringing a number, or being able to recall your brand when they are next in the shops. Positioning Positioning is the process of developing an image for your company or product.
You must ensure that all areas of your business live up to expectations in order to successfully position yourself in the way you hope. Positioning also considers the competition, and you need to explain why you are unique in the marketplace and better than the other products on the shelf.
Branding and messaging Branding is a powerful tool for positioning your product. Branding is used on almost all customer facing elements of a product, from the packaging design to the style of writing used on posters.
Every communication a customer received adds up to form a mental picture of your brand and can influence the price they are willing to pay for your products.
Your branding also needs to consider your unique selling points USPs and ensure these are easily recognised through your messaging — is your product the best value, longest lasting, sweetest smelling or fastest? Corporate identity A corporate identity is a useful tool to ensure that your branding is used in a consistent way throughout the company.
This detailed document runs through almost every conceivable customer touch point and provides guidance on the presentation and style which should be used. This could include use of logos, colours, tag lines, uniform and the type of coffee to serve guests.
A CI guide is particularly useful if any creative work it outsourced to agencies or freelancers or if you have many offices worldwide. The most powerful brands can be identified by many elements of their communications material, not just a by their logo or slogan and this is due to successful implementation of a recognisable corporate identity.
Recognition is a key part of any purchase decision so a corporate identity should for a core element of your advertising strategy.
Advertising objectives should be directly linked to your marketing plan, and tend to fit into the following generic categories: Remember that a message will only be successful if it appeals to the target audience, so constantly refer back to the customer and tailor the ads to them.In this article, we will look at 1) the four P’s, 2) history of the marketing mix concept and terminology, 3) purpose of the marketing mix, 4) key features of the marketing mix, 5) developing a marketing mix, 6) key challenges, and 7) marketing mix example – Nivea..
THE FOUR P’S Product. The product is either a tangible good or an intangible service that is seem to meet a specific. The marketing mix is a tool that is made up of four unique but interconnected and interdependent variables.
These are called the 4P’s and are product, price, promotion, and place. These four components help determine a clear and effective strategy to .
The marketing 4Ps are also the foundation of the idea of marketing mix. #1 Marketing Mix – Product A product is an item that is built or produced to satisfy the needs of a certain group of people.
Advertising strategy. Promotion is one of the key elements of the marketing mix, and deals with any one or two-way communication that takes place with the consumer.
The marketing mix is a tool that is made up of four unique but interconnected and interdependent variables. These are called the 4P’s and are product, price, promotion, and place. These four components help determine a clear and effective strategy to bring a product to market.
Each element is. In marketing, there is a strategical mix called the four C’s, which stand for Consumer, Cost, Communication, and plombier-nemours.com four C’s focus on the consumer and are best suited for niche marketing.