Marketing strategies:
The marketing strategy consists of some valuable plans that integrate the marketing objectives of an organization. The right mix of goals, policies, and action sequences make marketing strategies effective. The main objective of the marketing strategy is to increase the sales and profits of any organization or company.
The marketing strategy is developed considering the following factors:
Environmental analysis and market research:
Observing the external factors that favor the success or failure of a company is a very important marketing strategy. External factors include the economy, the competition, the atmosphere, the transportation system, and the request for data to solve special marketing problems.
Market selection:
To improve sales of a product, market selection is important. The amount of sales of a product depends on the location of the market, whether the market is located in urban or rural areas; if the market is easily accessible to people.
Consumer analysis:
Consumer characteristics such as taste, choice, and preference affect product marketing. The characteristic of the consumer varies from one man to another and from one place to another. Therefore, inspection of consumer characteristics, needs, and purchasing processes is also important.
Product planning (including food, services and ideas):
Product planning includes the development of the existing product by changing the composition, the packaging system, the product positions, the brands and the elimination of old products.
Distribution Hours:
The delivery system of the product to various markets, shopping malls and restaurants is also considered for the marketing strategy. The distance from the place of production to the wholesaler or retailer, the transportation system, physical distribution, allocation of goods, wholesale details, inventory management, and channel relationships are all reasonable factors for the distribution planning.
Price planning:
The price of a product should be kept in a tolerable range for all classes of people so that they can easily pay for the product. If the price of the product becomes too high, the consumer will not buy the product.
Communications planning:
Communication planning can include advertising about the product through different mass media, such as television, radio, newspapers. The more a company publishes, the more it sells. In recent times, online advertising is another means of advertising. Through advertising, companies or organizations have the opportunity to highlight the good quality of their products and encourage customers to buy their products.
Brand Name:
A company’s brand has a great effect on the consumer to buy its product. A business should select a friendly and attractive family brand for its best advertising.