And if even one element is off the mark, a promising product or service can fail completely and end up costing the company substantially.
Here are some of the questions that you should answer in developing your distribution strategy: Where do your clients look for your service or product?
What kind of stores do potential clients go to? Do they shop in a mall, in a regular brick and mortar store, in the supermarket, or online?
How do you access the different distribution channels? How is your distribution strategy different from your competitors? Do you need a strong sales force? Do you need to attend trade fairs? Do you need to sell in an online store? Promotion is comprised of various elements like: Sales Organization Advertising Sales Promotion Advertising typically covers communication methods that are paid for like television advertisements, radio commercials, print media, and internet advertisements.
In contemporary times, there seems to be a shift in focus offline to the online world. Public relations, on the other hand, are communications that are typically not paid for. This includes press releases, exhibitions, sponsorship deals, seminars, conferences, and events.
Word of mouth is also a type of product promotion.
Word of mouth is an informal communication about the benefits of the product by satisfied customers and ordinary individuals. The sales staff plays a very important role in public relations and word of mouth. It is important to not take this literally.
Word of mouth can also circulate on the internet. Harnessed effectively and it has the potential to be one of the most valuable assets you have in boosting your profits online.
In creating an effective product promotion strategy, you need to answer the following questions: How can you send marketing messages to your potential buyers? When is the best time to promote your product?
Will you reach your potential audience and buyers through television ads? Is it best to use the social media in promoting the product? What is the promotion strategy of your competitors? Your combination of promotional strategies and how you go about promotion will depend on your budget, the message you want to communicate, and the target market you have defined already in previous steps.
The 7Ps is generally used in the service industries. Thorough research is important to discover whether there are enough people in your target market that is in demand for certain types of products and services.
It is important to hire and train the right people to deliver superior service to the clients, whether they run a support desk, customer service, copywriters, programmers…etc.The term “marketing mix” was coined in the early s by Neil Borden in his American Marketing Association presidential address.
This is one of the preliminary knowledge every marketer must have and is considered to be the basics of every marketing theory, which emerged henceforth. Product: It. Basic Marketing Theory: From 4Ps to 4Cs.
Since the first time in s that McCarthy summarized different market factors (marketing mix) into 4Ps (product, price, place and promotion), this ‘4Ps. According to Kumar (), marketing mix is the terms used to describe the combination of methods employed by a business in order o achieve its objectives by marketing its products and services effectively to a specific target group.
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. The Marketing mix of the 4Ps- Product, Price, Promotion and Place being very crucial aspects of marketing that if well managed and manipulated will see the needs of the customers met and the goals of your business being metin2sell.comlly the 4Ps summarize all aspects of product and how, when and where they reach the customer.
The marketing mix is made up of product, price, place and promotion, the perfect mix of things needed for effective marketing.
The marketing mix is also called the 4Ps and 7Ps when it is extended to include people, process and physical evidence for the service marketing mix.