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Study Guide Marketing Essay Sample

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Study Guide Marketing Essay Sample

Promotion is the method you use to spread the word about your product or service to customers, stakeholders and the broader public. This BIZguide information is also available as a PDF which has been formatted for downloading and printing. Download the BIZguide Marketing – Promotion Strategy (4-page PDF 694KB) for printing Once you’ve identified your target market, you’ll have a good idea of the best way to reach them, but most businesses use a mix of advertising, personal selling, referrals, sales promotion and public relations to promote their products or services. 1. ————————————————-

Advertising
2. ————————————————-
Selling
3. ————————————————-
Sales Promotion
4. ————————————————-
Public Relations
————————————————-
1. Advertising
What is advertising?
Advertising is a form of communication designed to persuade potential customers to choose your product or service over that of a competitor Successful advertising involves making your products or services positively known by that section of the public most likely to purchase them. It should be a planned, consistent activity that keeps the name of your business and the benefits of your products or services uppermost in the mind of the consumer. Why advertise?

The objective of advertising is to increase your profit by increasing your sales. Advertising aims to: * Make your business and product name familiar to the public * Create goodwill and build a favourable image

* Educate and inform the public
* Offer specific products or services
* Attract customers to find out more about your product or service The rules of advertising

There are four rules to consider when planning any advertising activity – ie: before you prepare and book any form of advertising. Aim – What is the primary purpose of the advertisement? Is it to inform, sell, produce listings or improve the image of your business? Target – Who is the target? From which sector of the public are you trying to achieve a response? For example is it male, female, adult, teenager, child, mother, father etc. Media – Bearing the aim and target in mind, which of the media available to you is the most suitable – ie: TV, radio, press or Internet? Competitors – What are your competitors doing? Which media channel do they use? Are they successful? Can you improve on their approach and beat them in competition?

Developing effective advertising

Good advertising generally elicits the following four responses: Attention – It catches the eye or ear and stands out amid the clutter of competing advertisements. Interest – It arouses interest and delivers sufficient impact in the message or offering. Desire – It creates a desire to learn more or crave ownership. Action – It spurs an action which leads to achievement of the ad’s original objective – ie: it prompts potential customers to purchase or use your product or service. Making sure your advertisement is legal

Section 52 of the Trade Practices Act (Cth) 1974 prohibits misleading or deceptive conduct. You must consider the advertisement as a whole and the ordinary meaning of the words used. You must determine if the people to whom the advertisement is directed are likely to be misled or deceived by its content. You can use humour, cartoons and slogans to make your ad stand out, but be sure they’re not likely to mislead or deceive your audience. The Australian Competition and Consumer Commission (ACCC) provides advertising guidelines in information circulars that are available from the local office of the ACCC, or from www.accc.gov.au.

Commonly used media

There are many media options open to advertisers. Which media you use will depend on who you are trying to reach, what you want to say and your budget. Often a combination of media (the media mix) can be used to good effect. Remember to keep your branding and message consistent across all media. This includes use of colours, logos, design elements and fonts.

• Stationery

Stationery, which includes letterheads, envelopes and business cards, is a means by which your business image or “name identification” is projected. Good quality stationery, used with care and attention and with a high standard of presentation, is an everyday means of presenting your business image. • Window display or office front

The external presentation of your business office or shop is one of the principal ways of establishing your business image. An attractive, well maintained exterior with clear, bold sign writing is an essential start. Windows should be bright, attractively presented, scrupulously clean and well lit at night. The display should be arranged neatly and aimed at projecting an attractive company image and providing a reason to buy your products or services. Above all it should have sufficient impact to attract attention.

• Press advertising

This is a commonly used form of general advertising and includes advertising in all press such as newspapers, magazines and journals. Press advertising is suitable for image building, information dissemination and sales campaigns. It is also a very affordable option for small businesses. • Radio

Radio is considered by many advertisers as an ideal medium due to its ability to reach specific target groups e.g. teenagers, racing followers or grocery buyers. Radio advertising covers spot adverts (usually 15 or 30 second), promotions or talkback/DJ discussions. Most radio stations offer packages which include production and extension of your radio campaign through their websites.

• Television

Television is a powerful advertising medium because it creates impact through sight, sound and movement however the cost of producing the advertisement and procuring sufficient air time to allow the campaign to work often makes it prohibitive for small business.

• Direct mail

This is a broad category covering direct communication with the consumer through email, post or fax. It can include newsletters, catalogues and letters. If you plan to use email, be sure to comply with national anti-SPAM legislation which makes it illegal to send unsolicited commercial electronic messages. Visit the Australian Communications and Media Authority website for more details – www.acma.gov.au.

• Outdoor

This is any type of advertising which is done outdoors, including static advertising such as billboards, backs of street benches and bus shelters or mobile advertising displayed on buses, trains, taxis or towed signage.

• Ambient

Refers to any form of advertising that occurs in a non-standard medium outside the home, and usually where your consumers are likely to be. It’s limited only by your imagination and includes things like advertising on the back of shopping receipts or toilet doors at the cinema, placing branded coasters at the local pub, projecting onto buildings, advertising inside lifts or distributing branded cups.

• Cinema

You can purchase cinema advertising by individual cinemas or screens for a set amount of screenings or “runs”. Most providers offer packages which include production and screening of your advertisement

• Point of Sale

Advertising at the point where the consumer makes a purchase decision eg: floor stickers, in-store digital advertising, shopping trolley signage, shelf or counter posters or playing interviews about your product in store.

• Online

The options for online advertising continue to grow rapidly. They include advertising on your website, advertising on other websites, creating links to your website from other websites, publishing blogs, offering online product games, social networks and forums.

• Directory listings

Many consumers use business directories to find a supplier. Directories include the yellow or white pages, union directories, trade directories or local business directories. Evaluating the effectiveness of your advertising

Famous American department store merchant John Wanamaker (1838-1922) was attributed as saying “Half the money I spend on advertising is wasted – the trouble is I don’t know which half.” This quote is often still true today as many businesses do not evaluate the effectiveness of their advertising. Evaluating effectiveness can be as simple as staff asking every new customer “How did you hear about us?” or asking every customer that responds to an advertised special “where did you see or hear our advertisement?” Whatever method you use, it is absolutely critical in getting top value for your advertising dollar by finding out which media works and which doesn’t. Back to top


Handling objections – demonstrating the product or service value to overcome real or perceived objections or misunderstandings that are impeding the purchase decision. Closing – bringing the selling process to a successful conclusion by either asking for the order or responding to a positive decision from the prospect. Follow-up – proactive or reactive contact with the purchaser to establish their satisfaction level and to address any problems that may exist. In planning the selling element of your marketing strategy you will need to consider the following: * The size and structure of your sales team

* Recruiting, training, motivating and evaluating individuals and the team as a whole * The remuneration structure
* The location/territory to be serviced
* Management and communication systems

Selling is a particularly important element if you are marketing services because the purchaser of a professional service is in fact buying the capabilities of the seller. So he or she would be closely evaluating the behaviour and characteristics of your sales person, your business, its reputation, facilities and appearance. Back to top

————————————————-
3. Sales Promotion
What is sales promotion?
Sales promotion relates to short term incentives or activities that encourage the purchase or sale of a product or service. Sales promotions initiatives are often referred to as “below the line” activities. What are the major sales promotion activities?

Sales promotion activities can be targeted toward final buyers (consumer promotions), business customers (business promotions), retailers and wholesalers (trade promotions) and members of the sales force (sales force promotions). Here are some typical sales promotion activities: Consumer promotions

* Point of purchase display material
* In-store demonstrations, samplings and celebrity appearances * Competitions, coupons, sweepstakes and games
* On-pack offers, multi-packs and bonuses
* Loyalty reward programs

Business promotions
* Seminars and workshops
* Conference presentations
* Trade show displays
* Telemarketing and direct mail campaigns
* Newsletters
* Event sponsorship
* Capability documents
Trade promotions
* Reward incentives linked to purchases or sales
* Reseller staff incentives
* Competitions
* Corporate entertainment
* Bonus stock
Sales Force Promotions
* Commissions
* Sales competitions with prizes or awards
Back to top
————————————————-
4. Public Relations
What is public relations?

The Public Relations Institute of Australia (PRIA) defines Public Relations (PR) as: “The deliberate, planned and sustained effort to establish and maintain mutual understanding between an organisation (or individual) and its (or their) publics”. Put more simply, public relations is about building good relations with the stakeholders (public) of your business by obtaining favourable publicity, building a good corporate image and handling or heading off unfavourable rumours, stories and events. By building good relationships with your stakeholders, particularly customers, you can generate positive word of mouth and referrals from satisfied customers.

Who is a stakeholder?

Stakeholders are the various groups in a society which can influence or pressure your business’s decision making and have an impact on its marketing performance. These groups include:

* Clients/customers
* Staff
* Shareholders
* Strategic partners
* Media
* Government
* Local community
* Financial institutions
* Community groups
Operationally, stakeholders really refer to those groups that your business is or should be, communicating with. What are the main public relations tools?
Typical PR tools include:
* News creation and distribution (media releases)
* Special events such as news conferences, grand openings and product
launches * Speeches and presentations
* Educational programs
* Annual reports, brochures, newsletters, magazines and AV presentations
* Community activities and sponsorships
What are the key steps in implementing public relations?

Implementing effective public relations activities requires careful planning. The three major steps are outlined below Setting the objectives – what is it you want to achieve and who do you want to reach? Is it to create awareness of a new product or service to your existing clients, to overcome community misconceptions about your business or to create a positive impression with your bank manager?

Deciding on the message and the vehicle – what is the major thing you want to communicate and what public relations tools will you use to get the message to its target? Evaluating the results – did you achieve the desired result and did it lead to a positive outcome? Many small businesses do not devote enough attention to public relations in their promotional mix but done properly, it can be a powerful and cost effective business development and marketing tool.

1. Small Business >
2. Advertising & Marketing >
3. Promotions
Top Ten Promotional Strategies
by Carl Hose, Demand Media

Product promotion is one of the necessities for getting your brand in front of the public and attracting new customers. There are numerous ways to promote a product or service. Some companies use more than one method, while others may use different methods for different marketing purposes. Regardless of your company’s product or service, a strong set of promotional strategies can help position your company in a favorable light with not only current customers but new ones as well. Sponsored Link

Download “Art of Pricing”
Part one of “Pricing: The Third Business Skill” available for free. www.firstprice.nl

Contests

Contests are a frequently used promotional strategy. Many contests don’t even require a purchase. The idea is to promote your brand and put your logo and name in front of the public rather than make money through a hard-sell campaign. People like to win prizes. Sponsoring contests can bring attention to your product without company overtness.

Social Media

Social media websites such as Facebook and Google+ offer companies a way to promote products and services in a more relaxed environment. This is direct marketing at its best. Social networks connect with a world of potential customers that can view your company from a different perspective. Rather than seeing your company as “trying to sell” something, the social network can see a company that is in touch with people on a more personal level. This can help lessen the divide between the company and the buyer, which in turn presents a more appealing and familiar image of the company.

Mail Order Marketing

Customers who come into your business are not to be overlooked. These customers have already decided to purchase your product. What can be helpful is getting personal information from these customers. Offer a free product or service in exchange for the information. These are customers who are already familiar with your company and represent the target audience you want to market your new products to.

Product Giveaways

Product giveaways and allowing potential customers to sample a product are methods used often by companies to introduce new food and household products. Many of these companies sponsor in-store promotions, giving away product samples to entice the buying public into trying new products. Point-of-Sale Promotion and End-Cap Marketing

Point-of-sale and end-cap marketing are ways of selling product and promoting items in stores. The idea behind this promotional strategy is convenience and impulse. The end cap, which sits at the end of aisles in grocery stores, features products a store wants to promote or move quickly. This product is positioned so it is easily accessible to the customer. Point-of-sale is a way to promote new products or products a store needs to move. These items are placed near the checkout in the store and are often purchased by consumers on impulse as they wait to be checked out.

Customer Referral Incentive Program

The customer referral incentive program is a way to encourage current customers to refer new customers to your store. Free products, big discounts and cash rewards are some of the incentives you can use. This is a promotional strategy that leverages your customer base as a sales force.

Causes and Charity

Promoting your products while supporting a cause can be an effective promotional strategy. Giving customers a sense of being a part of something larger simply by using products they might use anyway creates a win/win situation. You get the customers and the socially conscious image; customers get a product they can use and the sense of helping a cause. One way to do this is to give a percentage of product profit to the cause your company has committed to helping.

Branded Promotional Gifts

Giving away functional branded gifts can be a more effective promotional move than handing out simple business cards. Put your business card on a magnet, ink pen or key chain. These are gifts you can give your customers that they may use, which keeps your business in plain sight rather than in the trash or in a drawer with other business cards the customer may not look at.

Customer Appreciation Events

An in-store customer appreciation event with free refreshments and door prizes will draw customers into the store. Emphasis on the appreciation part of the event, with no purchase of anything necessary, is an effective way to draw not only current customers but also potential customers through the door. Pizza, hot dogs and soda are inexpensive food items that can be used to make the event more attractive. Setting up convenient product displays before the launch of the event will ensure the products you want to promote are highly visible when the customers arrive.

After-Sale Customer Surveys

Contacting customers by telephone or through the mail after a sale is a promotional strategy that puts the importance of customer satisfaction first while leaving the door open for a promotional opportunity. Skilled salespeople make survey calls to customers to gather information that can later be used for marketing by asking questions relating to the way the customers feel about the products and services purchased. This serves the dual purpose of promoting your company as one that cares what the customer thinks and one that is always striving to provide the best service and product.

Sponsored Links

1. Small Business >
2. Advertising & Marketing >
3. Promotions
Top Ten Promotional Strategies
by Carl Hose, Demand Media

Product promotion is one of the necessities for getting your brand in front of the public and attracting new customers. There are numerous ways to promote a product or service. Some companies use more than one method, while others may use different methods for different marketing purposes. Regardless of your company’s product or service, a strong set of promotional strategies can help position your company in a favorable light with not only current customers but new ones as well.

Sponsored Link

Download “Art of Pricing”
Part one of “Pricing: The Third Business Skill” available for free. www.firstprice.nl

Contests

Contests are a frequently used promotional strategy. Many contests don’t even require a purchase. The idea is to promote your brand and put your logo and name in front of the public rather than make money through a hard-sell campaign. People like to win prizes. Sponsoring contests can bring attention to your product without company overtness.

Social Media

Social media websites such as Facebook and Google+ offer companies a way to promote products and services in a more relaxed environment. This is direct marketing at its best. Social networks connect with a world of potential customers that can view your company from a different perspective. Rather than seeing your company as “trying to sell” something, the social network can see a company that is in touch with people on a more personal level. This can help lessen the divide between the company and the buyer, which in turn presents a more appealing and familiar image of the company.

Mail Order Marketing

Customers who come into your business are not to be overlooked. These customers have already decided to purchase your product. What can be helpful is getting personal information from these customers. Offer a free product or service in exchange for the information. These are customers who are already familiar with your company and represent the target audience you want to market your new products to.

Product Giveaways

Product giveaways and allowing potential customers to sample a product are methods used often by companies to introduce new food and household products. Many of these companies sponsor in-store promotions, giving away product samples to entice the buying public into trying new products.

Point-of-Sale Promotion and End-Cap Marketing

Point-of-sale and end-cap marketing are ways of selling product and promoting items in stores. The idea behind this promotional strategy is convenience and impulse. The end cap, which sits at the end of aisles in grocery stores, features products a store wants to promote or move quickly. This product is positioned so it is easily accessible to the customer. Point-of-sale is a way to promote new products or products a store needs to move. These items are placed near the checkout in the store and are often purchased by consumers on impulse as they wait to be checked out.

Customer Referral Incentive Program

The customer referral incentive program is a way to encourage current customers to refer new customers to your store. Free products, big discounts and cash rewards are some of the incentives you can use. This is a promotional strategy that leverages your customer base as a sales force.

Causes and Charity

Promoting your products while supporting a cause can be an effective promotional strategy. Giving customers a sense of being a part of something larger simply by using products they might use anyway creates a win/win situation. You get the customers and the socially conscious image; customers get a product they can use and the sense of helping a cause. One way to do this is to give a percentage of product profit to the cause your company has committed to helping.

Branded Promotional Gifts

Giving away functional branded gifts can be a more effective promotional move than handing out simple business cards. Put your business card on a magnet, ink pen or key chain. These are gifts you can give your customers that they may use, which keeps your business in plain sight rather than in the trash or in a drawer with other business cards the customer may not look at.

Customer Appreciation Events

An in-store customer appreciation event with free refreshments and door prizes will draw customers into the store. Emphasis on the appreciation part of the event, with no purchase of anything necessary, is an effective way to draw not only current customers but also potential customers through the door. Pizza, hot dogs and soda are inexpensive food items that can be used to make the event more attractive. Setting up convenient product displays before the launch of the event will ensure the products you want to promote are highly visible when the customers arrive.

After-Sale Customer Surveys

Contacting customers by telephone or through the mail after a sale is a promotional strategy that puts the importance of customer satisfaction first while leaving the door open for a promotional opportunity. Skilled salespeople make survey calls to customers to gather information that can later be used for marketing by asking questions relating to the way the customers feel about the products and services purchased. This serves the dual purpose of promoting your company as one that cares what the customer thinks and one that is always striving to provide the best service and product. ————————————————-

Marketing strategy
From Wikipedia, the free encyclopedia
| This article may need to be rewritten entirely to comply with Wikipedia’s quality standards. You can help. The discussion page may contain suggestions. (May 2009)|

Marketing|
Key concepts|
* Product marketing * Pricing * Distribution * Service * Retail * Brand management * Account-based marketing * Ethics * Effectiveness * Research * Segmentation * Strategy * Activation * Management * Dominance * Marketing operations * Social marketing * Identity| Promotional contents|

* Advertising * Branding * Underwriting spot * Direct marketing * Personal sales * Product placement * Publicity * Sales promotion * Sex in advertising * Loyalty marketing * Mobile marketing * Premiums * Prizes * Corporate anniversary * On Hold Messaging| Promotional media|

* Printing * Publication * Broadcasting * Out-of-home advertising * Internet * Point of sale * Merchandise * Digital marketing * In-game advertising * Product demonstration * Word-of-mouth * Brand ambassador * Drip marketing * Visual merchandising| * v * t * e|

Marketing strategy is defined by David Aaker as a process that can allow an organization to concentrate its resources on the optimal opportunities with the goals of increasing sales and achieving a sustainable competitive advantage.[1] Marketing strategy includes all basic and long-term activities in the field of marketing that deal with the analysis of the strategic initial situation of a company and the formulation, evaluation and selection of market-oriented strategies and therefore contribute to the goals of the company and its marketing objectives.[2] Contents

[hide]
* 1 Developing a marketing strategy
* 2 Types of strategies
* 3 Strategic models
* 4 Real-life marketing
* 5 See also
* 6 References
* 7 Further reading
————————————————-
Developing a marketing strategy[edit source | editbeta]

Marketing strategies serve as the fundamental underpinning of marketing plans designed to fill market needs and reach marketing objectives.[3] Plans and objectives are generally tested for measurable results. Commonly, marketing strategies are developed as multi-year plans, with a tactical plan detailing specific actions to be accomplished in the current year. Time horizons covered by the marketing plan vary by company, by industry, and by nation, however, time horizons are becoming shorter as the speed of change in the environment increases.[4] Marketing strategies are dynamic and interactive. They are partially planned and partially unplanned. See strategy dynamics.

Marketing strategy needs to take a long term view, and tools such as customer lifetime value models can be very powerful in helping to simulate the effects of strategy on acquisition, revenue per customer andchurn rate. Marketing strategy involves careful scanning of the internal and external environments.[5] Internal environmental factors include the marketing mix andmarketing mix modeling, plus performance analysis and strategic constraints.[6] External environmental factors include customer analysis, competitor analysis, target market analysis, as well as evaluation of any elements of the technological, economic, cultural or political/legal environment likely to impact success.[4] A key component of marketing strategy is often to keep marketing in line with a company’s overarching mission statement

.[7] Once a thorough environmental scan is complete, a strategic plan can be constructed to identify business alternatives, establish challenging goals, determine the optimal marketing mix to attain these goals, and detail implementation.[4] A final step in developing a marketing strategy is to create a plan to monitor progress and a set of contingencies if problems arise in the implementation of the plan. Marketing Mix Modeling is often used to help determine the optimal marketing budget and how to allocate across the marketing mix to achieve these strategic goals. Moreover, such models can help allocate spend across a portfolio of brands and manage brands to create value. ————————————————-

Types of strategies[edit source | editbeta]

Marketing strategies may differ depending on the unique situation of the individual business. However there are a number of ways of categorizing some generic strategies. A brief description of the most common categorizing schemes is presented below: Strategies based on market dominance – In this scheme, firms are classified based on their market share or dominance of an industry. Typically there are four types of market dominance strategies:

* Leader
* Challenger
* Follower
* Nicher

According to Shaw, Eric (2012). Marketing Strategy: From the Origin of the Concept to the Development of a Conceptual Framework. Journal of Historical Research in Marketing., there is a framework for marketing strategies. * Market introduction strategies

“At introduction, the marketing strategist has two principle strategies to choose from: penetration or niche” (47). * Market growth strategies
“In the early growth stage, the marketing manager may choose from two additional strategic alternatives: segment expansion (Smith, Ansoff) or brand expansion (Borden, Ansoff, Kerin and Peterson, 1978)” (48). * Market maturity strategies

“In maturity, sales growth slows, stabilizes and starts to decline. In early maturity, it is common to employ a maintenance strategy (BCG), where the firm maintains or holds a stable marketing mix” (48). * Market decline strategies

At some point the decline in sales approaches and then begins to exceed costs. And not just accounting costs, there are hidden costs as well; as Kotler (1965, p. 109) observed: ‘No financial accounting can adequately convey all the hidden costs.’ At some point, with declining sales and rising costs, a harvesting strategy becomes unprofitable and a divesting strategy necessary” (49). Early marketing strategy concepts were:

* Borden’s “marketing mix”

“In his classic Harvard Business Review (HBR) article of the marketing mix, Borden (1964) credits James Culliton in 1948 with describing the marketing executive as a ‘decider’ and a ‘mixer of ingredients.’ This led Borden, in the early 1950s, to the insight that what this mixer of ingredients was deciding upon was a ‘marketing mix'” (34). * Smith’s “differentiation and segmentation strategies” “In product differentiation, according to Smith (1956, p. 5), a firm tries ‘bending the will of demand to the will of supply.’

That is, distinguishing or differentiating some aspect(s) of its marketing mix from those of competitors, in a mass market or large segment, where customer preferences are relatively homogeneous (or heterogeneity is ignored, Hunt, 2011, p. 80), in an attempt to shift its aggregate demand curve to the left (greater quantity sold for a given price) and make it more inelastic (less amenable to substitutes). With segmentation, a firm recognizes that it faces multiple demand curves, because customer preferences are heterogeneous, and focuses on serving one or more specific target segments within the overall market” (35). * Dean’s “skimming and penetration strategies”

“With skimming, a firm introduces a product with a high price and after milking the least price sensitive segment, gradually reduces price, in a stepwise fashion, tapping effective demand at each price level. With penetration pricing a firm continues its initial low price from introduction to rapidly capture sales and market share, but with lower profit margins than skimming” (37). * Forrester’s “product life cycle (PLC)”

“The PLC does not offer marketing strategies, per se; rather it provides an overarching framework from which to choose among various strategic alternatives” (38). There are also corporate strategy concepts like:

* Andrews’ “SWOT analysis”
“Although widely used in marketing strategy, SWOT (also known as TOWS) Analysis originated in corporate strategy. The SWOT concept, if not the acronym, is the work of Kenneth R. Andrews who is credited with writing the text portion of the classic: Business Policy: Text and Cases (Learned et al., 1965)” (41). * Ansoff’s “growth strategies”

“The most well-known, and least often attributed, aspect of Igor Ansoff’s Growth Strategies in the marketing literature is the term ‘product-market.’ The product-market concept results from Ansoff juxtaposing new and existing products with new and existing markets in a two by two matrix” (41-42). * Porter’s “generic strategies”

Porter generic strategies – strategy on the dimensions of strategic scope and strategic strength. Strategic scope refers to the market penetration while strategic strength refers to the firm’s sustainable competitive advantage. The generic strategy framework (porter 1984) comprises two alternatives each with two alternative scopes.

These are Differentiation and low-cost leadershipeach with a dimension of Focus-broad or narrow. ** Product differentiation ** Cost leadership ** Market segmentation * Innovation strategies — This deals with the firm’s rate of the new product development and business model innovation. It asks whether the company is on the cutting edge of technology and business innovation. There are three types: ** Pioneers ** Close followers ** Late followers * Growth strategies — In this scheme we ask the question, “How should the firm grow?”. There are a number of different ways of answering that question, but the most common gives four answers: * Horizontal integration

* Vertical integration
* Diversification
* Intensification

These ways of growth are termed as organic growth. Horizontal growth is whereby a firm grows towards acquiring other businesses that are in the same line of business for example a clothing retail outlet acquiring a food outlet. The two are in the retail establishments and their integration lead to expansion. Vertical integration can be forward or backward.

Forward integration is whereby a firm grows towards its customers for example a food manufacturing firm acquiring a food outlet. Backward integration is whereby a firm grows towards its source of supply for example a food outlet acquiring a food manufacturing outlet. A more detailed scheme uses the categoriesMiles, Raymond (2003). Organizational Strategy, Structure, and Process. Stanford: Stanford University Press. ISBN 0-8047-4840-3.: * Prospector

* Analyzer
* Defender
* Reactor
* Marketing warfare strategies – This scheme draws parallels between marketing strategies and military strategies. BCG’s “growth-share portfolio matrix” “Based on his work with experience curves (that also provides the rationale for Porter’s low cost leadership strategy), the growth-share matrix was originally created by Bruce D. Henderson, CEO of the Boston Consulting Group (BCG) in 1968 (according to BCG history). Throughout the 1970s, Henderson expanded upon the concept in a series of short (one to three page) articles in the BCG newsletter titled Perspectives (Henderson, 1970, 1972, 1973, 1976a, b). Tremendously popular among large multi-product firms, the BCG portfolio matrix was popularized in the marketing literature by Day (1977)” (45). ————————————————-

Strategic models[edit source | editbeta]

| This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (June 2008)| Marketing participants often employ strategic models and tools to analyze marketing decisions. When beginning a strategic analysis, the 3Cs can be employed to get a broad understanding of the strategic environment. An Ansoff Matrix is also often used to convey an organization’s strategic positioning of their marketing mix. The 4Ps can then be utilized to form a marketing plan to pursue a defined strategy. Marketing Mix Modeling is often used to simulate different strategic flexing go the 4Ps. Customer lifetime value models can help simulate long term effects of changing the 4Ps, e.g.; visualize the multi-year impact on acquisition, churn rate, and profitability of changes to pricing. However, 4Ps have been expanded to 7 or 8Ps to address the different nature of services.

There are many companies especially those in the Consumer Package Goods (CPG) market that adopt the theory of running their business centered around Consumer, Shopper & Retailer needs. Their Marketing departments spend quality time looking for “Growth Opportunities” in their categories by identifying relevant insights (both mindsets and behaviors) on their target Consumers, Shoppers and retail partners. These Growth Opportunities emerge from changes in market trends, segment dynamics changing and also internal brand or operational business challenges.The Marketing team can then prioritize these Growth Opportunities and begin to develop strategies to exploit the opportunities that could include new or adapted products, services as well as changes to the 7Ps. ————————————————-

Real-life marketing[edit source | editbeta]

Real-life marketing primarily revolves around the application of a great deal of common-sense; dealing with a limited number of factors, in an environment of imperfect information and limited resources complicated by uncertainty and tight timescales. Use of classical marketing techniques, in these circumstances, is inevitably partial and uneven. Thus, for example, many new products will emerge from irrational processes and the rational development process may be used (if at all) to screen out the worst non-runners. The design of the advertising, and the packaging, will be the output of the creative minds employed; which management will then screen, often by ‘gut-reaction’, to ensure that it is reasonable.

For most of their time, marketing managers use intuition and experience to analyze and handle the complex, and unique, situations being faced; without easy reference to theory. This will often be ‘flying by the seat of the pants’, or ‘gut-reaction’; where the overall strategy, coupled with the knowledge of the customer which has been absorbed almost by a process of osmosis, will determine the quality of the marketing employed. This, almost instinctive management, is what is sometimes called ‘coarse marketing’; to distinguish it from the refined, aesthetically pleasing, form favored by the theorists.


Promotion is one of the market mix elements, and a term used frequently in marketing. The specification of five promotional mix or promotional plan. These elements are personal selling, advertising, sales promotion, direct marketing, and publicity.[1] A promotional mix specifies how much attention to pay to each of the five subcategories, and how much money to budget for each. A promotional plan can have a wide range of objectives, including: sales increases, new product acceptance, creation of brand equity, positioning, competitive retaliations, or creation of acorporate image. Fundamentally, however there are three basic objectives of promotion. These are:[2] 1. To present information to consumers as well as others. 2. To increase demand.

3. To differentiate a product.

There are different ways to promote a product in different areas of media. Promoters use internet advertisement, special events, endorsements, and newspapers to advertise their product. Many times with the purchase of a product there is an incentive like discounts, free items, or a contest. This is to increase the sales of a given product. The term “promotion” is usually an “in” expression used internally by the marketing company, but not normally to the public or the market – phrases like “special offer” are more common. An example of a fully integrated, long-term, large-scale promotion are My Coke Rewards and Pepsi Stuff. The UK version of My Coke Rewards is Coke Zone. ————————————————-

See also

Advertising and promotional strategies
Radio, television and print

* Consider your key target audience when selecting your media partners. For example, approach a radio station that has the same demographic of listeners as your event’s primary target market. * From a budgetary perspective, consider securing official radio, print and television media partners for your event by approaching them for ‘value in kind’ (VIK) sponsorship. * Negotiate where possible complimentary rate card advertising schedules to be committed to by the media partners as part of the media sponsorship. * Confirm an advertising schedule with each media partner based on preferred timing to maximise interest. * Get your sponsors and media partners to work together in joint promotions around your event.

Community activation programmes

* Look at implementing and managing a range of unique community activation programmes that specifically target the event’s key markets (think ‘outside the square’). For example: * special ticket packages to ethnic/community/supporter groups * Saturday morning activation campaigns at sports events * school initiatives

* adopt-a-team programme
* complimentary ticketing campaign
* public events and activities, such as ‘have a go’ challenges, and “meet the stars” * tele-sales
* direct marketing
* launches
* civic functions.
* Keep leverage and legacy in mind when developing community activation programmes – consider developing additional activities associated with the event that are self-financing and independent but add to its overall scale and image. Community engagement should form an important part of a leverage and legacy plan. See the Leverage and Legacy module for more info.

Other print material
* Produce consistent, eye-catching posters, flyers and billboards. * Work with your ‘print media partner’ to produce an official souvenir
programme that is also used as an insert in the local paper, with extra copies printed for further circulation. * Use your programme to offer advertising for event sponsors. * Produce other print material such as an event guide, media guide and volunteer handbook. Top

Social media
* Produce your own exclusive event website. Include statistics, profiles and online ticket and merchandise sales. * Regularly update the site and ensure links are made with other relevant sites. * Produce regular online newsletters.

Develop an integrated ‘social media’ campaign using available internet tools. The technology is cost effective and they can be powerful marketing tools, especially for younger target markets. They include: * Facebook

* Twitter
* YouTube
* Flickr
* Tumblr
* texting, e.g. competitions
* blogging, e.g. general and star blogs.

Direct marketing

* Work closely with key stakeholders to implement a comprehensive direct marketing campaign. * Sports associations, clubs, city councils, ethnic groups and schools can all assist in this area. * Be aware of the Privacy Act 1993 when it comes to implementing your direct marketing campaign. * Also be aware of the Unsolicited Electronic Messages Act 2007 which is designed to curb the growth of spam in New Zealand and which covers email, fax, instant messaging, mobile/smart phone text (TXT) and image based messages of a commercial nature and imposes various requirements on senders of such electronic messages.

* Segment your database and provide tailored campaigns specific to the various target audiences, such as schools, clubs,ethnic and community groups. * Include prizes and ticket incentive schemes within your direct marketing campaign – you should seek legal advice if you are running competitions overseas or on mediums such as Facebook.

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