Marketing is an important process for all companies who want to reach their target market while meeting the needs of the customers. There are multiple aspects of the marketing process including understanding and implementation of the four P’s- product, price, place, and promotion. Implementing the four P’s in the right marketing mix allows a company to develop products that are different from the competition, which is important if a company wants to have the competitive advantage. This also allows a company to effectively position its brand and product in the market. To help with the positioning of a brand or product a company can use perceptual mapping.
An organization needs to make sure the product or service they are offering is in the appropriate location where its target markets can reach it. Promotion: The method in which the customer will gain knowledge about the product and be persuaded to purchase it. There are many different types of promotional activities that can be used to help gain knowledge, exposure, and desire to purchase. When planning these different activities, it is very important to estimate what they will cost and factor that into the organization’s operating budget. When working from a small
3) Place: where is the product available to customers? Product placement planning is a must to think of the many paths to everywhere you can sell a product. Knowing your product as to where it sells better is the key. For instance, a company must know if a product has more sales when its placement near to cashier location, retail store or department store. 4) Promotion: Product awareness in other words.
Set quantifiable goals for your marketing plan, including increasing brand awareness, store or website traffic and the number of leads or sales. Companies need to carefully observe their marketing objectives, because if there are too many, then that isn’t necessarily quantifiable, and could result in goals that aren’t reasonable or reachable. Monitoring the effectiveness of the marketing penetration can be obvious, if you are observing existing tendencies in revenue and profit, and
In getting over the hurdle, we proposes a strategy that puts SC Johnson’s strengths and resources to effective use. This section begins with a recap of the opportunities identified in the situational analysis. We then identifies how SC Johnson can capitalize on those opportunities by implementing the proposed strategy. The focus throughout this section of the report is on differentiating the brand in a way that is meaningful to the consumer. Our objectives for the proposed strategy are presented, along with a description of the target consumer.
Introduction All organizations have a compensation plan in which to satisfy the employee to generate productivity. Compensation plans need to be tied to an organization’s strategic mission and should take their direction from that mission (2009). They must support the general business strategy, for example, innovation, cost leadership (2009). The new compensation plan for my team with the embarkation of a new strategic plan of InterClean focus more on attracting and retaining productive and potential employees. Compensation will be determined considering the organization’s budget and most importantly the required performance and productivity to achieve organizational goals.
Market research should be done on a continual basis to keep up with trends in the market and keep a competitive edge against competitors. It can be used to identify potential customers which can answer who are going to use their product/service? Are they male or female? Etc. It’ll allow the company to understanding existing customers.
To be profitable, consumers have to be aware of new products and purchase the items; this is how companies increase revenue. Being able to effectively manage the four Ps of the marketing mix are crucial to the success of the new product or service being marketed. The four Ps consist of product or service, place, price, and promotion (Kotler, & Keller, 2013). By using the four Ps marketing mix, it assist in how your company decides to market a new product or service; and tests current marketing strategy. This concept works both domestic and internal markets; for international markets, various cultures will have to be researched and adjustments made to integrate the products or services successfully into the market (Kotler, & Keller,
Marketing Research and Planning Huffman trucking implements a marketing research and planning system that supports a variety of areas within the marketing department. The system encompasses all past marketing research and marketing plans. “To create value for customers and to build meaningful relationships with them, marketers must first gain fresh, deep insights into what customers need and want” (Armstrong & Kotler, 2011). The system is used to research information and make better decisions for future marketing endeavors. It encompasses the following
Marketing Audit Approach. A Marketing Audit is a comprehensive, systematic, independent, and periodic analysis that a company uses to examine its position in relation to its current and potential market(s). A marketing audit may also exhibit weaknesses and recognize opportunities to improve an organization marketing activities in selling products and services. A Marketing Audit will help a company to position products and services for optimum sales, evaluate the competitive environment, identify problems with marketing efforts, evaluate pricing strategy, and implement cost-effective marketing strategies and tactics. An effective marketing audit takes into consideration the general business environment and the general market environment.