There are two common types of marketing strategies which are Product-Based Marketing and Customer-Based Marketing Strategies. These marketing strategies have two forms of advertising separated by their focus. The former places the focus of all of the items being sold, their availability and usefulness. The latter places the focus on a certain segment of the market, that research or other data has determined will be most interested in the products being offered. The Companies may choose to use one method the other or both depending on their marketing philosophy and the types of goods the sell.
Since the end of the last century, a quarter of marketing managers budget for advertising has been devoted to sales promotions and this amount has constantly increased. Whereas in the past, advertising appeared to be the most effective strategy to reach new consumer and to push them into purchasing, today it has been noticed that many marketers are moving toward sales promotions. This change has been pushed by several factors regarding the consumer, the distribution side and the competitive context. The purchasing power of consumers has decreased in recent years and now they appear to be more price sensitive and more reactive to promotional activities which appear to be real, concrete and often immediate. The rising costs of advertising also caused a decline in the use of mass media promotion which became also less effective instead of sales promotion.
It is a way to broaden the horizon: - when firm or companies are in multiple countries around the world, this can strengthening by then different cultures that they are exposed to on a daily basis. We all have something to teach each one another if we willing to listen. 2. Increase the visibility of the business brand: - When a company or business market is able to expand, the visibilities of that brand expands along with it. A growing international presence will, therefore, can make it easier in the future to continue expansion opportunities this is because of the increase brand recognition.
1. Market Penetration requires increasing the existing product sales in the existing market. The main strategic objective is to obtain more market shares or get the position of market leader. As an example: Aldi followed the market penetration strategy by opening thousands of stores across UK offering the same products. 2.
There are two common types of marketing strategies which are Product-Based Marketing and Customer-Based Marketing Strategies. These marketing strategies have two forms of advertising separated by their focus. The former places the focus of all of the items being sold, their availability and usefulness. The latest places the focus on a certain segment of the market, that research or other data has determined will be most interested in the products being offered. The Companies may choose to use one method the other or both depending on their marketing philosophy and the types of goods the sell.
I feel that if one is unable to successfully capture the attention of/reach out to their target market, no matter how good is the product, it wouldn’t be able to progress much. Promotions will become the voice of the company informing your consumers that you exist. A well-designed marketing and promotional strategy can help businesses ensure long term success, bring in more customers and increase net profit margin. http://lonelybrand.com/blog/3-companies-integrated-marketing-right/
However, the company seeks to incorporate product discounts based on the quantities bought to increase demand for the product while enhancing market penetration (Bian & Forysthe, 2012). The developed strategies pertaining to product development and positioning influence the development of the company’s brand in the market thus creating a competitive advantage. Increased penetration into new markets provides the company with a competitive edge as it garners a larger customer base within the new markets such as the MENA
This strategy, however, has it flaws as another competitor might enter with an even lower price. This can be detrimental to the business if its marketing strategy is based on cost leadership. • Differentiation,where the business seeks to excel in a specific aspect such as superior service or technology that directly benefits the customer. • Focus, where the businesses concentrates on a particular market segment or niche and specializes in catering to their needs. Another emerging marketing strategy today is the “go to market” strategy.