A Review of Different Marketing Strategies and Its Implementation
The first product strategy is branding. Branding will enable Company G to differentiate its electronics products from its other products and those of other small appliance companies in the industry (Kotler, 2012). Similarly, Company G can use product assortment as a product strategy. Product assortment will enable Company G to manufacture a wide range of products that meet all customer preferences. Besides, Company G can use product design as a product strategy (Rodriguez et al., 2017). Product designs will involve the manufacture of high-quality products that will attract more customers.
The first price strategy that can be applied by Company G is payment terms. Different customers prefer differing payment terms; hence, application of different terms by the company will attract more customers (Kotler, 2012). Secondly, Company G can apply discounts as a price strategy. Discounts tend to lower the price of a product thus; Company G will attract more customers by lowering its new product through discounts. Likewise, Company G can apply price tactics as a price strategy. Price tactics will enable the company to set the price of its new product based on the economic situation.
The first place strategy that will be applied by Company G is intensive distribution. Intensive distribution will ensure that the company supplies its new products nationwide and to all individuals that are interested in purchasing it. Secondly, Company G can use transportation and warehousing. Transportation and warehousing will enable the company to avail its new products nationwide (Rodriguez et al., 2017). Besides, Company G can apply to the franchise as a place strategy. Franchising will enable the company to avail of the new product at the same quality in all locations it operates in.
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Firstly, Company G will apply the message strategy as a promotion strategy. The message strategy involves determining what is to be communicated to the target audience (John and Katherine, 2008). Likewise, Company G will apply message frequency as a promotion strategy. Message frequency involves determining the number of times that information about the new product is to be relayed to the target audience (Kotler, 2012). Moreover, Company G can apply promotional mix as a promotion strategy. Promotional mix involves the application of an appropriate balance of PR, sales promotion, direct marketing, and advertising.
Return on investment will be used to measure the progress towards objectives identified in the marketing plan. The monitoring action will be performed after every quarter of the year and at the end of the year when the company's provisional and financial statements are prepared.
Customer response can be used as a monitoring strategy as well. Customer response involves gaining feedback from Company G's customers about the new product. The monitoring action can be performed probably when a customer purchases the product for the second time. Similarly, competitor response can be applied as a monitoring procedure form of assuring the progress towards marketing plan objectives. Competitor response involves assessing the reaction of Company G's competitors towards the new product. The monitoring action can be performed after every time the company makes significant sales of the new product.
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