A brief list of some of the factors that influence marketing decisions and opportunities.
Any marketing strategy has several factors that are interrelated and act together. For example, when a company decides to sell only on the Internet, it will have to worry about the development of a website, forms of payment by electronic commerce, distribution of merchandise by mail, etc. If you decide to sell in homes, you will need to maintain an adequate sales force. Informational brochures and according to the type of activity you carry out, you must establish strategies and processes.
Here are the strategies that should always be considered in marketing. (More important).
1. Target Market Selection Strategy:
Clearly defining a need for a target market will be the first element of the marketing strategy. It is imperative to define its potential, its characteristics and forms of purchase, its levels of consumption and preferences to start successfully.
2. Product Development Strategy:
Once the market needs and potential have been identified, the development of the products to be offered in said market will continue. Apart from the problem of production, it is key to define the appropriate composition of the products to be offered, the product lines, the analysis of consumption (how the target market or the typical consumer consumes in order to develop the product) and presentation forms.
3. Distribution Strategy:
Logistics and distribution activities will be another point of the marketing strategy. It includes: the channels through which the products are going to be distributed, the forms of delivery, the commercial sales alliances and all the activities related to the handling of the product, its care and its arrival at the final consumer.
Never forget the 4P: P laza, P roducto, P recio, P romoción and a fifth P de P personalization
4. Promotion and Advertising Strategy:
It is the part where the company makes known to its target market the products and services it offers, reaching the consumer directly (personally) or indirectly (massively).
Some means to use are: Television, radio, press, Internet, direct brochures, billboards, personal advertising, telemarketing etc…
Depending on the type of product and customers, the company must determine the best combination of marketing strategies to be successful in the development of its commercial activity.
5. Sales Strategy:
How will it be sold? What type of sales force will be used? What will be the credit and payment policies? What will be the sales ranges? What is the acceptable level of sales?, How much can you offer ?, etc…
6. Pricing strategy:
Determination of prices given the following elements (most important)
- Purchasing capacity, Socioeconomic level, Production Costs, Distribution Costs, Financial Costs, Logistic Costs, Advertising and Promotion Costs, Wages etc. Important: (Comparison of prices with the competition)
About the Price: The determination of the price generates segmentation, the price determines in many occasions the market segment to which we want to reach (luxury goods, high strata, middle or low cost consumer goods)
7. Communication Strategy and Customer Service:
Starting from the way of communicating with consumers (personal or impersonal way) and the type of product, a customer service strategy must be developed that always satisfies their needs and generates great brand appreciation.
Important: The customer service part allows interaction between the company and the consumer, so it must be considered vital for the development of the company, especially when managing services.
8. Technical assistance strategy and fault management:
If the product is susceptible to this strategy, it is necessary to define the forms of assistance to be implemented: management of guarantees with third parties for repairs, direct technical assistance, indirect technical assistance, complaints and claims centers, assistance centers, specialized assistance, etc.
Technical assistance is another important form of user interaction and will determine brand preference or abandonment.
9. Location strategy:
Determine the location according to the case of:
- Production plants. Sales points. Distribution points (wholesalers or retailers). Administrative buildings. Payment points. The sales force. Sellers. Transportation and cargo handling (if applicable).
10. Branding strategies and business image:
It is proven that companies with a strong brand notion and high commercial respect are more successful than those with a bad brand or social image.
Companies currently manage budgets to offer sponsorships, do charities, give gifts to customers, hold social gatherings, etc., to show a good image, help and indirectly benefit from good advertising.
11. Personnel and Quality Strategies:
Within the internal policies of the companies will be elements such as:
- Wages.Remuneration.Training.Plant quality.Updated production.Technology.
that will largely determine the efficiency and effectiveness of the company. Determining internal production policies will be the ultimate great marketing strategy.
