Marketing Strategies Essay example
1506 Words7 Pages
Price, product, place and promotion, the four Ps of marketing, are fundamental for successful marketing communication. One of its goals is building and reinforcing relationships with clientele, retailers and other people who the company markets their products to. But the main objective is to reach \a target market and affect their behavior through informing, convincing and reminding. They must reach out to new consumers and persuade then them to purchase their product, while at the same time they must preserve their current customers. But the no matter how good the promotion, it can never substitute for quality, enormously high prices or inadequate retail distrabution.…show more content…
Environmental scanning, understanding the businesses target market and examining the external environment, also, is integral to determine business opportunities and threats. To remain in existence, a business must be prepared to change their business strategies. This external environment includes market trends and the social, political and economic environment.
A product typically has a four stage life cycle, with includes the introduction, the growth, the maturity and the declining stages of the product. Technology generally has a shorter lifespan. Therefore, new product must be introduced earlier in the product’s life span. (http://www.udel.edu/alex/chapt12.html#life)
The introductory stage is when a new product is introduced to the market. A new product includes new models of an item that has already been in the market. During the introductory stage of a product there is a very high failure rate. It varies from 60%-90%, depending on the trade. (http://www.udel.edu/alex/chapt12.html#life) During this stage the company’s marketing objective is to let the target market know of its existence. Push and pull strategies, with ads and coupons, must be used. (http://www.learnmarketing.net/promotion.htm)
The product enters the growth stage next. As the product starts to be accepted by the target
Successful Marketing Strategies Essay
1019 Words5 Pages
Marketing is a vital component in the success of businesses. Smaller businesses rely on business advertising, expenses, knowing if the business is networking with the right people, or joining the best organisations which lead to success (EStartup business blog, 2010). Marketing concentrates on customers and what the customers want. Customers are the source of sales and profits. Many small businesses are faced with remarkable hardships due to not developing the right marketing plan (EStartup business blog, 2010). To help these businesses a more appropriate or better marketing plan needs to be designed. Small business internet marketing services can help businesses develop and thrive in a highly competitive market. For the highest quality…show more content…
As the economy and social attitudes change, so do buying patterns (EStartup business blog, 2010). Businesses need to identify whether the number of target customers is growing or shrinking and whether their buying habits will change in the future (EStartup business blog, 2010).
Subway is a franchise business that has been using many strategies of marketing and is now a successful business in Australia. Subway started as a single outlet in the city of Perth, Australia in 1987. Hard work has seen Subway become one of the most successful fast food franchises in Australia (Subway-target market, 2007). Its target market is people who like to eat fresh and healthy food, most importantly young Australians who prefer healthy fast food instead of burgers and fries (Subway-target market, 2007).
Also, Subway’s advertising tagline is “Subway – eat fresh”. This tagline is the most important part of marketing while advertising the business. This targets the people who are looking for fresh food and also for people who don’t want to eat junk food but want fast food (Subway-target market, 2007).
Another example of business that has been using successful marketing strategies is McDonalds; McDonald’s is one of the best known brands worldwide (McDonald’s Corporation, 2008). Successful marketing has been described by McDonalds as identifying customer needs and requirements and meeting