Factors Affecting Marketing Strategy
Marketing strategies:
Marketing strategy consists of some worthwhile plans that integrate the marketing objectives of an organization. The right mix of goals, policies, and action sequences makes marketing strategies effective. The main objective of the marketing strategy is to increase the sales and profits of any organization or company.
The marketing strategy is developed considering the following factors:
Environmental analysis and market research:
Observing the external factors that favor the success or failure of a company is a very important marketing strategy. External factors include the economy, competition, the atmosphere, the transportation system, and the request for data to solve special marketing problems.
Market selection:
To improve the sales of a product, market selection is important. The amount of sales of a product depends on the location of the market, whether the market is located in urban or rural areas; if the market is easily accessible to people.
Consumer analysis:
Consumer characteristics, such as taste, choice, and preference, affect the marketing of the product. The characteristic of the consumer varies from man to man and from place to place. Therefore, the inspection of the characteristics, needs and purchasing processes of consumers is also important.
Product planning (including food, services and ideas):
Product planning includes developing the existing product by changing the composition, packaging system, product positions, brands, and removing old products.
Distribution hours:
The delivery system of the product to various markets, shopping malls, and restaurants is also considered for the marketing strategy. The distance from the place of production to the full seller or retailer, transportation system, physical distribution, asset allocation, wholesale details, inventory management, and channel relationships are all reasonable factors for the distribution planning.
Price planning:
The price of a product should be kept in a tolerable range for all classes of people so that they can easily pay for the product. If the price of the product becomes too high, the consumer will not buy the product.
Communications planning:
Communication planning can include advertising about the product through different mass media, such as television, radio, newspaper. The more a business publishes, the more it sells. In recent times, online advertising is another means of advertising. Through advertising, companies or organizations have the opportunity to focus on the good quality of their products and encourage customers to buy their products.
Brand Name:
A company’s brand has a great effect on the consumer to buy its product. A business should select a nice and attractive family brand for its best advertising.