Product passes through four stages of its life cycle. Every stage poses different opportunities and challenges to the marketer. Each of stages demands the unique or distinguished set of marketing strategies.
Magazine The Strategic Marketing Process: A Complete Guide A well defined and feasible marketing strategy makes meeting customer needs a likely and attainable goal.
And while most companies do great marketing, only a few have created brand attachment and customer loyalty through their marketing practices and tactics. A company wanting to secure a certain share of the market, should ensure they clearly identify their mission, survey the industry situation, define specific objectives and develop, implement and evaluate a plan to guarantee they can provide their customers with the products they need, when they need them.
Of course, the central objective of any company will be customer satisfaction so they may dominate the market and become leaders in their industry and thus providing substantial business satisfaction. In order to do that, three phases of marketing strategy must be perfected to create delight in their customers and beat out the competition.
Planning Phase The planning phase is the most important as it analyzes internal strengths and weaknesses, external competition, changes in technology, industry culture shifts and provides an overall picture of the state of the organization.
This phase has four key components that will provide a clear diagram of where your company is and what it is doing. To maximizes strengths and minimize weaknesses an organization must perform the following: Marketing program — Once the needs of the customers have been determined, and the decisions have been made about which products will satisfy those needs, a marketing program or mix must be developed.
This marketing program is the how aspect of the planning phase, which focuses on the 4Ps and the budget needed for each element of the mix. Set marketing and product goals Once the customer needs are understood, goals can be set to meet them, thus increasing the Stages of advertising strategies of success with new products.
Find points of difference: For example, your product could be longer lasting, more accessible, more reliable or very user-friendly so the buyers will choose it over the competition each time.
Through emotional and mental marketing customers will associate your brand with their solution and eliminate choice. Market-Product focus and Goal Setting — Once the questions of where the company stands and what it wants to achieve are answered, the next step in the planning process is determining where the resources will be allocated, and how to turn plans into focused action.
To do this, customers should be divided into segments to determine what specific marketing technique will reach each targeted group and what each group needs. Next measurable goals should be set to get the needed products to the various groups, thus fulfilling the marketing objectives.
And as well, if customers are grouped by their common response to marketing, then the cooperation will know the right decisions to make to reach that specific market segment. Implementation Phase The implementation phase is the action portion of the process.
If the firm cannot carry out the plan that was determined in the early stages, then the hours spent planning were wasted. However, if the planning was adequately and competently structured, then the program can be put into effect through a sales forecast and a budget, using the following four components.
Obtaining Resources — sums of cash to develop and market new products. Designing marketing organization — there should be put in place a marketing hierarchy to properly see the plans to fruition.
Developing planning schedules — time needs to be allocated to specific tasks so they can be accomplished.
Executing the marketing plan — effectively executing the marketing plan will take attention to detail, and focus on the strategy and tactics defined in your marketing plan. Evaluation or Control Phase The evaluation phase is the checking phase.
This process involves ensuring that the results of the program are in line with the goals set. The marketing team, especially the manager will need to observe any deviations in the plan and quickly correct negative deviations to get back on course; for example fluctuations of the dollar creates a lesser need for the product than in the past, then the production of said product should be repurposed for a new more desired item.
And they should exploit the positive divergences as well, for example if sales are better than predicted for certain products then there could be more resources allocated to greater production or distribution of the same item. A few ways to evaluate the effectiveness of your marketing strategy include paying attention to: Strategy versus tactic — strategy defines goals and tactic defines actions to achieve goals.
Actionable versus Contingent — According to Inc.
Some guidelines to ensure this strategy is effective are: Set measurable, achievable goals by ensuring they are clear, structured and measurable it will be easier to accomplish your purpose. Base plans on facts and validated assumptions through market research.
Use simple, clear and precise plans to detail what benefits you will offer your clients and how. Customers are driven by needs and desires so a clear plan will target those to gain customer loyalty.
Have a feasible plan by using research to decide the best way to connect with and engage your ideal customers and then implement a plan your company can afford and carry to fulfillment to do so.
Ensure control and flexibility by customizing your business plans and goals to match the needs of the customers, as they determine the success or failure of your company.
And get regular tips and tricks on topics such as marketing, financing, strategy, and management, so you can start and grow your company more successful. Here are a few possible issues to be prepared to face: Organizational Issues such as Poor Assumptions: Issues in the Marketing Department such as:Each of stages demands the unique or distinguished set of marketing strategies.
A marketer should watch on its sales and market situations to identify the stage in which the product is passing through, and accordingly, he should design appropriate marketing strategies. Business and Personal Brand Professional - #Consultancy, #Brand, #Marketing, #Coaching, #Training.
For every business to remain successful, we need to understand the people we are targeting. Consumers today are overloaded with products and services from a range of potential suppliers and they have access to information to analyze .
Introduction stage – Product Life Cycle Strategies. The introduction stage is the stage in which a new product is first distributed and made available for purchase, after having been developed in the product development stage. If your advertising base appeals to you, it will most likely appeal to your peers in the classroom.
Choose a product. Name your product. Analyze successful advertising. Brainstorm and write a list of the product's benefits. Choose your market, if part of your class assignment. Price your product.
Marketing is the process of building understanding and communication between the supplier and the customer. Sales takes this process one step further, and can be characterized as the process of fulfilling the needs of customers with a satisfactory product or service, consummated by the exchange of money.
Growth Stage. The second stage of the product life cycle, the growth stage, builds on the demand established during the introduction stage. This is a period of rapid sales increase, and the character of the marketing campaign changes significantly.