strategies_of_marketing

Strategies of marketing

Student’s Name

Institution’s Name

Strategies of marketing

This assignment, discusses the strategy of sales promotional tools and the rationale behind it. A business, however, has to consider certain aspects that affect the marketing of its products or services.

One of these aspects is competitive advantage. A business can have competitive advantage if for instance it has invested more in technology than its competitors and thus is able to reach a wider target market via platforms such as social media or email marketing.

A successful marketing strategy must also consider what influences the buying decisions of consumers. When I make a purchase, I consider issues such as the budget and the brand of what I am buying which is based on my loyalty. A business must consider the demography of its consumers when marketing their products.

The target market is also critical as it is who the business is selling to. The strategy of targeting should the first action to undertake which will require one to understand the customer they are targeting and the best way to get to them and their attention (Pride & Ferrell, 2016).

Branding, packaging and pricing of product will determine the success of a sale. A consumer has to be able to tell apart similar products when buying otherwise a business may end up losing to the competition. For instance Coke and Pepsi, both soft drinks are branded, packaged and priced differently.

Chand (2016) explains that sales promotional tools consist of: consumer-oriented and trade-oriented. As a business, both tools should be applied in marketing. Consumer-oriented tools target existing and new consumers(para.3) by offering free samples(para.4),coupons(para.5), exchange schemes(para.6), discounts(para.7),premium offers(para.8) and personality promotions(para.9) and installment sales(para.10).As for trade –oriented sales tools, they target the dealer network of the company for motivation(para.11).The tools are: cash bonuses(para.12), stock return(para.13), credit terms(para.14), dealer conferences(para.15),dealer trophies(para.16) and push incentives (para.17).

References

Chand, S. (2016).Sales Promotion Tools: Consumer-Oriented and Trade-Oriented Sales Promotion. Retrieved from www.yourarticlelibrary.com/sales/sales-promotion-tools-consumer-oriented-and-trade-oriented-sales-promotion/323305/Pride, W. & Ferrell.O.C. (2016). Cengage Learning. Marketing.(18th.ed).