Saturday, 27 April 2013

Marketing techniques

A marketing strategy is an overall marketing plan designed to meet the needs and requirements of customers. The plan should be based on clear objectives. A number of techniques will then be employed to make sure that the marketing plan is effectively delivered. Marketing techniques are the tools used by the marketing department. The marketing department will set out to identify the most appropriate techniques to employ in order to make profits. These marketing techniques include public relations, trade and consumer promotions, point-of-sale materials, editorial, publicity and sales literature.
Marketing techniques are employed at three stages of marketing:

Market research enables the organisation to identify the most appropriate marketing mix. The mix should consist of:
  • 1.the right product
  • 2.sold at the right price
  • the right place
  • 4.using the most suitable promotional techniques.

To create the right marketing mix, marketers have to ensure the following:
  • The product has to have the right features - for example, it must look good and work well.
  • The price must be right. Consumers will need to buy in large numbers to produce a healthy profit.
  • The goods must be in 'the right place at the right time'. Making sure that the goods arrive when and where they are wanted is an important operation.
  • The target group needs to be aware of the existence and availability of the product through promotion. Successful promotion helps a firm to spread costs over a larger output.

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