Introduction to Business in the Global Environment

product.docx

Marketing and Sales Strategy

The backbone of a marketing strategy is the marketing mix – the 4Ps … or 3Ps and a D if you prefer?

· Product(s) – specify the actual products and how they relate to the end-user’s needs and wants.

· Promotion – Specify how you will advertise, promote, and publicize your product, brand, company.

· Pricing – Setting the price for your products including promotional sales, discounts, bulk sales, etc…

· Placement (Distribution) – Addresses how you will get your product to the end-user. How will it be sold or distributed.

This section should answer the following questions:

· Who is your market and how you will reach it?

· How will your company apply the 4Ps to sell your products competitively.

Product

· What product does the customer want?

· Do we change an existing product or create  a new one?

· How will consumers use it?

· What will it look like? Color? Size?

· What are the characteristics of our target  market? Does our product suit the  available market?

· Is our product likely to be innovative (i.e.,  have a unique selling point?  

Placement

· Where will target customers look for this product or service?

· How can we get our product into the places customers look for it?

· Which distribution channels should we use to sell it?

Price

• How much should we charge? • Should we consider competitors’ prices? • How much does one of our products cost

to make? • What image do we want for our product

(e.g., high priced – exclusive, low price – value?

Promotion (Distribution)

• What are the promotional objectives (i.e., sell more quantity, or make more profit)

• What promotional strategies should we use? Displays? Free samples? Endorsements? Vouchers?

• What should the advertising campaign include? Facebook? Twitter? Email? Word of mouth? Flyers?