Marketing Strategy Implementation- Part I
There are a lot of ways of establishing strategic partnerships for the departmental store chain. Some of the most important strategic partnerships are discussed further. Making a local partner is more beneficial for the departmental store. It is due to the fact that the local retailer is already well aware from the nature of the market. Moreover, the strategic partnership can be developing for the sake of promotion. The expansion program of the departmental store in the west coast is on the basis of keeping high price ranged products. The people residing nearby west coast expected to be the main customers of the store therefore, it is very much important to capture the attention of these valuable customers (Cravens, 2013).
Moreover, partnership with different brands will be very much beneficial for the department store. This can be very much helpful and supportive to make an expansion in the west coast. The western coast is full of opportunities which can be gained by the store by applying the relevant marketing mix strategies. In this situation the departmental store should pay its focus on the pricing strategy. In order to promote the higher ranged priced product it is very much important to establish a partnership with the social media. This can be accomplished with the help of applying different tactics of digital marketing. It has been generally seen that the people around the west coast are very much attracted with the help of using social media as a marketing tool (Cravens, 2013).
The digital strategies have affected the marketing strategy of the departmental store very positively. It has been generally seen that the store is getting more and more business with the help of e-marketing. There is a lot of innovation present in this type of marketing. With the help of e-marketing the store is able to capture its potential customers. There is four Fs of E- marketing which are very much important to consider. These factors of e-marketing are discussed further (Seydel, 2005).
The Internet Marketing has unique characteristics that give great advantages for the benefit of the departmental store. It furthermore affects the business as follows:
- Provides for a global market presence, which enables companies with very specific niche activity, have extensive databases of customers.
- Means of monitoring the effectiveness of campaigns more powerful and faster commercialization.
- Rapid adaptation of products and services for customers, being able to offer personalized information.
- Channels of information to users and cheaper than traditional marketing
Promotion of the store is the final element of the marketing mix and has all those activities that serve to communicate relevant information to consumers about the product or the company. The promotional mix involves the combination of five elements: personal selling, sales promotion, publicity, advertising and public relations (McCarthy, 2004).
- Personal Information: This is the offering of a direct selling company to potential customers. In Peru, companies like Avon and Yambal use this method of promotion.
- Sales promotion: are activities such as trade shows, contests, product exhibits, prizes and coupons.
- Advertising: The kind of mass communication is done by various means such as newspapers, television, radio and magazines.
- Propaganda: A presentation on some advertising medium that benefits a particular company, and not pay for it. The main forms are the press releases, conferences, photographs etc.
- Public Relations: Son business efforts to influence a certain group of people. The charity events, presentations and newsletters are the best known methods.
Promotion of the departmental store should be designed to act as a cog within the structure of the marketing plan. Another point to consider is that communication is a process that can face a number of challenges. It is for this reason that the promotional mix should be designed was balancing the amount of information transmitted with the same simplicity of the message, seen otherwise interested in receiving the highest number of stimuli that serve to persuade or to affect their perception of the product or competing products, in the manner appropriate to the marketing strategy. Because many companies in promoting incur heavy expenses, it is very important that it be done in a conscious and planned way. Therefore, one must consider four factors that determine what the promotional mix to use is.
- Market size: It is important to know the size of the market to which the company is heading. If the market and very large, perhaps the best way is advertising through newspapers or television. If on the other hand is very small, then a journal may be the best way.
- Nature of the product: The product value largely defines what type of promotion should be used, since the cheap and mass products are appropriate for applying advertising. This is because these products do not need to apply both attributes or rather, many differential attributes have on competitors.
- The product life cycle: Depending on the newness of the product, promotion rates should be changing. When a product is introduced, the advertising should be informative, and should be applied later and persuasive.
- Funds Available: The amount of money available to the company and especially who is willing to spend on promotion is very important when choosing what type of promotion is to be used (LaForge, 2003).
Also, due to advertising and personal selling are best known methods of promotion, then make a comparison between the two.
The marketing alone will not make a business of the departmental store succeed unless same operations work properly. For operations we refer to those transformation processes employing land, capital, labor and management as inputs to the production of goods and services. In fact, the business plan and the marketing plan are consequences of each other. You cannot develop the marketing promises regardless processes without knowing what the goal of the same objective that sets the marketing plan. Both plans are therefore intimately linked and that is something that must be followed when developing a business plan.
Particular target segment, the company has firmly established a strategy for your product Place the positive in the chosen segment. For this we must consider three essential aspects:
- The analysis of the environment and competition.
- The study of consumer needs.
- The evaluation of the strengths and weaknesses of the company.
The analysis of these factors allows us to determine the opportunity to differentiate our brand to the public. Concretely, positioning is differentiated our brand takes place in the mind of the consumer. Positioning is defined as the image you have in your mind the consumer for a given product. Positioning is the result of consistent decisions on quality and product design, pricing strategy, sales system and marketing communication. The positioning arises by itself almost automatically generated in the minds of consumers. If the product has a good position, will be a winner in the market. If your positioning is bad, consumers are going to stigmatize and will be a pariah in the market. The desired positioning is a kind of marketing mission plan. Planning positioning also allows control. There is nothing more hazardous in the level of output, the non-controlling their image. Neglecting the image of the departmental store may lead to a deterioration of it that could be very difficult and costly to reverse. This is especially important in highly competitive markets (Cravens, 2013).
All the lines of approach lead to the conclusion that for the expansion of the departmental store in the west coast it is very much important to implement relevant marketing strategies with a with a better understanding of all the tools and tactics of digital marketing, pricing and product strategies. This paper elaborates different marketing strategies which can be very useful and worthy in the promotion of the store.
References
Cravens, D. W., & Piercy, N. F. (2013). Strategic marketing (10th ed.). New York. NY: McGraw-Hill. Bearden, B. Ingram, T., LaForge, B. (2003). Marketing Principles and Perspectives (4th ed.) New York: McGraw-Hill. Retrieved January 29, 2009.
Perreault-McCarthy (2004) Basic Marketing: A Global-Manegerial Approach. Retrieved January 30, 2009. The McGraw-Hill Companies, 2004
Cao, M., Zhang, Q & Seydel, J. (2005). B2C e-commerce web site quality: an empirical examination. Industrial Management & Data Systems 105(5): 645-661
Kotler, P. (2002). Marketing Management (11th Edition). New Delhi: Prentice Hall of India Private Ltd.
