PRODUT STRATEGY AND PRICING
A marketing campaign is meant to maximize the limited resources of an organization in order to achieve maximum sales (Baker, 2008, p. 6). This helps to achieve greater market dominance and penetration. In my example, I will use soft drinks as my product. With this product, I will come up with a marketing campaign that targets buyers in a down economy. In my case, I will use the market dominance strategy. I will focus mainly on increasing sales, going into new market frontiers and achieving customer loyalty. In a down economy, these strategies will help increase sales which will maximize on profitability.
Market dominance strategy is key in the long term in that it creates awareness of the product in the market and helps to fight off competition (Miles & Snow, 2003, p. 15). The most important aspect of market dominance strategy is customer satisfaction, once most customers are satisfied, then it is easy for the market to grow.
This campaign is effective in a number of ways. One of them is that achieving market dominance will lead to more sales. I will beat off competition in the market and in the long term, market dominance will lead to higher profitability. Moving into new market frontiers, as a market dominance strategy will make the product more available in the market. For example, in the case of soft drinks, I will move into new market frontiers such as regional expansion strategies. The visibility of my product in the market will lead to higher revenues even in the economic downturn. Customer loyalty is also an effective strategy. This is because for one to achieve customer loyalty, satisfaction is important. This means good quality products have to be produced. This increases the consumers trust on the product and this means that in the long run, the product will still be consumed even in economic downturn.
I might improve on this campaign by using personal sales strategies especially in homes and schools. Personal sales create confidence in the product by consumers and leads to higher sales. I could also improve this strategy by using social media as a marketing tool. This will enable me to reach millions of people across the globe and this will make my product a brand. All of these measures are aimed at achieving greater sales and maximizing on profits for the organization.
With these strategies in place, competition will still be there. Competition will be mostly from firms that produce almost the same kind of soft drink. In this regard, the marketing campaign strategies I have put in place will be paramount to beat off some competition. In economic downturn, differentiation is one of the most effective ways of fighting the stiff competition. All firms want to maximize on sales and the product has to be extra appealing to the consumer. I would differentiate my product through a number of ways. One of them is by packaging. I would use packaging material that is environmental friendly and which can be recycled. This will create a new appeal from those who are environmental conservation conscious. This will make my product extra visible in the market. Another way of product differentiation is by using extra ingredients. An ingredient such as energy booster in a soft drink will make my product sell. All product differentiation measures will make my product to stand out in the market and this will mean more sales in a down economy.
References
Baker, M. (2008). The Strategic Marketing Plan Audit. London, UK: Cambridge Strategy
Publications Limited.
Miles, R., & Snow, C. (2003). Organizational Strategy, Structure and Process. Palo Alto, CA:
Stanford University Press.
