When it comes to starting or running a business, one should draw sufficient attention to marketing efforts. This process is significant since it typically involves researching the market, identifying the demand, and satisfying it. These steps are essential for any organization, but the concept under analysis includes a few others elements. Thus, the essay will determine marketing strategy components, discuss the marketing mix, present the products of my business, comment on product branding, consider the elements of the promotion mix, and explain the pricing strategy.
A marketing strategy consists of a few essential components that a business should develop. Firstly, business goals are identified and articulated, while marketing goals are created based on them (Queensland Government, 2017). Secondly, market research is another significant component, and it focuses on analyzing competitors and potential customers. Thirdly, businesses should develop specific strategies to meet the stipulated goals and satisfy the existing demand (Queensland Government, 2017). This information demonstrates that a marketing strategy is vital since it helps companies understand their goals, justify them, and find possible solutions to how to achieve them.
Furthermore, it is reasonable to focus on the marketing mix and its significance. According to Thabit and Raewf (2018), it consists of four components, including product, price, place, and promotion. These four Ps should be united to ensure that a business can achieve successful results in the market. The product component focuses on the item and its demand, the price represents its value, the place reveals how customers can access the product, while the promotion makes the public aware of the product. If any of these components has some problems, the whole marketing strategy will suffer.
The present paragraph will discuss my business, Copious.com, and its products. Since it is an online party supply retailer, it will sell multiple party supplies. I will cover a range of services, offering specific sets for weddings, birthdays, corporate events, and others, that will demonstrate an individual approach to every client since they can select individualized supply kits. These products imply that the customers will include both individuals and business entities.
Product branding is a significant phenomenon since it ensures that a product is noticeable against competitors’ ones. Research is a considerable activity here since it helps identify name, design, and logo that will be unique and appealing. As for my products, I would develop a creative and memorable design and invest in establishing loyalty with customers. This step is essential because trustworthy brands typically have more regular clients.
The promotion mix includes all possible efforts that a business can make to increase public awareness of its offering. According to Thabit and Raewf (2018), advertising is an essential element, and it is a form of distributing information about a product on the Internet, TV, and others. Sales promotion occurs when a business demonstrates new items in the office or introduces discounts to attract clients. Public relations are improved when a company organizes events to create a positive image. Finally, direct marketing implies personalized advertising, while personal selling occurs when the buyer and the client communicate face to face.
It is reasonable to understand how to establish pricing since it can directly affect a business’s profitability. Kienzler and Kowalkowski (2017) admit that it primarily depends on how valuable a product is. It refers to how much it cost to create the product and how much money customers are ready to pay for it. Furthermore, it is reasonable to research the market to find competitors’ prices. Thus, the pricing strategy implies balancing the points above to ensure the profitability of a business.
The essay has demonstrated that a marketing strategy is an essential element for every business. It is also reasonable to focus on the marketing mix when it comes to entering the market. I have also introduced my business’s products and commented on their branding. Finally, the paper has explained the components of the promotion mix and stipulated how a pricing strategy can be developed and implemented.
References
Kienzler, M., & Kowalkowski, C. (2017). Pricing strategy: A review of 22 years of marketing research. Journal of Business Research, 78, 101-110. Web.
Queensland Government. (2017). Develop a marketing strategy. Web.
Thabit, T. H., & Raewf, M. B. (2018). The evaluation of marketing mix elements: A case study.International Journal of Social Sciences & Educational Studies, 4(4), 100-109. Web.