The marketing mix is an effective evaluation tool that can help develop an efficient marketing strategy for a product. The 4Ps of the marketing mix are product, promotion, price and placing (Goyal 2013). Boehner and Gold (2012) note that pricing and promotion are essential dimensions when it comes to innovative products. It is necessary to add that many distribution channels are available nowadays, and placing does not play a crucial role in the success of the product. The dimension ‘product’ is important but when it comes to innovations, it is beneficial to focus on the other two dimensions as the potential consumer is unaware of the advantages of the product offered. The illuminated sign blackboard LED is an innovative product (Shenzhen Suocai Electronic Technology Co. 2015). Its potential can be considered with the help of the marketing mix or rather the two essential dimensions.
As far as the pricing is concerned, it is necessary to focus on a number of factors. Al Badi (2015) mentions some of the pricing methods widely used including cost-based, demand-based and competition-based. The price for the product in question can be developed using the cost- and demand-based approaches. The competitive-based approach can be applicable in some markets (at least, for now) as there is quite insignificant competition since the product is new.
When it comes to the global market, it is necessary to note that the product’s price will depend on certain peculiarities of the market. It can be lower in developing countries where the demand is not very high. Clearly, the price can be higher in markets where the demand is high, and the buying power is also considerable. It is noteworthy that the price can be lower when entering new markets where the demand is potentially low. People will acknowledge the benefits of the product, and the demand will inevitably grow.
Promotion is another important dimension. Al Badi (2015) states that this has become the central dimension in the modern world, and the success of innovative products depends on efficient promotion strategies used. The promotion has become the basic dimension due to the peculiarity of contemporary society where people have become accustomed to the abundance of products. Clearly, it is beneficial to enter the global market and, hence, it is necessary to develop a proper international strategy. Wong (2014) stresses that there should be a comprehensive international strategy, but promotion in each market should be slightly shaped as regards cultural peculiarities.
The overall promotion strategy of the product in question should include the focus on sustainability. The global trend is social and environmental responsibility. Therefore, it is crucial to stress that the blackboards contribute to solving the burning issues associated with major environmental problems. Furthermore, it is also necessary to emphasize the product’s efficiency. The blackboard consumes significantly less energy than other types of signs currently used. This economic factor can be decisive for many potential customers. Innovation is another important facet of the product to concentrate on. Modern people see innovation as a part of contemporary life, and each wants to have innovative things. The advertising campaign should focus on owners of cafes, bars, restaurants, hotels and so on. It is necessary to highlight such advantages as attractiveness and non-conventional approach. At that, it is possible to come up with other areas of the use of the product.
Apart from the messages to be articulated, it is crucial to consider proper channels for communication. Clearly, the Internet offers a variety of opportunities. Social network sites have to be employed extensively when promoting the product (Goyal 2015). An interesting promotional strategy can be sharing ideas (or photos with the product) concerning various uses of blackboards. This can be an efficient platform to market such an innovative product. Clearly, conventional channels (like TV or print media) should also be utilized.
As for the peculiarities of markets, it is necessary to take into account cultural, regional and economic factors. When it comes to developed countries, sustainability should be emphasized. However, since many businesses have not recovered from the financial crisis, efficiency should also be mentioned. Clearly, when entering a market, it is essential to evaluate a particular demand. If the region has a lot of bars, restaurants and hotels, the advertising resources should have corresponding images. However, in the area where such places are scarce, it is essential to focus on other uses such as stores, schools and even churches (Shenzhen Suocai Electronic Technology Co. 2015). It is also possible to concentrate on some events such as weddings, birthday parties and so on.
In conclusion, it is possible to note that such dimensions of the marketing mix as promotion and pricing are central when marketing such an innovative product as the illuminated sign blackboard LED. As for pricing, demand- and cost-based strategies should be basic. When promoting, innovation and sustainability should be core messages. At that, it is essential to take into account some cultural peculiarities of markets. The brief analysis of the two dimensions shows that the product in question can be popular worldwide if certain methods are utilized.
Reference List
Al Badi, KS 2015, ‘The dimensions of marketing mix’, Management and Organizational Studies, vol. 2, no. 1, pp. 136-142.
Boehner, R & Gold, S 2012, ‘ Modeling the impact of marketing mix on the diffusion of innovation in the generalized bass model of firm demand’, Developments in Business Simulation and Experiential Learning, vol. 39, no. 1, pp. 75-91.
Goyal, A 2013, Innovations in services marketing and management: strategies fro emerging economies, IGI Global, Hershey, PA.
Shenzhen Suocai Electronic Technology Co., Ltd 2015, Web.
Wong, HY 2014, ‘The mediating role of innovation in strategic international marketing’, in B Christiansen (ed), Handbook of research on effective marketing in contemporary globalism, IGI Global, Hershey, PA, pp. 27-47.