In this paper, we intend to develop a marketing strategy for such products as hot sauce. The company can choose from three options or methods of promotion, in particular, undifferentiated, differentiated, and concentrated approaches (Armstrong & Kotler, 2006). Under certain circumstances, each technique can be used quite effectively. In this case, we shall give preference to undifferentiated marketing, which is supposed to address all segments of the target audience. This choice is mostly determined by the peculiarity of the product: the thing is that hot sauce enjoys considerable demand among people of different age, sex, social status, cultural, or ethnic origin etc. Naturally, women are more likely to buy it but their preponderance is not so great that we should orient hot sauce only towards them. Still, undifferentiated marketing sets very high standards because we need to give our hot sauce a superior image, which would immediately attract the attention of potential customers.
As it has been pointed out earlier, we would have to reach various segments of the market, or target population, and they are extremely diverse. They can differ in terms of their cultural, social, psychological, characteristics. Each of these parameters has to be taken into account. In order to describe each of the target markets for this product, one should first conduct thorough sociological research. However, we can advance a hypothesis that hot sauce is of great popularity among the owners of fast food restaurants, housewives, married couples, elderly men. This list can be further continued, yet, there is no need to do so. Furthermore, these people can be of different financial status, which means that we should not attach primary importance to the price as this appeal may be lost upon many representatives of the target audience. Thus, the question arises how the firm can reach these people.
For this purpose, we should make value proposition, in other words, the statement, in which we explain why potential buyers should purchase this hot sauce (Kerin and Hartley, 2003). In this statement, we should emphasize the following aspects: 1) the best ratio of price and quality, the uniqueness of this commodity (namely, its peculiar taste: the absence of food concentrates; it’s keeping time etc). This value proposition has to be as precise and possible. We need to mark out or differentiate our product among similar ones, yet this task is very difficult to accomplish as manufactures of hot sauce often appeal to these qualities. There is another aspect, which must not be overlooked; in value proposition an advertiser should appeal to the consumers feeling of self-esteem. The major message would boil down to the idea that by choosing this specific product the purchaser will prove that he or she has a good taste, and is able to discriminate between high and low quality food. This variant appears to be the most prudent option.
In part, value proposal is closely intertwined with positioning of the product. It can be interpreted as creating the image in people’s consciousness, which would invoke the desire to acquire this good (Ries & Trout, 2000). We can select both functional and symbolic positioning. There are two reasons for us to do so. First, as it has been mentioned before, we focus on the price and quality of the hot sauce. The symbolism is another dimension because our hot sauce embodies practicality, information awareness, and good taste of clients. These are the steps that should be taken into consideration in order to promote the product. Nevertheless, much may depend on the concrete situation.
Bibliography
- Armstrong. G. Kotler. P (2006). Marketing: an introduction. Pearson Prentice Hall.
- Ries. A. Trout. J (2000). Positioning: the battle for your mind. McGraw-Hill Professional.
- Kerin. R. Hartley. S (2003). Marketing: The Core. McGraw Hill Professional.