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A marketing strategy is the result of decisions being made about how a particular product or service will
be promoted to its target customers. Marketing strategies are used to increase sales, launch new
products and generally provide profit for a company. Strategies involve the construction and
implementation of the marketing mix. The marketing mix, which is also known as the five Ps, refers to the
product, price, packaging, promotion and place or distribution.
Promotion strategies could involve having a sweepstakes or prize drawing to bring more attention to the
business and attract new customers. A grand opening of a new restaurant may include a radio promotion
with discount coupons and free meal giveaways to create a "buzz" to invite customers in the doors. A
shoe company opening in a mall may not only have signs in the front of their store announcing when their
doors will open, but may place ads in local newspapers as a marketing strategy to attract more
customers.
Packaging is one of the marketing strategies that is easy to overlook because it can seem like a mere
detail. However, studies show that the content and appearance of product packaging can greatly affect
whether a consumer decides to purchase the product. A consumer may easily select the competitor's
similar product if it seems more appealing and beneficial to the buyer's needs.
Promotion strategies could involve having a sweepstakes or prize drawing to bring more attention to the
business and attract new customers. A grand opening of a new restaurant may include a radio promotion
with discount coupons and free meal giveaways to create a "buzz" to invite customers in the doors. A
shoe company opening in a mall may not only have signs in the front of their store announcing when their
doors will open, but may place ads in local newspapers as a marketing strategy to attract more
customers.
Packaging is one of the marketing strategies that is easy to overlook because it can seem like a mere
detail. However, studies show that the content and appearance of product packaging can greatly affect
whether a consumer decides to purchase the product. A consumer may easily select the competitor's
similar product if it seems more appealing and beneficial to the buyer's needs.