Marketing is broad based activities involve the strategies surrounding the planning, designing, pricing, promotion, distribution of goods to satisfy and meet the needs of customers. The centre focus of marketing activities is built around the customers. Thus, the marketing 4Ps (product, pricing, promotion, and place) are strategically enforced to bringing satisfaction to customers and at the same time make the organization or business maximize profits. Thus, the different marketing strategies; pricing strategy, distributive strategy, promotional strategy, sales strategy, product creation and branding strategy, inter-alia, these are synchronize in meeting the marketing objectives of the organization.
Playing the role of marketer for IPT product, strategic marketing plays a significant aspect in the execution of my marketing functions. “Strategy is concerned with effectiveness rather than efficiency and is the process of analyzing the environment and designing the fit between the organization, its resources and objectives and the environment” (Proctor, 2000). The roles thus include engaging the aforementioned marketing strategies to creating maximum satisfaction to customers, at the same time maximizing profit for the organization. Firstly, a product should be design to meet and satisfy the need of customers.
Here, adequate research need to be conducted to ensure that the product is adequate to satisfy customers want, also making sure the quality surpasses that of competitive products in line to the IPT product. The next step is to ensure, that the right price is set for the product in such a way that it would not be under priced, where the organization cannot break-even, or over priced where customers would prefer rival’s product to our company product. Market skimming enables the marketer to know the price of competitors’ products and the right price to set for its own product. This is done after the marketer has weighed its costs of production in line with the price it decide to set for the product.
Another significant role the marketer plays promotional strategy. In this case, the creation of awareness of the product to the public will burst the sales volume to be derived. Thus, adequate promotional strategy is significant role the marketer plays to increase sales volume for the product. The promotional strategy may involve trade exhibition, personal selling, and customers’ orientation on how to utilize the product among others. The marketer has different media for product promotion.
This can be done through engaging mass media such as the print media, television, radio broadcasts, or the internet. Constant communication and feedback to customers keep them informed and know more about the organization’s product and innovative trend introduced by the organization. The strategy for distribution of product (place) is done to ensure that the product is available to customers when, and where the need it at the right time.
The marketer also seeks out ways to satisfy the different category of customers and their needs. Marketing segmentation is a tool that is utilized in influencing the development of an organization’s product base. Market segmentation has the goal to seek out consumers who have similar desires and behavior, and thus forming heterogeneous segments to satisfy the different customers’ needs.
Thus, customers’ response to price is a significant factor that results in the implementation of market segmentation by an organization. This also affects the marketing mix (product, price, distribution, and promotion) of the organization.
The marketer faces the challenge of how to make product of IPT be a product leader in the industry it operates. It is then a big task on how to always strategy in such a way to make the organization be a step ahead of its competitors through curving a niche for the organization. Rivals from time to time bring out strategy to counter those of other organization. Thus, it is then a task of the marketer to know how to strategize in such a way that the strategies of other competitors do not affect the smooth operations of the organization.
Proctor, Tony (2000), Strategic Marketing: An Introduction London: Routledge
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