Product Strategy
Explore your long-term product strategy with more depth. Consider services as products if applicable. Assess whether your current offerings are viable and how they can be enhanced. Identify new products needed to meet market shifts. Key considerations include:
- Features and Benefits Evaluate if new features add value. Determine if certain elements are unnecessary and can be removed.
- Unique Selling Proposition Highlight what sets your products apart.
- Future Products Ensure your range includes items likely to be in demand. Assess seasonal product lines and optimise quiet periods.
- Profitability and Potential Compare profitability and future potential of each product line.
Price Strategy
Pricing impacts sales volume, target market, and profit. Setting the right price is crucial both for new developments and existing products. Key factors include:
- Cost Considerations Prices should cover generation or marketing costs and produce profit. Consider whole range costs, not just individual products.
- Demand Impact Price sensitivity varies; small changes can impact demand. Differentiate to lessen price sensitivity.
- Competition Benchmarking Use competitor pricing as a benchmark but strive for differentiation.
- Image and Perception Pricing sends market signals. Avoid pricing too low as it may suggest inferiority. High prices can enhance exclusivity.
Distribution Strategy (Place)
Ensure product availability meets customer expectations. Consider:
- Direct Sales Retail, online, and mail order options.
- Intermediaries Agents, specialist outlets.
- Wholesalers Reduce administrative burdens.
Evaluate options based on customer needs, product characteristics, and competition.
Promotional Strategy
Promotion distinguishes your offerings and attracts business. It’s about using various techniques to create awareness and drive sales. Consider:
- Public Relations Develop long-term strategies to build a positive image.
- Advertising Choose suitable media for your target audience with a consistent message.
- Direct Marketing Engage customers directly, measuring response for efficiency.
- Sales Promotion Use tactical offers like samples or discounts to encourage sales.
Service Elements (If applicable)
Service marketing involves people, processes, and physical evidence, which require distinct strategies. Consider:
- People Staff training and presentation reflect service quality.
- Processes Consistent service levels through routines, even during peak times.
- Physical Evidence Enhance customer experience with memorable premises or uniforms.
Tailor strategies to meet the specific needs of your market and enhance your overall brand identity.