Question

What marketing strategy(strategies)would you employ to help reach the marketing objectives(increase sales) for TARGET (ELECTRONIC ITEMS).USING THE 4 P'S RRICE,PROMOTION,PLACE AND PRODUCT.

Answer 1

What marketing strategy(strategies)would you employ to help reach the marketing objectives (increase sales) for TARGET (ELECTRONIC ITEMS). USING THE 4 P'S PRICE, PROMOTION, PLACE AND PRODUCT.

Marketing strategy plays a crucial and important role for any company to increase their sales and reach their target in the market. Every company will have a mission and vision based on that company develops various strategies in promoting their product or services. Let’s discuss what kind of strategies that help an organization to meet their marketing objectives by using 4P’s:

1. Product: Product plays an important role for an organization to increase its sales. Because product is the first strategy that attracts customers towards it. The customer should fulfil customer requirements and meets. If the product is successfully designed in an innovative way that meets the marketing demand than the product automatically increases its demand in the market and create a high impact will be a record sale in the market. Every product should be unique and different that fulfils and meets customer needs and requirements will be considered as product success. Developing a strategy that bring the product in the market in a unique way is the basic strategy. Electronic items especially have a huge demand in the market designing the product that meets the customer requirements and replaces the existing product in a unique way is a great strategy.
2. Price: Price is the secondary strategy that bring more sales to the product. Needs to check the available products in the market and compare them with the existing and new product and assign a price that will be attractive to the customer. Because price is also an important factor where it sales depends. Start with a lower price create a demand in the market than slightly rise demand and supply.
3. Place: This is also important in bringing the high sales because people where there is a requirement there the product sales more. Place bring that sales based on the requirement. Every product is cannot win customers at every place only few products go irrespective of places. But place is that kind of thing that creates huge impact on the product. Product is designed and manufactured based on the place and customer requirement.
4. Promotion: Promotion is the final phase of the product strategy where it brings best sales in the market. Promotion plays a key role in promoting the product with the key strategies and innovative ideas that makes the product hits the market for huge demand. The innovative and technology based strategies bring more success in increasing sales for electronic products. A strategy that needs to be developed in such a way that explains all the product features and replacement of existing products and speciality of the product will be the best strategy to increase its sales.