Which promotional element would you most likely use during the growth stage? ✅ Uy Tín
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Bùi Quỳnh Anh đang tìm kiếm từ khóa Which promotional element would you most likely use during the growth stage? được Cập Nhật vào lúc : 2022-12-23 12:40:17 . Với phương châm chia sẻ Bí kíp Hướng dẫn trong nội dung bài viết một cách Chi Tiết 2022. Nếu sau khi Read nội dung bài viết vẫn ko hiểu thì hoàn toàn có thể lại Comment ở cuối bài để Admin lý giải và hướng dẫn lại nha.The product life cycle contains four distinct stages: introduction, growth, maturity and decline. Each stage is associated with changes in the product's marketing position. You can use various marketing strategies in each stage to try to prolong the life cycle of your products.
Nội dung chính Show- Product introduction strategiesProduct growth strategiesProduct maturity strategiesProduct decline strategiesKey TakeawaysUnderstanding the 4 Ps of MarketingThese Are the 4 Ps of Marketing3. Place 4. PromotionHow To Use the 4 Ps of Marketing in Your Marketing StrategyWhat Are the 4 Ps of Marketing?When Did the 4 Ps Become the 7 Ps?What Are Some Examples of the 4 Ps of Marketing?How Do You Use the 4 Ps of Marketing?The Bottom LineWhat are the 4 types of promotion?What are the 4 promotional elements?What are the elements of promotion?What are the five 5 major promotional tools?
Product introduction strategies
Marketing strategies used in the introduction stages include:
- rapid skimming - launching the product a high price and high promotional levelslow skimming - launching the product a high price and low promotional levelrapid penetration - launching the product a low price with significant promotionslow penetration - launching the product a low price and minimal promotion
During the introduction stage, you should aim to:
- establish a clear brand identityconnect with the right partners to promote your productset up consumer tests, or provide samples or trials to key target marketsprice the product or service as high as you believe you can sell it, and to reflect the quality level you are providing
You could also try to limit the product or service to a specific type of consumer - being selective can boost demand. Read more about the introduction stage of a product life cycle.
Product growth strategies
Marketing strategies used in the growth stage mainly aim to increase profits. Some of the common strategies to try are:
- improving product qualityadding new product features or support services to grow your market shareentering new markets segmentskeeping pricing as high as is reasonable to keep demand and profits highincreasing distribution channels to cope with growing demandshifting marketing messages from product awareness to product preferenceskimming product prices if your profits are too low
The growth stage is when you should see rapidly rising sales, profits and your market share. Your strategies should seek to maximise these opportunities.
Product maturity strategies
When your sales peak, your product will enter the maturity stage. This often means that your market will be saturated and you may find that you need to change your marketing tactics to prolong the life cycle of your product. Common strategies that can help during this stage fall under one of two categories:
- market modification - this includes entering new market segments, redefining target markets, winning over competitor's customers, converting non-usersproduct modification - for example, adjusting or improving your product's features, quality, pricing and differentiating it from other products in the marking
Read more about the growth and maturity stage of a product life cycle.
Product decline strategies
During the end stages of your product, you will see declining sales and profits. This can be caused by changes in consumer preferences, technological advances and alternatives on the market. At this stage, you will have to decide what strategies to take. If you want to save money, you can:
- reduce your promotional expenditure on the productsreduce the number of distribution outlets that sell themimplement price cuts to get the customers to buy the productfind another use for the productmaintain the product and wait for competitors to withdraw from the market firstharvest the product or service before discontinuing it
Another option is for your business to discontinue the product from your offering. You may choose to:
- sell the brand to another businesssignificantly reduce the price to get rid of all the inventory
Many businesses find that the best strategy is to modify their product in the maturity stage to avoid entering the decline stage. Find out more about product life cycle - decline stage.
The four Ps are the key considerations that must be thoughtfully reviewed and wisely implemented in order to successfully market a product or service. They are product, price, place, and promotion.
The four Ps are often referred to as the marketing mix. They encompass a range of factors that are considered when marketing a product, including what consumers want, how the product or service meets or fails to meet those wants, how the product or service is perceived in the world, how it stands out from the competition, and how the company that produces it interacts with its customers.
Since the four Ps were introduced in the 1950s, more Ps have been identified, including people, process, and physical evidence.
Key Takeaways
- The four Ps are the four essential factors involved in marketing a product or service to the public.The four Ps are product, price, place, and promotion.The concept of the four Ps has been around since the 1950s. As the marketing industry has evolved, other Ps have been identified: people, process, and physical evidence.
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Four PsUnderstanding the 4 Ps of Marketing
Neil Borden, an advertising professor Harvard, popularized the idea of the marketing mix—and the concepts that would later be known primarily as the four Ps—in the 1950s. His 1964 article "The Concept of the Marketing Mix" demonstrated the ways that companies could use advertising tactics to engage their consumers.
Decades later, the concepts that Borden popularized are still being used by companies to advertise their goods and services.
Borden's ideas were developed and refined over a number of years by other key players in the industry. E. Jerome McCarthy, a marketing professor Michigan State University, refined the concepts in Borden's article and named them the "four Ps" of marketing. McCarthy co-wrote the book Basic Marketing: A Managerial Approach, further popularizing the idea.
At the time the concept was introduced, it helped companies breach the physical barriers that could hamper widespread product adoption. Today, the Internet has helped businesses to overcome some of these barriers.
People, process, and physical evidence are extensions of the original Four Ps and are relevant to current trends in marketing.
Any successful marketing strategy should be revisited from time to time. The marketing mix you create is not intended to be static. It needs to be adjusted and refined as your product grows and your customer base changes.
These Are the 4 Ps of Marketing
1. Product
Creating a marketing chiến dịch starts with an understanding of the product itself. Who needs it, and why? What does it do that no competitor's product can do? Perhaps it's a new thing altogether and is so compelling in its design or function that consumers will have to have it when they see it.
The job of the marketer is to define the product and its qualities and introduce it to the consumer.
Defining the product also is key to its distribution. Marketers need to understand the life cycle of a product, and business executives need to have a plan for dealing with products every stage of the life cycle.
The type of product also dictates in part how much it will cost, where it should be placed, and how it should be promoted.
Many of the most successful products have been the first in their category. For example, Apple was the first to create a touchscreen smartphone that could play music, browse the internet, and make phone calls. Apple reported total sales of the iPhone for FY 2022 $205.4 billion. In 2022, it hit the milestone of 2 billion iPhones sold.
2. Price
Price is the amount that consumers will be willing to pay for a product. Marketers must link the price to the product's real and perceived value, while also considering supply costs, seasonal discounts, competitors' prices, and retail markup.
In some cases, business decision-makers may raise the price of a product to give it the appearance of luxury or exclusivity. Or, they may lower the price so more consumers will try it.
Marketers also need to determine when and if discounting is appropriate. A discount can draw in more customers, but it can also give the impression that the product is less desirable than it was.
UNIQLO, headquartered in Nhật bản, is a global manufacturer of casual wear. Like its competitors Gap and Zara, UNIQLO creates low-priced, fashion-forward garments for younger buyers.
What makes UNIQLO unique is that its products are innovative and high-quality. It accomplishes this by purchasing fabric in large volumes, continually seeking the highest-quality and lowest-cost materials in the world. The company also directly negotiates with its manufacturers and has built strategic partnerships with innovative Japanese manufacturers.
UNIQLO also outsources its production to partner factories. That gives it the flexibility to change production partners as its needs change.
Finally, the company employs a team of skilled textile artisans that it sends to its partner factories all over the world for quality control. Production managers visit factories once a week to resolve quality problems.
3. Place
Place is the consideration of where the product should be available—in brick-and-mortar stores and online—and how it will be displayed.
The decision is key: The makers of a luxury cosmetic product would want to be displayed in Sephora and Neiman Marcus, not in Walmart or Family Dollar. The goal of business executives is always to get their products in front of the consumers who are the most likely to buy them.
That means placing a product only in certain stores and getting it displayed to the best advantage.
The term placement also refers to advertising the product in the right truyền thông to get the attention of target consumers.
For example, the 1995 movie GoldenEye was the 17th installment in the James Bond movie franchise and the first that did not feature an Aston Martin car. Instead, Bond actor Pierce Brosnan got into a BMW Z3. Although the Z3 was not released until months after the film had left theaters, BMW received 9,000 orders for the car the month after the movie opened.
4. Promotion
The goal of promotion is to communicate to consumers that they need this product and that it is priced appropriately. Promotion encompasses advertising, public relations, and the overall truyền thông strategy for introducing a product.
Marketers tend to tie together promotion and placement elements to reach their core audiences. For example, In the digital age, the "place" and "promotion" factors are as much online as offline. Specifically, where a product appears on a company's web page or social truyền thông, as well as which types of search functions will trigger targeted ads for the product.
The Swedish vodka brand Absolut sold only 10,000 cases of its vodka in 1980. By 2000, the company had sold 4.5 million cases, thanks in part to its iconic advertising chiến dịch. The images in the chiến dịch featured the brand's signature bottle styled as a range of surreal images: a bottle with a halo, a bottle made of stone, or a bottle in the shape of the trees standing on a ski slope. To date, the Absolut chiến dịch is one of the longest-running continuous campaigns of all time, from 1981 to 2005.
How To Use the 4 Ps of Marketing in Your Marketing Strategy
The four Ps provide a framework on which to build your marketing strategy. Think through each factor. And don't worry when the factors overlap. That's inevitable.
First, analyze the product you will be marketing. What are the characteristics that make it appealing? Consider similar products that are already on the market. Your product may be tougher, easier to use, more attractive, or longer-lasting. Its ingredients might be environmentally friendly or naturally sourced. Identify the qualities that will make it appealing to your target consumers.
Think through the appropriate price for the product. It's not simply the cost of production plus a profit margin. You may be positioning it as a premium or luxury product or as a bare-bones, lower-priced alternative.
Placement involves identifying the type of store, online and off, that stocks products like yours for consumers like yours.
Promotion can only be considered in the context of your target consumer. The product might be appealing to a hip younger crowd or to upscale professionals or to bargain hunters. Your truyền thông strategy needs to reach the right audience with the right message.
What Are the 4 Ps of Marketing?
Product, price, promotion, and place form the four Ps of the marketing mix. These are the key factors that are involved in introducing a product or service to the public.
When Did the 4 Ps Become the 7 Ps?
The focus on the four Ps—product, price, place, and promotion—has been a core tenet of marketing since the 1950s. Three newer Ps expand the marketing mix for the 21st century.
- People places the focus on the personalities who represent the product. In the current era, that means not only sales and customer service employees but social truyền thông influencers and viral truyền thông campaigns.Process is logistics. Consumers increasingly demand fast and efficient delivery of the things they want, when they want them.Physical evidence is perhaps the most thoroughly modern of the seven Ps. If you're selling diamond jewelry on a website, it must be immediately clear to the consumer that you are a legitimate established business that will deliver as promised. A professionally designed website with excellent functionality, an "About" section that lists the principals of the company and its physical address, professional packaging, and efficient delivery service are all critical to convincing the consumer that your product is not only good, it's real.
What Are Some Examples of the 4 Ps of Marketing?
- Place refers to where consumers buy your product, or where they discover it. Today's consumers may learn about products and buy them online, through a smartphone app, retail locations, or through a sales professional.Price refers to the cost of the product or service. Properly determining product price includes an analysis of the competition, the demand, production costs, and what consumers are willing to spend. Various pricing models may be considering, such as choosing between one-time purchase and subscription models.The product a company provides depends on the type of company and what they do best. For example, McDonald's provides consistent fast food in a casual setting. They may expand their offerings, but they wouldn't stray far from their core identity.Promotion refers to specific and thoughtful advertising that reaches the target market for the product. A company might use an Instagram chiến dịch, a public relations chiến dịch, advertising placement, an email chiến dịch, or some combination of all of these to reach the right audience in the right place.
How Do You Use the 4 Ps of Marketing?
The model of the 4Ps can be used when you are planning a new product launch, evaluating an existing product, or trying to optimize the sales of an existing product.
A careful analysis of these four factors—product, price, place, and promotion—helps a marketing professional devise a strategy that successfully introduces or reintroduces a product to the public.
The Bottom Line
The four Ps of marketing—product, price, place, promotion—are often referred to as the marketing mix. These are the key elements involved in planning and marketing a product or service, and they interact significantly with each other. Considering all of these elements is one way to approach a holistic marketing strategy.
What are the 4 types of promotion?
The promotions mix is often divided into four categories: advertising, digital selling, sales promotion and public relations. Each of these promotion methods has their own role in generating revenue for a company.What are the 4 promotional elements?
The four major elements of the promotion mix are Advertising, Sales Promotion, Personal Selling, and Public Relations.. Advertising. Any paid form of non-personal presentation and promotion of goods and services by an identified sponsor is known as Advertising. ... . Sales Promotion. ... . Personal Selling. ... . Public Relations..What are the elements of promotion?
A promotional mix is an allocation of resources among five primary elements:. Advertising.. Public relations or publicity.. Sales promotion.. Direct marketing.. Personal selling..What are the five 5 major promotional tools?
Businesses can use one or more of these five promotional alternatives:. advertising,. personal selling,. public relations,. sales promotion, and.. direct marketing.. Tải thêm tài liệu liên quan đến nội dung bài viết Which promotional element would you most likely use during the growth stage?