Marketingand selling online requires a market strategy in order to reach thetarget market of consumers. This may involve product differentiationor undifferentiated approach depending on the product line or theproduct. Ideally, this can be achieved by analyzing the target marketand consumers on the basis of common priorities and needs. Today’scustomers demand relevancy of product information communicatedthrough online and as such proper segmentation of online customershelps them perceive the information as benefit to them (Homburg,et al.2009).
Inonline marketing, a mix match of demographic and psychologicalvariables would be effective in collecting research data aboutcustomers’ feelings, attitude, opinions and behavior. Demographicswould help collect data on age, gender, amount of income, ethnic,religion and family cycle. This is relevant in accessing targetcustomers who can afford the products sold based on their income andhousehold requirements. Similarly, psychological or lifestylevariables would significantly aid in gathering opinions, interestsand attitudes towards particular products. Specifically, acombination of these variables would provide sufficient informationon the typical potential customers, and allow targeting of rightperson, at the right place and at the right time (Baker,2008).
WhenI to buy movies and visit Blockbuster.com, am greeted by name andprovided with recommendations for purchase based on my previousscores and selection given on the movies. This personalization makesme feel good and the recommendations are valuable. The company isable to make these moves based on data of my past behavior. Onanother day, I received an email with a gift wrap of a dress from aclothes store reminding me of my wife birthday, I fell for the offer.This strategy shows how the business is able to narrow their marketsegment through smart and intelligent customer database. The strategyprovokes good feeling of having close relations with the business andtherefore customers fall for the offers (Homburg,et al.2009).
Inonline marketing the rationale should be optimizing marketinginvestments by yielding high results in sales, orders and othersuccesses to anyone across the target market corporations as well asindividuals. This is achieved through treating everyone equallythrough ads, promotion messages, call to action and price strategiesthat are appropriate to every single customer whether companies orindividuals (Baker,2008).Since most segments of markets are homogeneous in attitudes andneeds, their response to particular marketing strategy is similar.Factors to consider in successful segments are accessibility,differential aspect in responding to different market mix,actionable, measurable the purchasing power of the target segment,and substantial segment must be large and profitable.
Inlaunching its product in Singapore, ANMCorp need to consider criticalglobal factors in its investment. A standardized marketing mix andcustomized product are appropriate for this firm focus on Singaporemarket. As such the viability of the foreign market will depend onthe product strength of the brand and the firm therefore needs toconsider promotion strategies, pricing strategy and place elementchain of distribution that will be effective in the region (Homburg,et al.2009).
Salespromotion and Loyalty Programs
Salespromotion programs are used as sales strategy to attract businessfrom price conscious customers by offering reduced price whichenhance value proposition of purchase. On the other hand loyaltyprograms are unique sale promotion strategies with long-term effects.While ordinary sale promotion programs aim to achieve near term salegoals, loyalty programs are on going incentives with focus on futuresales to loyal customers. In this light, loyalty programs areeffective for an ongoing business compared to starter enterpriseswhere sales promotions are effective(Baker, 2008).
Indesigning brand name of a product, a consistent, strategic brandingstrategy leads to brand quality that is easily recognized. This meansthat in branding, organizations should consider, company’s mission,benefits of the products and services, customers’ prospects andqualities the firm want customers to associate it with. In this case,a good brand name for children casual wear shoes for Achilles can be‘AchillesStride Rite.’
Inorder to avoid further decline on Oat health product prices andrevive the falling sales prices, it is important to consider the firmproduct positing in the market. This means considering thecompetitors prices and discount. The pricing should consider thedemand curve if changes are done in pricing of the product will theyimprove or lower demand? The other consideration is the environmentalfactors, short-term profit maximization or long-term profitmaximization? Quantity and quality maximization is another importantaspect in the pricing strategy to avoid sales drop and woe customers.Price differentiation is important strategies that cansales in theface of competition. In addition the business embrace, value basedpricing, popular price points and target return pricing in order torevive the falling prices and restore profits (Baker,2008).
Coca-Colaand Humbuggers are good examples of products whose prices are used towoo customers across the globe. The firms provide customers withquality products at fair prices to the different segments of society.The prices are affordable as well as product quality which makes themunrivalled. Ideally, due to price strategy and brand name, theproducts have established wide markets globally. Notably, theseproducts utilize economy and psychological pricing strategies to woocustomers through offering low prices for quality products unlikeother their competitors. This has enabled the firms have dominantmarket in the globe for years(Homburg, et al.2009).
Baker,Michael 2008. ‘TheStrategic Marketing Plan Audit’ISBN1-902433-99-8.p.3InternetResouce.Retrived, Thursday May 9, 2014
Homburg,Christian, Sabine Kuester, Harley Krohmer 2009: MarketingManagement – A ContemporaryPerspective(1st ed.), London. Print