Answer To: This section represents the heart of the marketing plan. Here, this portion enables the marketer to...
Kuldeep answered on Feb 16 2021
Marketing Strategy
Marketing Strategy
Marketing Strategy
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Contents
Marketing Strategy 3
Objectives 3
Target Markets 4
TARGET MARKETING 5
MARKET POSITIONING 6
Positioning 7
Strategies 7
Product strategy 7
Pricing strategy 8
Distribution strategy 8
Marketing communications strategy 8
Marketing Mix 9
Product strategy 9
Pricing strategy 9
Distribution strategy 9
Marketing communications strategy 10
Marketing Strategy
Procter & Gamble is one of the smart marketers in the fast-moving consumer goods market. There are several elements that enable management to create and implement strategies that can be measured and corrected. If challenges arise, you can objectively create and quickly implement corrective strategies (Batchelor, 2012).
Objectives
There are several elements to consider when P&G developing its marketing strategy
Segmentation: Procter and Gamble's existing and potential customers belong to a specific group or market segment and are characterized by "demand." Identifying these teams and their requirements throughout market research as well as market reporting, and then successfully meeting these requirements more than the competitors, must be one of the key factors of a company's marketing strategy(Key & Czaplewski, 2017).
Targeting and positioning: Procter & Gamble should focus on selling to the segment that is most beneficial to its business. It is important that the product meets the needs of the selected target market. View the most profitable customers of P&G and define the target market. Procter & Gamble should develop a marketing strategy that leverages the company's strengths or matches it to the requirements of consumers that P&G wants to target (Lafley & Martin, 2013). Such as, if a specific group of clients first seeks quality, then some marketing campaign for them must raise concerns about high-quality P&G products or services.
Promotional tactics: Once P&G has developed a P&G marketing strategy, P&G must decide which marketing activities or activities will ensure that the P&G target market understands the products or services P&G offers and why they meet their needs.
Monitoring and evaluation: Monitoring and evaluating the effectiveness of the P&G strategy is a key factor, but it is often overlooked. This control element not only helps P&G see the performance of the strategy in practice but also helps P&G's future marketing strategy (Pulido Polo, 2018).
Marketing plan: Once Procter & Gamble determines its marketing strategy, develop a marketing plan that clarifies how P&G intends to implement the strategy and assess its success. The program should be reviewed on an ongoing basis and updated as necessary to enable P&G to respond rapidly to change in client needs moreover attitudes in the P&G industry or the broader financial environment (Schizas & Thomakos, 2013).
Target Markets
MARKET SEGMENTATION:
The market is made up of buyers and buyers whose needs, resources, buying attitudes, locations and buying behaviors vary. Throughout market segmentations, P&G divide its vast heterogeneous market into smaller market segments that may be more efficiently realized through services and products that meet their unique requirements (Smith, 2013). This section highlights three important segments of P&G's strategy.
Consumer Market Segmentation: There is no method to divide the customer market. Procter & Gamble marketers must experiment with different segmentation variable to find the finest method to view market structure. The main variables that P&G uses when segmenting its customer market are as follows.
Demographic segmentation: Procter & Gamble divide its market into different groups depends on the following variables:
a. One. Age: Procter & Gamble produces products based on age. For example, 'Crest' is toothpaste for children of different tastes, for example, Kids Crest Cavity Protection Sparkle Fun. Other paste for adults is the pro-healthy expression of Crest Nature (Sweeney, 2017).
b. Sex: For men and women 'Naomi Campbell' male 'Boss' perfumes. Naomi Campbell is the real idol. She is known for her tough personality, sensuality or glamorous lifestyle.
Geographic segmentation: As a multinational company, it operates a wide variety of products on a global scale. P&G divide its market into a different geographic unit, for example,...