Marketing strategies must be combined elements of study of the demographic markets, competitors, pricing, promotion, distribution and sales support. The goal is to offer a revolutionary product that will offer people a new experience.
Effective marketers use the study of demographics to increase the visibility and profitability of their products. Demographics study segments of the population looking at factors such as age, income, gender and purchasing preferences.
You must study the competition to have an effective marketing strategy. Study similar products are already on the market and evaluate their successes and failures.
Pricing strategy must be competitive, while maintaining profitability factors. The prices must be in line with the major brands yet a little less expensive.
Promotion involves both push and pull strategies. Push strategies create customer demand by introducing products to the public. Pull strategies requires high spending on advertising and consumer promotion.
You achieve product visibility by choosing an advertising media vehicle that will provide the greatest possible exposure for your product. Some media vehicles are television, radio, newspapers, magazines, outdoor advertising and Internet advertising.
Janet Hunt has worked in the insurance industry for more than 15 years. Now serving in online marketing, she also has expertise in business and finance topics. Hunt received her Bachelor of Business Administration from the University of Phoenix. Hunt has also worked as a food services manager for a high school cafeteria and received her school nutrition certification in 2002.