You have been appointed the new Business Development Manager of a retail company that is straggling to effectively achieve the sales targets and gain the market competitive advantage. Using the 4Ps and 4Cs discuss how you would introduce the new marketing strategy in pursuit of the firm’s objectives in a given target market.
As the new Business Development Manager of a struggling retail company, my approach to introducing a new marketing strategy would involve utilizing the 4Ps (Product, Price, Place, Promotion) and 4Cs (Customer, Cost, Convenience, Communication) framework to holistically address the company’s sales targets and market competitive advantage in the target market.
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- Product: I would conduct a thorough analysis of the company’s current product offerings and identify areas of improvement or gaps in the market. Based on customer needs and preferences, I would introduce new products or revamp existing ones to align with market demand and provide unique value propositions. This could involve product innovation, differentiation, or customization to cater to the target market’s requirements.
- Price: Pricing is a crucial element in marketing strategy as it directly affects customer perception and purchase decisions. I would conduct a comprehensive pricing analysis, considering factors such as production costs, competitor pricing, customer willingness to pay, and overall business objectives. Based on the analysis, I would develop a pricing strategy that balances profitability with customer affordability to ensure competitive pricing that attracts and retains customers.
- Place: The distribution strategy plays a critical role in reaching customers effectively and efficiently. I would evaluate the company’s current distribution channels and identify opportunities for expansion or optimization. This could involve exploring new channels such as e-commerce or partnering with strategic retailers to improve product availability and accessibility to customers. Additionally, I would ensure that the company’s physical locations, such as stores or warehouses, are strategically located for maximum customer convenience.
- Promotion: Promotion is essential in creating awareness, generating interest, and driving sales. I would develop an integrated marketing communication strategy that utilizes various promotional tools such as advertising, public relations, social media, and content marketing to reach the target market effectively. The…GET A COMPREHENSIVE ANSWER HERE
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