This research paper focuses on market planning and distribution channel strategies. Many businesses fail because of failure to recognizing the right market plan. Furthermore, identification of the target market is a crucial element in the success of a business. Strategic market planning is the process of setting marketing objectives and thriving to achieve them. It should contain elements such as target market positioning, competitor evaluation, and promotion strategies. Also, it is categorized into two stages. The first stage is projecting sales and reviewing past promotional strategies. Secondly, sorting marketing targets and approaches while considering the business operating environments. These environments are essential for selecting the type of marketing strategy.
market planning and distribution channel strategies
UNDERSTANDING THE DISTRIBUTION CHANNEL STRATEGIES IN MARKETING
Distribution channel strategies facilitate sales maximization for new products. They are mostly implemented by the retailer almost at the end of the supply chain. Therefore, the retailer is the one that ensures product delivery to customers. Comprehension of demand levels is essential for the selection of the best strategy retailers. Strategic market planning aids in achieving this through the evaluation of the exact target population and their needs. Advance marketing is a distribution channel strategy for testing demand by pushing ahead of marketing activities. Furthermore, it is equally essential for preventing order mishandling. Another strategy is the use of multiple channels and is suitable for retailers with diverse products. Before the implementation of any strategy, evaluation of business operating environments is crucial.
understanding the distribution channel strategies in marketing
IMPORTANCE OF EFFICIENT PRICING STRATEGY IN BUSINESS
Pricing strategy is one of the most crucial elements of a product. The first importance is its flexibility in the marketing mix. As compared to other elements, product place and promotion price changes the most. Secondly, the pricing determines the success of a company. It is essential to incorporate strategic marketing planning when determining a suitable price. Thirdly price determines the kind of the first impression made on customers. Therefore, a customer’s noticeability of products depends on price. Furthermore, the pricing determines the levels of sales a product accrues. The distribution channel strategy is also dependent on the price of the product. This is because the sale of the product pays for the distribution expenses.
importance of efficient pricing strategy in business
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