Product Strategies
Figure depicts the core and actual product levels. There is no need to change the elements of these levels. However, the intention is to make some changes at the augmented level to improve customer satisfaction. Beyaz Bazaar is an effective online platform for customers to buy different products. The list of products includes bags, baskets, cards, stationery, carpets, pouffes, marriage blankets, cushions, LOLA ceramics, Molten candle, plants, pots, and macramé handles. The main product strategy is to produce high quality and differentiated products for customers. Along with the high quality, the product is to be differentiated by its design. The most important thing for the management of the company is to improve some intangible aspects of the product. This initiative is to be taken to drive customer satisfaction and loyalty due to high quality and design, products can become the main preference of customers. Further, through this product strategy, customer assertiveness can be increased, and it can drive the sales process as well. The firm is intending to contain the sustainable focus on its products to sustain products in the market in the long run. Interestingly, the product strategy of the firm has been triggered by some key augmented, actual and core elements (Baker, 2014).
The product quality is integrated into the core, actual an augmented level. For instance, the company intends to make high-quality products along with a differentiated design. These factors can derive customer satisfaction effectively. However, some improvements regarding the intangible services must be carried out by the company. Customers are to be engaged by the company by providing pre-purchase during purchase and pro purchase services. Customer engagement on different social media channels is a good approach to streamline products and the company’s contribution towards usability. Products for homes or personal use must integrate with social or cultural values to contain emotional and sentimental attachments with customers. These are some key aspects of the product strategy. Effective execution can drive sales and profitability in an effective manner (Belohlavek, 2008).
Product Strategy Figure
Pricing Strategies
The firm intends to come up with the unique pricing strategy. It has been revealed that the competition in the market is high. There are many other competitors in the market that are offering similar products to customers. Thus, the management wants to streamline the idea of premium pricing strategy. It refers to setting the high price of products in the market to create the certain perception. The firm wants customers to assume that expensive products are more enjoyable and can improve the reputation in society. Accordingly, the company has designed a segment of luxury products, and it can enable the reasonable or expected return on investment (Doole & Lowe, 2008).
The medium pricing strategy has also emerged as a good option. It is a fact that the company wants to target those customers who are less price sensitive. They want a good return on their investment and great value. On the other hand, the penetration pricing strategy will be used by the company to target middle or low-income people in the market. However, the product quality is to be sustained or not to be compromised to enhance the attraction. A penetration pricing strategy is a good approach for the company to gain a competitive advantage. It appears a great chance to target an immense range of customers. This pricing strategy is for different products and customers, and it is to be separated from the luxury segment.
Another option that can drive sales of the company is the skimming pricing strategy. New product development needs skimming pricing to generate the revenues initially. After gaining high revenues initially, the firm may alter the strategy. It can help the firm gain 30% market share, which is one of the key objectives of the firm (Paley, 2007).
Promotional Strategy (Integrated Marketing Communication)
The integrated marketing communication has been integrated with three major pillars. These pillars are pre-purchase, during purchase and post-purchase. Regarding the pre-purchase aspect, the firm wants to use different social media channels to provide information to the customer. Attractive information through attractive product simulation is a better idea to get the customer’s attention and make them assertive when making buying decisions.
The customer can match his needs and is ready to buy products. Also, traditional media channels such as television can also be used to run commercials. The integrated marketing communication process has been designed for pre-purchase, during purchase and post-purchase. As far as the pre-purchased is concerned, different social media platforms will be used to provide product information such as finance, delivery, orders, and other necessary product information.
Warranties, trial periods and after sales communication are powerful post-purchase tools for the management to reduce the visibility of dissonance. The most important thing is to stay with customers even after selling the product to let them make the buying decisions repeatedly. Integrating with customers on different social media channels can help to contain the effective engagement. People can become loyal and show their assertiveness in providing feedback and making buying decisions. Participating in local communities or events such as Ekka, or Toowoomba flower festival are good options to justify the communication strategy (Westwood, 2002).
Place (Distribution) Strategies
The distribution process can be initiated through selective distribution channels. This opportunity has been streamlined by the management to target customers in specific outlets. The chain of the distribution depicts producer, wholesaler, retailer, and customer. Through selective distribution, the company can sell products in specific outlets. The local engagement strategy can be implemented by the company to integrate with the local players. It seems the localization is in the best interest of the company. Based on the different locations and outlets, the firm can make different customers segments and streamline its products. In towns and cities, segmentation and targeting are high due to the high population. Wholesales shops and homeware stores are key marketing channels for the firm to make the difference. (Doole & Lowe, 2008).
These are some marketing mix strategies for this firm. Based on new market trends, these strategies can be changed to be relevant in the presence of other rivals.
References
Baker, M. J. (2014). Marketing Strategy and Management. Michael J. Baker.
Belohlavek, P. (2008). Unicist Marketing Mix. Blue Eagle Group.
Doole, I., & Lowe, R. (2008). International Marketing Strategy: Analysis, Development, and Implementation. Cengage Learning EMEA.
Paley, N. (2007). The Marketing Strategy Desktop Guide. Thorogood Publishing.
Westwood, J. (2002). The Marketing Plan: A Step-by-step Guide. Kogan Page Publishers
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