Table of Contents
- 1 The marketing department must formulate the marketing strategies, marketing campaign development, and implementation to help the company achieve its objectives.
- 2 Want to Launch Product Faster?
- 3 Download it today!
- 4 Turn an Idea into a Steady Revenue Stream for Startups
- 5 Distribution Strategy
- 6 Price Strategy
- 7 Promotion Strategy
- 8 General FAQ’s
The marketing department must formulate the marketing strategies, marketing campaign development, and implementation to help the company achieve its objectives.
What is a marketing strategy and where do marketing campaigns fit in?
Marketing campaign definition: Your marketing campaign strategy comprises the principles by which marketing management expects to achieve with its business and marketing goals and objectives in a target market.
It consists of basic decisions on marketing expenditure, marketing mix, marketing allocation, and marketing campaign development. Grab this marketing campaign template.
Marketing campaign ideas take time to gather. Once you have the ideas the marketing tactical plan and marketing budget need to be considered.
The marketing mix is a set of marketing tools that the company uses to pursue its marketing objectives in the target market.
In this post, I will be discussing the development of the marketing campaign and its marketing mix components. Specific strategies for products, distribution, price, and promotion must be designed to implement the positioning strategy selected by marketing management.
The tasks are to develop an integrated combination of the marketing mix components that will achieve the target market objectives in a cost-effective manner.
Market targeting and marketing program positioning strategies for new and existing products guide the design of strategies for the components of the marketing mix.
Product, distribution, price, and promotion strategies must be combined to form the positioning strategy selected for each target market. The relationship of the position and components to the market target is shown in Exhibit 1.
Characteristics of the Marketing Mix Components
The marketing mix components have several common features in certain unique capabilities. For example, the advertising and personal selling components of promotion can be used to communicate with the target market.
When running successful campaigns, certain marketing mix components perform functions that other components cannot.
Distribution channel functions, such as storage, assembly of orders, and physical distribution cannot be accomplished by the other marketing mix components.
First, management must determine the role of each mix component. This consists of identifying the functions unique to each part and deciding the role of the mix components that can perform the same functions.
The interactive effects of the component mix should also be evaluated. For example, advertising and personal selling working together may have a stronger effect on marketing response than either by itself, even if the total expenditures are the same.
These decisions determine how and to what extent each mixed component is to be used in the positioning strategy.
Second, marketing management must choose the most cost-effective means of performing each mixed component function. Such decisions established the composition and characteristics of the positioning strategy.
In selecting the positioning strategy, it is important to recognize the time period involved. The effects of some mixed components, such as price, are immediate to the short-term. Others, such as new product development and distribution channel development, may require several years.
Once determined, certain aspects of mixed components strategies remain in place for a long time. Advertising and sales promotion programs typically change more frequently than strategies for the other mix components.
The effects of marketing turbulence in the 90s, due to the rise of the Internet, are today likely to require more frequent adjustment to campaign strategies than was necessary for the past. Other factors include your industry, business stage, and the competitive landscape.
For example, when we create Facebook ad programs we may run as many as 48 ads varients. We may test four different visuals with the six versions of the text. This brings the ad set up to 24 different ads.
We’ll also do another version of the text (lines D, E, F), and put those six variations with the four images.
When we are done, the ad set contains 48 ads that include two versions of the text (ABC and DEF) and four images. This requires us to set up key metrics and have an agile marketing approach to handle these programs. [Learn more]
Product and Service Portfolio Strategy
To select the right product strategy, marketing management needs the following information:
Marketing campaign examples exist everywhere. But I want you to think about how you create your marketing campaigns.
Although it depends on many factors, your marketing campaign might be set up as a multi-channel marketing campaign. This is a good start but stop and think for a bit.
How does your target audience interface with a brand like yours? Study it because you could be missing out on sales leads and business.
You might want to create an omnichannel marketing campaign. About 55% of our clients end up with this scalable revenue machine.
This analysis assists marketing management in formulating strategies for each product in the mix or product line and marketing campaign.
The product type is the focal point for positioning strategy development when companies or business units adopt organizational approaches emphasizing product or brand management. A product group manager may manage single product lines or mixes of products.
Product strategies consist of:
The mix and interdependence of products compromising a line or multiple lines of a marketing unit is a critical element of planning.
It is best practice to consolidate all the plans for individual products and to relate them somehow to the overall needs, resources and capabilities of the company that makes and sells them.
If anything is out of line, it then becomes a matter of “cut and fit.” With support for certain products possibly reduced, a new high priority project started, or other actions are taken.
Thus, plans for individual products must fit into an overall product portfolio strategy. Plans for a specific product should indicate actions to be taken, responsibilities, deadlines, and estimated cost.
Distribution, Price, and Promotion Strategies
One major issue in building the strategic marketing plan and the marketing campaign is the fragmentation of planning efforts. Which can lead to faulty or incomplete strategy implementation? Product, distribution, price, and promotion strategies must be tied together into a coordinated plan of action.
Each of these marketing program parts helps to influence buyers in their positioning of products. If the activities of the marketing mix are not coordinated, the actions may be in conflict.
For example, if the company’s advertising messages stress quality and performance but salespeople emphasize low prices, buyers will be confused. If they are unable to evaluate the product due to its technical complexity, the low price emphasis may suggest inferior quality and performance.
Contact with target market buyers can be made on a direct basis using direct channels like e-commerce or company sales force instead of using a distribution network of other marketing intermediaries.
Distribution channels comprised of distributors, retailers, or affiliates are essential in linking producers with many and consumers and business markets. Distribution decisions concern the type of channel intermediaries to utilize. For example, the extent of channel management to be exercised by the company, and the intensity of distribution appropriate for the product and/or service.
The distribution channels used to influence buyers’ positioning of the brand. For example, Rolex watches are distributed through a limited number of retailers with prestigious images.
Price is also an important means of positioning a product or service. Customer responsiveness to alternative pricing, cost, competition, and legal factors establish the extent of flexibility management has and setting prices. Price strategy considers the role of price in the positioning strategy.
This includes the desired positioning of the product or brand and the margins necessary to satisfy and motivate distribution channel members.
Price may be used as an active (visible) component of the marketing strategy. Or instead, marketing campaign emphasis maybe on other marketing mix components (e.g., product quality).
Where to set prices within the continuum of relatively high to low prices compared to the competition. When setting the price, it’s important that the marketer understand price elasticity and pricing models to compare it to the target market and competition.
Advertising, sales promotion, sales force, and public relations strategies communicate between the company and it’s customers, coordinating organizations, and other target audiences. These are essential in any marketing campaign.
Promotion informs, reminds, and persuades buyers in others influencing the purchasing process. Hundreds of billions of dollars are spent annually on ad campaigns and promotions.
Marketers place a priority in making and executing promotion decisions as effectively and efficiently as possible. Promotion strategies perform essential roles in achieving positioning and brand recognition objectives.
Media advertising spending in the United States from 2015 to 2021 (in billion U.S. dollars)
Specific marketing strategies for products, distribution, price, and promotion must be developed to implement the right positioning strategy.
Each marketing activity selected by marketing management must be developed and coordinated with all of the marketing mix elements so that the marketing campaigns will achieve the target market objectives in a cost-effective manner.
Marketing management must decide what levels of marketing expenditures is necessary to achieve its marketing objectives.
Companies typically establish their marketing budget at some conventional percentage of sales their goal. However, that is not the only way to establish a marketing budget.
Are your marketing campaigns resonating with your target audience?
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Have something to say about your thoughts on marketing campaigns?
A marketing campaign is a planned sequence of activities and processes which promote an individual product, service, or resources. Several channels are used and coordinated to deliver effective marketing results.
Why do I need a marketing campaign?
Why Marketing Campaigns Are So Important. Marketing campaigns are the perfect way to reach your customers, clients, and leads. … You need to break through the clutter when promoting yourself, and marketing campaigns with incentives can do that for you. Also, adding an incentive lets you follow up with customers.
What is omnichannel marketing?
Omnichannel marketing refers to the multichannel sales approach that provides the customer with an integrated shopping experience. The customer can be shopping online from a desktop or mobile device, via phone, or in a brick-and-mortar store, and the experience will be seamless.
What is multichannel marketing?
Multichannel marketing is the blending of different distribution and promotional channels for the purpose of Marketing. Distribution channels range from a retail storefront, a website, social, or a mail-order catalog.