Unlike olden days when choices were few, the current generation is spoilt for choice. The range of available products is endless. The strategy to tackle competition has to be well planned. To increase the appeal of product, the strategy of marketing must integrate capabilities and novel skills to hold a consumer’s attention. The four principles of marketing strategies are clarity, innovation, concentration and separation.
1. Clarity: clarity of the product’ definition is important to set at the inception phase of the product. Apart from product definition, there must be clarity regarding expectations from the product and the target market. The three pillars of a successful business venture are building product awareness, selling the product and receiving positive customer feedback. Clarity also defines the product and business specialization. When focus is targeted at a single product the probability of success is higher as compared to splitting focus towards different tangents. This is achieved when the concept and expectations are clear.
2. Innovation: innovation is the USP of any new product launched in the market or for any old product that is revamped. If product A is similar to product B and pricing is the same, the element that determines which product is chosen depends on the customer’s personal brand preference which is in turn influenced by Facebook marketing method. Products are bought depending on the amount of exposure the consumer has about the same. Innovative ideas also help in approaching virgin markets to improve sales. New opportunities can be evaluated through innovative approaches to uncover non-obvious potential.
3. Concentration: this strategy involves pooling in of the limited resources that are at disposal to improve the chances of sale of a product. Effective distribution of resources is achievable only when the sum total of resource is known. Sum total can be estimated only on concentration.
4. Separation: the market has to be segmented in order to cater effectively. If the company is involved in manufacturing and sale of more than one product which may or may not be inter-related, separating each unit will maintain smooth functioning of the unit as a whole. To bring in separation among the different units, the characteristics of each with its specialization must first be understood. When segregation is done right, there is very little overlapping in function and structural ambiguity. The consolidated success of a company is dependent on the success of each individual unit.