Browse the FAQs on Coupon Bank stores.
To match the pricing strategy with the strong proposition the company needs to have a strong message that needs to be sent to the market. The product needs to be consistent with the value and the services need to be exceptionally well. The value proposition is required and it needs to have operational efficiency and the price require the competitiveness. The price is such that it is neither high nor low but it matches exactly the value of the product. Low price sends wrong message to the customers about the product. The price strategy is such that it requires providing right services to the right customers.
Strategic marketing involves the development of the prospects and communication with the customers to sell and manage the services provided to the customers. The steps involved are as follows:
– Develop the strategy to market the product to various customers
– Creation of tools and processes to implement the product
– Generating of the messages and managing the customers according to their involvement with the customers
– Using tools to develop the strategy into implementation
– Recruiting people for the development phase and for marketing of the product after it is built.
– Selecting the correct vendor to whom the product needs to be sold.
Strategic marketing consists of many key elements but out of those the most important key element is the value proposition. This is used to show the value of the product that is being marketed to the customer. This consists of three types of values and these are as follows:
– OPERATIONAL EXCELLENCE: this focuses mainly on the product and its price. This provides the customer the best price in the market that will be affordable to them and providing good features in the products as well.
– PRODUCT LEADERSHIP: this focuses on the quality of the products. Every customer needs the product to be good and of high quality so that the production can be increased of that product in the market. This brings the competitiveness in the market to release the best quality product and sell it.
– CUSTOMER INTIMACY: this focus on the flexibility of the products. Customers are attracted to the products that have high customization options and provide solutions to their problems.
Competitive positioning strategy is required in every company and it is the foundation of the business. This allows the latest technology to be used and expand the business dynamically with the rising demand for the new products by the customers. The steps involved are:
– Select an appropriate profile to market your business: this includes the documentation about the competitors and positioning of them in the market.
– Determining the type/stage of the market the business is in. This includes the types as introductory, growth, mature, or declining stage.
– Segmenting market to understand the overall difficulty levels of the market and thinking from the customer’s point of view.
– Listing the needs of the customers and giving them what they need.
Brand is a name or a symbol that represents one company distinctly from another company or brand. This brand allows the customer to have trust on the services you provide. It includes the logo or the slogan of the company that make the customer to have trust on you. The brand interacts with the customer’s everyday and it will be including the following components:
– Images that is conveyed using the brand
– The messages that is used to sell your product using the brand
– Representing of the employees interacting with the customers.