MARKETING STARATEGIES IN MANAGEMENT
Types of markets
Marketing decisions a primarily based on the market economy the business is in. there are four major market types within a specific market. Perfect competition represents a market system with many different players; sellers and buyers making it impossible for one person to alter the pricing within the market. Buyers and seller have the infinite number of options (Mayer 2007, p.45). A monopoly there is only one seller or producer for a good or a service. Therefore, the seller or producer is in charge of the pricing and the customer’s willingness to purchase determines the revenue. A monopolistic market contains many different businesses selling similar but differentiated products. The businesses have therefore the authority over the pricing. It combines ideas of a monopoly and a perfect market (Mayer 2007, p.65).
An oligopoly market contains a handful or sellers and producers that who make up a majority of the selling and production. The barriers to entry are high and since the products are similar, there is domination by some producers and losing clients is possible. The market that Aroma is in is an oligopoly type of market. The producers are a handful, there is competition and there is evidence of loss of buyers through competitive means.
Branding is a marketing strategy that helps focus the market, make a product recognizable and attractive. It involves naming, packaging, graphics, and slogans. It helps the customers to b familiar and identify with the product. Distribution strategies for a product help to increase access to customers with timely deliveries and save on cost (Vega-Jurado et al. 2015, p.89). Interactive marketing induces an active relationship between a consumer and the producer. The company knows the customers personally (Fatima & Lodhi 2015, p.104). They, therefore, analyze the demography. It is a method that ensures the brand is well known and ensures loyalty to the company.
Digital marketing is a method that uses the digital online and offline platform to pass information about a product. They include instant messaging, mobile marketing, content marketing and emails (Baltes 2015, p.111). Other digital means that are available are the online and social media. With the world tending towards digital means, it can achieve success. Public relations marketing is another means that helps improve the name of the company. It is mainly used for a company that is undergoing transition or defamation to restore the company name.
Selection of the Marketing Mix
The company is facing a major delivery issue with deliveries being late. A distribution marketing strategy would help in this case. The problem of customer confusion with the change of companies, poor quality control change of taste could be dealt with by proper branding. A proper packaging, a slogan and proper naming of the new product will help the customers to be familiar with the new product. Further, adopting the use of healthier ingredients and using eco-friendly packaging will help improve the brand of the product (Charter 2017, p.3).
After adopting a proper brand, eco-friendly and healthier ingredients, it will, therefore, call for proper adverting and public relations. They are the means that will help the customers to know of the new changes. The advertising methods include digital marketing and word of mouth. The company is also facing bad PR because of the new changes, the poor products and delivery issues (Som & Blanckaert 2015, p.36). Once the proper branding is restored, it will be of importance to start a pr marketing plan to improve the image of the company to consumers.
Baltes, L.P., 2015. Content marketing-the fundamental tool of digital marketing. Bulletin of the Transilvania University of Brasov. Economic Sciences. Series V, 8(2), p.111.
Charter, M. ed., 2017. Greener marketing: A responsible approach to business. Routledge.
Fatima, S. and Lodhi, S., 2015. Impact of Advertisement on Buying Behaviours of the Consumers: Study of Cosmetic Industry in Karachi City.
Mayer, C., 2007. Markets. Heinemann-Raintree Library.
Som, A. and Blanckaert, C., 2015. The Road to Luxury: The evolution, markets, and strategies of luxury brand management. John Wiley & Sons.
Vega-Jurado, J., Juliao-Esparragoza, D., Paternina-Arboleda, C.D. and Velez, M.C., 2015. Integrating Technology, Management and Marketing Innovation through Open Innovation Models. Journal of technology management & innovation, 10(4), pp.85-90.