MARKETING PROGRAM
QUESTIONS
1-Clarly Define Marketing Program and Describe Five Steps That Are Involved(10mk)?
2-Examine Product Lifecycle Strategies On Marketing Program (10mks)?
3-Explan Six Steps of Sale Force Management(10mks)?
Introduction:
Marketing program refers to the overall plan covering various activities taken by a company to increase sales this is a crucial step every business need to go through to ensure their marketing efforts can go smoothly and achieve the desired marketing objectives.
This objective’s need to be strategic to fit your company current situation. However, developing a good marketing program can be challenging for beginners.
In this article, we will look at the core element of marketing program, it’s important for your business and how to make your own marketing program
The five steps involved in marketing program.
A successful marketing process always depend on an individual company. However, the development of the process frequently works according to certain Patten that can be broken down into five essential parts which are described in general as follows:
Step 1: marketing analysis
Each marketing process should begin with marketing analysis. This includes a close look at the company in terms of portfolio. this is when you critically review your own offers and sound them out in terms of their strength and weakness. This is followed by comparison within the market and with the competitors. Here is when you take a look at future and estimate future sales potentials. Based on the insight gained. The medium and the long-term company goals are developed and formulated as strategic guide.
Important: the analysis should not only cover the process of taking stock, it should also offer solutions and approaches when a company is experiencing sales difficulties. Potential causes could be a high price for a product or a services an outdated construction or luck of functions as well as sales personal who are not trained.
Step 2: marketing goals.
The marketing goal stem from the company goals defines. For instance, in terms of criteria that can be measured such as sales development the number of customers or the position on the market.
Step 3: Marketing strategy.
The marketing strategy must be based on the marketing goals.it focuses first and foremost on the condition of the market defending on the industry the marketing strategy can therefore set up for the short or the long term. In any case is the competitive situation to be monitored on an ongoing basis to allow for identifying changes early on and adapting the strategy accordingly.
Step 4: marketing mix
now it’s time to put theoretical marketing process in to practice. This includes the selection of the suitable marketing tools. they could for instance leveraged for the price structuring, the communication or sales. Together they create marketing mix with which the goals should be achieved.
Step 5: marketing monitoring.
Weather everything works as planned need to be monitored by the company on an ongoing basis if this control point is missing, then it is nether possible to measure success or failures nor possible to discover points of weakness in a strategy and rectify these. If adjustment is required, it may be necessary to go back to step 1 again at least in part.
When it comes to realization, a digital means has proven to be very helpful. project management tools for instance can support and coordinates the entire marketing process. In this way, responsibilities, task or dates can be transparent, understandable and documented. the required date, too, can be stored and shared digitally so that all the stakeholders are continually up to date.
Product lifecycle in marketing programs goes through some stages which includes;
introduction, growth maturity saturation, decline and revival. This lifecycle stages in marketing represent a distinct phase in product existence, helping marketers adapt their strategies accordingly based on the stage the product is at.
The product lifecycle is a crucial concept in marketing that describes the various stages a product goes through from its inception eventual decline. It is very beneficial for business to understand these stages and implement product lifecycle. The product lifecycle marketing strategies program drive success and product quality earning customers trust and loyalty.
To achieve successive growth in business with the product, we must implement different marketing strategies at different stages of product lifecycle. This is only possible by understanding the product life cycle stages and marketing strategies following some plc strategies to be considered at each product life cycle stage which are:
Marketing strategies for introduction stage:
the introduction stage is the stage that mark the birth of a new product in the market. At this point, the product has a low consumer’s awareness and the primary goal is to create product awareness and generate initial sales. The key product life cycle marketing strategies for introduction includes:
Extensive market research: conducting through market research is the foundation of any successful market campaign. Understanding the target audience and their needs preference pain points is crucial for positioning the product effectively.
Unique selling proposition: in a competitive market, it’s essential to communicate the unique features and the benefits of the products to differentiate it from competitors.
Pricing: setting an appropriate introductory price is critical. High prices may deter/discourage potential customers while price too low may devalue the product. Striking the right balance is essential to attract early adaptors while covering initial product cost.
Promotions: utilize a max digital marketing channels social media platforms and traditional advertisement’s methods build brand awareness. Engaging content, eye-catching visuals and compelling stories.
Marketing strategies for growth stage:
during the growth stage, the product experience a rapid increase in sales as consumer awareness grows. The focus shifts towards expending markets shares and building customer loyalty. Effective product life cycle marketing strategies for the growth stage include:
product improvement: continues innovation and product enhancement based on customer feedback and market trends are crucial to maintaining momentum. Monitoring customer’s reviews and conducting surveys will provide valuable insights in to the areas of improvements.
Market expansion: identifying targeting new markets segments and demographics are vital for continued growth. Analyze data to identify potential and explore new geographical regions or markets.
Effective distribution: ensuring the product is readily available in various locations and distribution channels are vital to meeting the increasing demand. Collaborating with strategic partners and retailers can help expand the product to reach different locations.
Branding: straightening the brand image is imperative during the growth stage. Consistent massaging and emotionally appealing advertisement the resonate with the target audience will reinforce brand quality.
Marketing strategies for maturity stage:
The maturity stage is characterized by stable sales and intense competition. Businesses maintain market share and extend the products lifecycle by implementing effective product life cycle marketing strategies. Some of the key life cycle of marketing strategies to consider for maturity stage include:
Product diversification: introducing variations or extensions can cater to diverse customer preferences and keep the brand relevant in the market.
Price adjustment: implementing competitive pricing strategies is essential to retain price sensitive customers and remain competitive against rival offering
Targeted marketing campaign: as the market becomes saturated, targeted marketing targeted market campaign can help sustain customers interest. Leveraging data-driven insight, personalized marketing efforts will resonate better with specific customer’s segments.
Customer locality programs: fostering customer loyalty through loyalty program, special offers and specialized rewards can encourage repeat purchases and straighten the relationship between the brand and its customers.
Marketing strategies for saturation stage:
In the saturation stage, when the market become flooded with similar product and sales growth plateaus, business can leverage effective product life cycle marketing strategies to combat market situation and maintain profitability the product lifecycle strategies beneficial in this stage include:
Product differentiation: highlighting unique features and benefits becomes even more critical in a crowded market. Emphasizing what set the product apart from competitors will attract discerning.
Geographical expansion: exploring untapped geographic regions can provide new opportunities for growth. Conducting market research to identify regions with potential demand can lead to new customer acquisitions.
Innovative marketing using innovative and experiential marketing technique can rekindle
Consumers interest. Engaging customer through events, influencer marketing, or user-generated content campaigns can create a buzz around the product.
Marketing strategies for decline stage:
As product sales decline, it becomes crucial to manage the decline gracefully and explore new opportunities. Product life cycle marketing strategies can play a pivotal role in navigating the decline stage. Key strategies to consider during this phase include:
Cost management: optimizing product cost and reducing marketing expenses without compromising product quality is essential to maximizing profitability during this stage.
Focus on loyal customers: concerning efforts of retaining loyal customers is the vital. Offering personalized offerings, exclusive deals, and exceptional customer service can reinforce loyalty.
Product phase out: gradually phasing out the decline product while transitioning to new product offering or innovations can help mitigate financial loses.
Marketing strategies for revival stage:
In the revival stage, a declining product can be revived and rejuvenated through the implementation of properly designed product life cycle marketing strategies. Key strategies that can be used to design or implement during the revival phase include:
Product repositioning: repositioning the product to cater to differ target audience or address new need can be revitalized its market appeal.
Rebranding: updating the product branding and packaging can give it a fresh and modern appeal, attracting the attention of the customers who may have the overlook it before.
Promotional campaign: launching compelling promotional campaigns to reignite and create a buzz in the market is essential. Leveraging social media influence and engaging content can lead to renewed excitement.
Conclusively,
Implementing product lifecycle strategies in to product development and management plays a crucial role in driving quality to business and earning customer trust and loyalty. it’s important to recognize the product life cycle marketing strategies are not shortcut, but they are the key that leads to quality results of the business.
However, the six steps of the sales force include:
Prospecting:
Marketing teams are often tasked with prospecting for leads but once those leads drop into funnel, sales reps will have some prospecting of their own to do. This form of prospecting usually consists of lead qualification, lead scoring and lead distribution.
Leads can be categories into two ways: marketing qualified leads and sales qualified leads. Only those who are sales qualified should be passed along to a sale rep. while marketing qualified should be nurtured by marketing teams to turn them into sales qualified leads. This process is referred to as lead qualification, which examine lead behavior that can indicate their potential readiness to buy.
2-Preparation:
During preparation stage the sale rep will review details about their lead, such that how they ended up in your sale funnel in the first place, their company job title and information.
This is often referred to as discovery stage where sales reps are focused on getting to know their prospects, their pain points, solutions they’ve tried in the past, and reasons why are exploring you as a potential solution. You’ll use the information you learn here to move on to the next stage, which is where you present the solution to your prospect.
3-presentation
At this point, you would have done a very good job building rapport with your prospect getting to know their needs and their company, and understanding how you’re in a position to help them
If you’ve done your homework, it would be relatively easy to make a presentation of what you can offer them this is your opportunity to highlight your knowledge regarding the product services your company offer while showing them your solution fits into existing needs.
4-Overcoming objections
Sales people often makes mistake of confusing objections with push back. Through the two, do share overlap they are not one and the same. In many cases, objections are simply a way for the customers to gain clarity on what you present to them. They’re not always an indication of a killed deal, through an inability to overcome objection can turn off potential buyers.
It’s important to keep in mind that inside sales 18%of deals even if you adequately handle objections, there’s still a good chance that your prospect won’t make it all the way to close.
5-closing the sale:
Sales rep puts in a lot of work and efforts to get the point of close yet some of them lose out on deals simply because they never asked for the sale if you’ve done a great job delivering a presentation that fits with your buyers need, answer their questions, and overcome objections, then you shouldn’t have a problem asking them for a sale.
Closing the sale can be as possible as asking for a credit card to get started, sending over a contract, or even getting lose verbal agreement while you prepare their product in either case you need.
6- follow up:
Following up with your new customers after a sale is easily overlooked. You’ve closed the deal, money has changed hands, and your customer is now set up with your product or service. But your commitment to them shouldn’t stop once the deal is over. ongoing follow-up can be critical to retaining your customers, as well as upselling and cross-selling them products that will continue to build their loyalty to you. Customers may also take this opportunity to provide their feedback on your product or service such as asking questions, gaining clarity on how to use your product or service and making a valuable suggestion that can help you improve your product or service in the future.
Reference
Meenu joshi
Works with the content marketing team of lead squared. She consults with multiple client on leveraging content to generate and nurture leads.
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