Product Packaging & Marketing Strategies: Key to Success - Essay Sample

Introduction

A product refers to an item that is tangible, which means that the client can touch it and see the product before they decide to purchase it. The packaging and presentation of the product may compel the client into deciding to purchase the product. Through marketing strategies, business individuals will be able to create multiple products in order to serve the needs of the clients (Key & Czaplewski, 2017). The importance of marketing strategy is that it will enable the individuals to identify the current business trends and therefore invent products that fit into the client's needs.

Is your time best spent reading someone else’s essay? Get a 100% original essay FROM A CERTIFIED WRITER!

Order now

Price, Product, Promotion, and Place (4 Ps)

Price refers to the sum of money a customer has paid to buy a particular item or product, which are goods or services that are usually offered by companies to their clients. Promotion is the activities undertaken to communicate the product's various features and benefits that come with it when one purchases the product, through promotion it will persuade the clients into purchasing the product (Key & Czaplewski, 2017). Place refers to activities that make the product available to its clients. The marketing strategy relates to the 4Ps since through the 4Ps makes the marketing strategy effective by designing the company's marketing objectives to provide its clients with value. It is essential since it makes it possible to establish the product's positions of that particular company within various target markets. The 4 Ps interact and relate to each other, but they are usually governed by the external factors and the everchanging market. Thus in business, it allows the business individuals to take consideration of the potential problems that may arise.

People, Process, Physical Evidence (The extended 7 Ps)

The 7 Ps, which entail People, Product, Price, Place, Promotion, People, Processes, and Physical examination, refers to a foundation concept that is used in marketing and by marketers or business individuals to determine a product's offering. The extended 7 Ps include; People are regarded as the epicenter of one's business in that they help in keeping the business flowing. Processes: aid in ensuring that there is consistency in delivering of service to every client, in processes businesses that implement on it ensure that the client's preferences are taken into consideration in order to give them a unique business experience.

Through the 7Ps, it will enable the company to target its specific audience (Li et al., 2020). The importance of the 7Ps is that it makes the marketers monitor and evaluate the strategies. The 7ps relate to the 4ps in that there are three added Ps, which include; People, Process, and Physical evidence. It added Ps aid in the enhancement of brand exposure and business performance in the form of sales.

Marketing Research

Marketing research refers to the techniques that one uses to collect information in order to understand the company's target market. Most businesses use this kind of information design, and develop better products, improve their client's experience and also improve their conversion rates (Li et al., 2020). Marketing research is vital in developing a marketing strategy since it will enlighten one's marketing activities and understanding of the requirements of one's target market. Marketing research entails the use of researching methods in order to determine which products are needed in the market place by using qualitative and quantitative research methods to collect market information.

Market Segment

The market segment refers to the group of individuals who share common characteristics that are combined for marketing purposes. Market segmentation relates to market strategy in that it enables the marketers to prioritize one's target markets (Olson et al., 2018). Marketing strategy is essential in this model since it will enable the marketers to efficiently use their money and resources in order to target a specific group effectively. In market segmentation, it is divided into other types, which include; Demographic segmentation, which focuses on who the client is; the traits for this segmentation include age, gender, sex, and other traits. Geographic segmentation allows the business individual to locate their clients and decide how the client plays a part in making the purchase decision (Olson et al., 2018). The geographic segmentation includes regions, continents, cities, and districts. Physiographic segmentation separates the audience based on their personalities, for example, lifestyle, attitudes, interests, and values. Behavioral segmentation divides one's clients based on their behavior. The traits include; knowledge and even purchase patterns.

Market Niche

It refers to the segment of a broader market, which is defined by its unique needs, identity, and also preferences, which makes it different from the market itself. Marketing strategy relates to the marketing niche since it allows the marketers to focus entirely on their clients. Therefore, they will be able to provide quality services to clients (Olson et al., 2018). Through the niche, it will enable one to leverage one's expertise in a specific area and be able to stand out from any competitions. By providing other products and services, one will serve a more extensive, the broader audience (Olson et al., 2018). For one to identify the best niche in marketing, one needs to identify one's unique strengths and interests in order to be able to provide the client with exceptional products. Secondly, one needs to analyze the type of marketing niche that one wants to do; this will enable one to identify their target audiences and identify what they need. Like most of the marketing strategies, one needs to conduct a test to see if the marketing niche is appropriate.

Ideal Client Profile

It refers to a presumed description of the type of company that one can quickly realize one's value of the product itself. The ideal client profile relates to marketing strategy since it aims at understanding the needs of the clients. Also, one will know the target audience, therefore, bring about increased profit at the business place (Zhu, 2019). Through the Ideal Client Profile, one can focus mainly on the clients in that one can quickly answer any queries that are created in the business. An ideal client profile includes the analysis of the client's demographics, which include;

Demographic Profile

Refers to the collection of statistical data of a given group of individuals. The data can be used by companies to segment their target market. The demographic data include; age, gender, ethnicity, and others.

Ideal Client Psychographics

Here an individual will collect information on a specific group by focusing on their interests, lifestyle, and other criteria. It explains to the business person why the client is motivated to buy the products.

Marketing Strategy

A marketing strategy refers to an approach and a game plan of one's business whose primary goal is to achieve a competitive advantage by understanding the needs of the clients (Zhu, 2019). Marketing strategy is essential in one's business since it enables one to connect to the target audience (Zhu, 2019). The market strategy also provides one with the right direction and plan to manage the business itself. Marketing strategy entails the 4 Ps of marketing, which include; product, price, place, and even promotion. Products refer to everything available to the client. Price refers to the charging fee of one's product, which is eco -friendly to the client. Place refers to the strategic position where the business is situated; therefore, one needs to pick up a location where one's target audience is located (Olson et al., 2018). The promotion follows after one has optimized the other 3 Ps. Here one promotes their business products through advertisements or use of social media platforms.

Commercialization Strategy

Commercialization strategy refers to a series of financing choices that one is the company's moves to the market place. It also refers to the process where companies bring in products to the markets (Zhu, 2019). Market strategy relates to commercialization since it embraces the conducting of research and therefore develops efforts to determine the value of an item to its clients. Therefore, it will enable companies to create products as per the client's needs (Zhu, 2019). Through this strategy, it satisfies both clients and stakeholder needs. The use of 4P's marketing strategy aids in making the companies determine the right products to generate, their prices, and the right target audience.

Advertising

Advertising refers to the technique which marketers use to promote their products and services. The advertising relates to market strategies in that it uses data and information collected through marketing strategies to communicate one's products or even brands (Olson et al., 2018). Through marketing strategy, it aids in developing goods services that bring profit to the organization (Olson et al., 2018). It also helps in creating a budget for advertising in advertisement businesses need to use the right advertising techniques; for example, the emotional appeal, which outlays the needs of the client by using the fear factor. Promotional advertising involves giving out product samples for free to the clients in order to gain their attention.

Market Positioning

Market positioning refers to a particular place where a brand usually occupies in a customer's mind and how it can be fully distinguished from the competitors' products. Positioning relates to marketing strategies in that it elevates marketing efforts by persuading the buyer to purchase the product (Olson et al., 2018). Positioning is an important marketing strategy in that it enables the clients to perceive what is offered to them. In the marketing position, it has a variety of strategies. For example, one needs to determine and identify and explore opportunities in order to attract more clients.

References

Key, T. M., & Czaplewski, A. J. (2017). Upstream social marketing strategy: An integrated marketing communications approach. Business Horizons, 60(3), 325-333. https://doi.org/10.1016/j.bushor.2017.01.006

Li, F., Larimo, J., & Leonidou, L. C. (2020). Social media marketing strategy: Definition, conceptualization, taxonomy, validation, and future agenda. Journal of the Academy of Marketing Science. https://doi.org/10.1007/s11747-020-00733-3O

lson, E. M., Slater, S. F., Hult, G. T., & Olson, K. M. (2018). The application of human resource management policies within the marketing organization: The impact on business and marketing strategy implementation. Industrial Marketing Management, 69, 62-73. https://doi.org/10.1016/j.indmarman.2018.01.029

Zhu, G. (2019). Precision retail marketing strategy based on the digital marketing model. Science Journal of Business and Management, 7(1), 33. https://doi.org/10.11648/j.sjbm.20190701.15