How should marketers adjust their strategies and tactics for an economic downturn or recession?
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The document provides 5 ways for marketers to adjust their strategies during an economic downturn or recession. These include: 1) increasing marketing expenditure to boost revenue and profits, 2) getting closer to customers to better understand their needs, 3) reviewing budget allocations to cut underperforming distributors and incentivize top sellers, 4) putting forth compelling value propositions rather than price reductions which are a mistake, and 5) fine-tuning brand and product offerings such as having luxury brands and lower-priced brands.
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How should marketers adjust their strategies and tactics for an economic down...Vaishnavi Ketharnathan
The document provides 5 strategies for marketers to adjust during an economic downturn or recession. Strategy 1 suggests increasing marketing expenditure during a recession as companies that invested saw improved fortunes compared to those that cut back. Strategy 2 is to learn more about customer thoughts and behaviors. Strategy 3 is to eliminate underperforming approaches, distributors, and incentivize effective sellers. Strategy 4 says to avoid price reductions and discounts. Strategy 5 is to ensure selling the right products to the right people at the right time and place, as value-driven companies are likely to benefit most. Luxury brands can also benefit from lower-priced sub-brands.Sales promotion
Sales promotion is used as an incentive to encourage customers to purchase a product. It aims to stimulate immediate sales and can include discounts, coupons, gifts, and sweepstakes with a limited time offer. There are internal reasons like meeting sales targets and external reasons like increasing competition that lead companies to spend more on sales promotions. Promotions can be targeted at retailers through trade promotions like discounts or at consumers directly. The effectiveness of promotions may decline over time due to costs and clutter, so novelty is important.
Sales promotion
Sales promotion is used as an incentive to encourage customers to purchase a product. It aims to stimulate immediate sales and can include discounts, coupons, samples, and sweepstakes with a limited time period. Sales promotion targets both retailers through trade promotions like bulk discounts and consumers directly. The document outlines different forms of trade and consumer promotions and discusses how and when during a product's life cycle different levels of sales promotion may be most effective. It stresses the importance of having a clear objective, plan, and evaluation for any sales promotion program.
Sales promotion
Sales promotion is used as an incentive to encourage customers to purchase a product. It aims to stimulate immediate sales and can include discounts, coupons, samples, and sweepstakes with a limited time period. Sales promotion targets both trade partners to increase stock and consumers directly to induce trials, create new users, and reward loyal customers. While advertising communicates reasons to buy, sales promotion provides economic motivation for purchase.
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Trade Promotion Management (TPM) refers to the management of promotional activities like trade shows, special pricing, and sales incentives to effectively plan, execute, and analyze their impact. TPM solutions help consumer packaged goods companies and other businesses that rely heavily on promotions. They provide tools for budgeting, data integration, planning, reporting, and analyzing promotional activities and expenditures to improve sales forecasting and measure return on investment. Closed Loop TPM integrates the TPM solution with a company's other financial and supply chain systems for end-to-end management and tracking of all trade promotion activities.
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Sales promotion is used as an incentive to encourage customers to purchase a product. It aims to stimulate immediate sales and can include discounts, coupons, gifts, and sweepstakes with a limited time offer. There are internal reasons like meeting sales targets and external reasons like increasing competition that lead companies to spend more on sales promotions. Promotions can be targeted at retailers through trade promotions like discounts or at consumers directly. The effectiveness of promotions may decline over time due to costs and clutter, so novelty is important.
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Sales promotion is used as an incentive to encourage customers to purchase a product. It aims to stimulate immediate sales and can include discounts, coupons, samples, and sweepstakes with a limited time period. Sales promotion targets both retailers through trade promotions like bulk discounts and consumers directly. The document outlines different forms of trade and consumer promotions and discusses how and when during a product's life cycle different levels of sales promotion may be most effective. It stresses the importance of having a clear objective, plan, and evaluation for any sales promotion program.
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Sales promotion is used as an incentive to encourage customers to purchase a product. It aims to stimulate immediate sales and can include discounts, coupons, samples, and sweepstakes with a limited time period. Sales promotion targets both trade partners to increase stock and consumers directly to induce trials, create new users, and reward loyal customers. While advertising communicates reasons to buy, sales promotion provides economic motivation for purchase.
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Trade Promotion Management (TPM) refers to the management of promotional activities like trade shows, special pricing, and sales incentives to effectively plan, execute, and analyze their impact. TPM solutions help consumer packaged goods companies and other businesses that rely heavily on promotions. They provide tools for budgeting, data integration, planning, reporting, and analyzing promotional activities and expenditures to improve sales forecasting and measure return on investment. Closed Loop TPM integrates the TPM solution with a company's other financial and supply chain systems for end-to-end management and tracking of all trade promotion activities.
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Sales promotion is used to stimulate short-term purchases and build long-term relationships. There are three main types: consumer promotion which uses coupons and samples, trade promotion which offers prices off and free goods, and business/sales promotion like trade shows and sales contests. Developing an effective promotion program requires establishing objectives, choosing appropriate tools, determining the size, conditions, duration, distribution, timing, and budget. Implementation and evaluation ensures proper execution and assessment of the program's success.
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Sales promotion is used to incentivize consumers to buy a product. While advertising gives a reason to buy, sales promotion gives an incentive to buy. Sales promotion spending now exceeds advertising spending for many companies. This is due to both internal reasons like management being more open to promotional spending and external reasons like increased competition and consumers being more price conscious. Sales promotion is a push strategy used at the point of purchase to convert customers. It comes in the forms of trade promotion to retailers and consumer promotion to stimulate purchases. Common consumer promotion techniques include free samples, gifts, coupons, and sweepstakes. An effective sales promotion program requires value, being part of an overall marketing plan, clear objectives, and evaluation.
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This document presents information on sales promotion from a presentation by Dinesh Nikam. It defines sales promotion as a short-term incentive used to encourage consumers to buy products. Various sales promotion tools are discussed, including consumer promotions like samples, coupons, and premiums, as well as trade promotions targeted at retailers. The objectives, strengths, and limitations of sales promotion strategies are also outlined. The document concludes by discussing how to develop, pretest, implement, and evaluate an effective sales promotion program.
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Sales promotion relates to short-term incentives that encourage the purchase or sale of a product. The primary objectives are to stimulate market demand, improve product availability, and coordinate selling, advertising, and public relations. However, sales promotion cannot compensate for flaws like a poor product or ineffective advertising. There are two main types: consumer sales promotions that target customers directly, and trade sales promotions that focus on organizations to stimulate immediate sales. Common consumer techniques include price deals, reward programs, coupons, and point-of-sale promotions, while trade techniques include allowances, incentives, contests, displays, and discounts.
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The document discusses designing effective sales promotion campaigns. Some key steps include: 1) Setting sales goals and quotas to develop the plan; 2) Researching past successful promotions to determine popular products; and 3) Defining the type of promotion and calculating inventory needs. Additional tips include keeping promotions simple, upselling with loss leaders, promoting through advertising and social media, and evaluating campaign results. Outsourcing sales promotion can provide benefits like freeing up staff time and gaining expertise, but may result in undesirable outcomes if vendors do not meet standards. Online promotion challenges include generating awareness of the brand and driving purchase behavior.
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2. A definition of business growth as improving a business's success by boosting revenue or profitability.
3. An introduction to the concept of product lifecycles, which describe the typical stages of introduction, growth, maturity, and decline that products experience over time.
4. Details on marketing strategies for each stage of the product lifecycle, such as emphasizing awareness in introduction and maximizing market share in growth.
What decisions do companies face in designing and managing a sales force
The document discusses how to design an effective sales force, including defining its objectives, strategy, structure, size, and compensation. It outlines a sales force hierarchy from solution vendors down to order takers and deliverers. When designing the sales force, companies should consider their product lines, customer locations, and how to recruit, train, motivate, and evaluate sales representatives. The days of solely focusing on sales are over - today's representatives must diagnose customer problems and propose solutions.
How should sales promotion decisions be made?
Sales promotion is used to stimulate short-term purchases and build long-term relationships. There are three main types: consumer promotion which uses coupons and samples, trade promotion which offers prices off and free goods, and business/sales promotion like trade shows and sales contests. Developing an effective promotion program requires establishing objectives, choosing appropriate tools, determining the size, conditions, duration, distribution, timing, and budget. Implementation and evaluation ensures proper execution and assessment of the program's success.
Sales Promotion
Sales promotion is used to incentivize consumers to buy a product. While advertising gives a reason to buy, sales promotion gives an incentive to buy. Sales promotion spending now exceeds advertising spending for many companies. This is due to both internal reasons like management being more open to promotional spending and external reasons like increased competition and consumers being more price conscious. Sales promotion is a push strategy used at the point of purchase to convert customers. It comes in the forms of trade promotion to retailers and consumer promotion to stimulate purchases. Common consumer promotion techniques include free samples, gifts, coupons, and sweepstakes. An effective sales promotion program requires value, being part of an overall marketing plan, clear objectives, and evaluation.
8.sales promotion
Sales promotion is defined as media and non-media marketing used for a limited time to stimulate trial purchases, increase demand, or improve product quality. The goals are to increase awareness, induce trials, boost short-term sales, maintain loyalty, and complement other promotions. Advantages include eye-catching appeals, distinctive themes/tools, and value provided to consumers like coupons. However, promotions can be hard to end without negative reactions and focus on frivolous selling points rather than core offerings. Major types are premiums, contests, loyalty programs, coupons, in-store displays, and sampling. Key decisions involve setting objectives, budgets, tools, development, testing, implementation, control and evaluation.
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The document discusses sales promotion and provides definitions from various sources. It defines sales promotion as a planned and implemented marketing activity that enhances a product or service's appeal and positively changes consumer behavior in return for an additional benefit of purchase or participation. Sales promotion is described as marketing and communications activities that change the price-value relationship of a product or service as perceived by the target, generating immediate sales and altering long-term brand value.
Promotion and pricing strategies
1. Promotion involves informing, persuading, and influencing customers through integrated marketing communications. This includes advertising, personal selling, sales promotion, publicity, and public relations working together to deliver a unified message.
2. The promotional mix uses personal selling techniques like advertising and nonpersonal selling techniques to achieve objectives. Pricing strategies include profitability, volume, competition, prestige, and penetration objectives.
3. Firms consider customer perceptions that higher prices indicate higher quality when setting prices. Strategies include skimming, penetration, everyday low, competitive, and odd pricing.
What marketing strategies are appropriate at each stage ?
At the introductory stage, marketing strategies focus on creating product awareness through promotional activities and selective distribution. In the growth stage, strategies aim to maximize market share through expanding distribution and building awareness in the mass market. During maturity, the goal is to maintain market share through brand differentiation, competitive pricing, and developing loyalty. Finally, in decline, strategies center around reducing costs by going selective and milking remaining brand value through loyal customers.
Sales promotion developing the sales promotion plan
The document outlines the stages involved in developing an effective sales promotion plan, including environmental analysis, internal analysis, consideration of marketing strategy, identifying target audiences, determining objectives, and developing the promotional program. It emphasizes that the sales promotion plan should align with and support the overall marketing plan. Key stages in the planning process include situational analysis, setting objectives, budgeting, developing the promotional activities, implementation, and evaluation.
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Marketers should explore increasing investment during an economic downturn to gain market share from competitors. They should get closer to customers to understand how to provide the most compelling value proposition during tougher times. A review of budget allocations may be needed to focus spending on the most impactful marketing activities that support adjusting the brand and fine tuning product offerings for the economic conditions.
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MF Strategic Marketing Slides Chapter 1
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The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
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Gino SA is a burner manufacturer considering expanding into the Chinese market. It currently distributes products through distributors who are resistant to some changes. A key customer, Feima Boiler, approached Gino directly for a better price as an OEM rather than through the distributor Jinghua. The best solution is to lower prices to Jinghua so it can offer discounts to Feima, avoiding upsetting the distribution channel. Breaking the channel could lose dealers, so an exception for industrial products may be negotiated while focusing on long-term benefits and relationships over immediate profits.
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Gino SA is a large burner manufacturer looking to expand its business in China, where it currently sells through distributors, but one distributor's largest customer, Feima Boiler, wants to deal directly with Gino as an OEM. However, granting Feima OEM status could undermine Gino's distributor relationship, so the best solution is to keep Feima loyal to the distributor while lowering transfer prices to the distributor to allow for discounts to Feima.
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A brand is forever a framework for revitalizing declining and dead brands
Brand decline and death can be reversed through strategic revitalization efforts. There are three key steps: 1) Assess whether the brand can regain former levels of awareness and differentiate itself again. 2) Reposition the brand through investment and educating consumers on its new uniqueness. 3) Address past mismanagement by rebuilding quality, resisting overuse of the brand, and clearly defining the target market. Overall success requires a long-term perspective and commitment to the revitalization process.
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What are the major trends with marketing intermediaries?
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This document discusses various marketing decisions made by intermediaries, including product assortment, advertising, and distribution channels. It provides examples of different types of product assortment strategies like narrow/shallow, narrow/deep, broad/shallow, and broad/deep. The document also discusses inventory management techniques like RFID tracking and direct product profitability analysis. Additionally, it covers factors considered for order processing, warehousing location, and shipping methods.
What major types of marketing intermediaries occupy this sector?
This document discusses retailing and wholesaling. It defines retailing as selling goods or services directly to final consumers for personal use, and wholesaling as selling to those who buy for resale or business use. It outlines different types of retailers like specialty stores, department stores, drug stores, and off-price retailers. It also discusses corporate retailing models like franchising. Wholesaling types mentioned include merchant, full-service, limited service, brokers, agents, and manufacturers' branches. Logistics functions for wholesaling like order processing, warehousing, inventory, and transportation are also summarized.
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How can market leaders expand the total market and defend market share?
This document discusses strategies for market leaders to expand total market demand and defend market share. It outlines three ways to attract new customers: market penetration, new market segments, and geographical expansion. It also discusses two ways to increase usage: communicating advantages to increase frequency or amount of consumption, and identifying new applications. Finally, it discusses two approaches to protecting market share: proactive marketing through innovative capabilities and future vision, and defensive marketing such as reducing attack probability and diverting threats.
Change in marketing management
Major societal forces driving change in marketing management include the rise of network information technology, globalization, deregulation, heightened competition, industry convergence, and shifts in consumer buying power, access to information, participation, and resistance. Companies must develop capabilities to engage consumers via mobile marketing and new digital channels in order to adapt to these changes in the industry environment and consumer behaviors.
Core marketing concepts
This document discusses key marketing concepts like needs, wants, desires, segmentation, targeting, positioning, offerings, brands, value and satisfaction. It covers different marketing channels including communication, distribution, and service channels. It also discusses competition and the marketing environment. The document is a presentation on marketing for transport, banking, and insurance services that was created by Anubhab Mondal during an internship under Prof. Sameer Mathur at IIM Lucknow. It provides credits and sources for images at the end.
Importance of marketing
Marketing is important for firms to prosper and survive by introducing more demand for goods and bringing about new products and services. This leads to the production of new goods and services which creates more jobs. Effective marketing also helps firms create a strong brand and loyal customer base while promoting socially responsible activities.
Scope of marketing
The scope of marketing includes goods, services, events, experiences, people, places, property, organizations, information, and ideas. Experiential marketing examples include amusement parks and water parks, while musicians and artists are examples of people promoted through marketing. The document was created by Anubhab Mondal during an internship under Prof. Sameer Mathur at IIM Lucknow to discuss the wide scope of subjects that marketing can encompass.
Importance of marketing
Marketing is important for firms to prosper and survive by introducing more demand for goods and bringing about new products and services. This leads to the production of new goods and services which creates more jobs. Effective marketing also helps firms create a strong brand and loyal customer base while promoting socially responsible activities.
More from Sameer Mathur (20)
A brand is forever a framework for revitalizing declining and dead brands
A brand is forever a framework for revitalizing declining and dead brands
Gino sa distribution channel management case study
Gino sa distribution channel management case study
A brand is forever ! a framework for revitalizing declining & dead brands
A brand is forever ! a framework for revitalizing declining & dead brands
What are the major trends with marketing intermediaries?
What are the major trends with marketing intermediaries?
What marketing decisions do these marketing intermediaries make ?
What marketing decisions do these marketing intermediaries make ?
What major types of marketing intermediaries occupy this sector?
What major types of marketing intermediaries occupy this sector?
What marketing strategies are appropriate at each stage of the product life c...
What marketing strategies are appropriate at each stage of the product life c...
How can market leaders expand the total market and defend market share?
How can market leaders expand the total market and defend market share?
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1. Algorithm Changes: The ever-changing algorithms can leave businesses feeling like they're chasing a moving target. Search engines like Google frequently update their algorithms to improve user experience and provide more relevant search results. However, these updates can significantly impact your website's visibility and ranking if you're not prepared.
2. Lack of Results: Investing time and resources without seeing tangible results can be disheartening. The absence of immediate results often leads businesses to lose faith in their SEO strategies. It's important to remember that SEO is a long-term game that requires patience and consistent effort.
3. Technical Challenges: From site speed issues to complex metadata implementation, technical hurdles can be daunting. Overcoming these challenges is crucial for SEO success, as technical issues can hinder your website's performance and user experience.
4. Keyword Competition: Fierce competition for top keywords can make it hard to rank effectively. Businesses often struggle to find the right balance between targeting high-traffic keywords and finding less competitive, niche keywords that can still drive significant traffic.
5. Lack of Understanding of SEO Basics: Many businesses dive into the complex world of SEO without fully grasping the fundamental principles. This lack of understanding can lead to several issues:
Keyword Awareness: Failing to recognize the importance of keyword research and targeting the right keywords in content.
On-Page Optimization: Ignorance regarding crucial on-page elements such as meta tags, headers, and content structure.
Technical SEO Best Practices: Overlooking essential aspects like site speed, mobile responsiveness, and crawlability.
Backlinks: Not understanding the value of high-quality backlinks from reputable sources.
Analytics: Failing to track and analyze data prevents businesses from optimizing their SEO efforts effectively.
6. Unrealistic Expectations and Timeframe: Entrepreneurs often fall prey to the allure of quick fixes and overnight success. Unrealistic expectations can overshadow the reality of the time and effort needed to see tangible results in the highly competitive digital landscape. SEO is a long-term strategy, and setting realistic goals is crucial for success.
#SEO #DigitalMarketing #BusinessGrowth #OnlineVisibility #SEOChallenges #BostonSEO
Efficient Website Management for Digital Marketing Pros
Learn how to optimize website projects, leverage SEO tactics effectively, and implement product-led marketing approaches for enhanced digital presence and ROI.
This session is your key to unlocking the secrets of successful digital marketing campaigns and maximizing your business's online potential.
Actionable tactics you can apply after this session:
- Streamlined Website Management: Discover techniques to streamline website development, manage day-to-day operations efficiently, and ensure smooth project execution.
- Effective SEO Practices: Gain valuable insights into optimizing your website for search engines, improving visibility, and driving organic traffic to your digital assets.
- Leverage Product-Led Marketing: Explore strategies for incorporating product-led marketing principles into your digital marketing efforts, enhancing user engagement and driving conversions.
Don't miss out on this opportunity to elevate your digital marketing game and achieve tangible results!
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How should marketers adjust their strategies and tactics for an economic downturn or recession?
- 1. Competitive Dynamics How should marketers adjust their strategies and tactics for an economic downturn or recession?
- 2. Marketing in an Economic Downturn Ways of
- 3. Explore the upside of Increasing Investment WAY1
- 4. • Increased Marketing Expenditure in 2009 by 16% • Revenue Increased by 8% • Operating Profit increased by 4%
- 5. Get Closer to CustomerWAY 2
- 7. • Weed out underperforming Distributors • Incentives provided to motivate the most effective product seller
- 8. Put forth the most compelling Value Proposition WAY 4
- 9. Price Reduction and Sales are a BIG Mistake at such times
- 10. WAY 5 Fine-tune Brand and Product Offerings
- 11. Luxury Brands benefits from Lower-Priced Brands in their portfolio
- 12. These slides were created by Archit Raj, IIT Delhi, during a Marketing internship by Prof. Sameer Mathur, IIM Lucknow (See www.IIMInternship.com )