Pro Marketing

Marketers often combine their products with products from other firms in various ways. Co-Branding is when two or more well-known brands combine into a joint product. For co-branding to become successful, two brands must have adequate brand equity on their own, as customers react more favorably to co-branding when two established brands, unique and complementary but not overly similar, come together for a joint product. Co-Branding can take several forms: Same-company co-branding: A company with more than one product promoting their own brands together simultaneously. Joint-venture co-branding: Two known companies producing a new product. Multiple-sponsor co-branding: Multiple brands forming a strategic alliance in technology, promotions, etc. Retail co-branding: Two retail establishments using the same location to optimize space and profits.

Smaller businesses typically avoid competing with larger companies by targeting small markets of little or no interest to the larger firms. Niche Marketing is when a company focuses on a specific group of individuals to better serve them. The nicher achieves high margins , whereas the mass marketer achieves high volume , hence why most businesses with low market share become highly profitable through smart niching. Other reasons for high profitability include nichers tending to offer high value, charging a premium price, and achieving low manufacturing and distribution costs. Nichers have three major tasks: Creating niches, Expanding niches, and Protecting niches

In most cases, a business has more than one product. A product isn't only a physically tangible thing, but anything of value that satisfies and meets the customer's needs that a business offers. With multiple products, a business needs to decide how to strategically allocate resources to each. The BCG Growth-Share Matrix provides a strategic framework businesses can use to make this decision. The BCG's Growth-Share Matrix uses relative market share and the rate of market growth to classify products into stars, cash cows, question marks, and dogs . Stars: Products placed within this category have high market share and high market growth. A business needs to prioritize investments in them. Cash Cows: These are products with high market share but low market growth. A business needs to enjoy their current profitability without heavy investment. Question Marks: Products with low market share but high potential for growth. A business needs to monitor them carefully before dec...

In a constantly growing virtual world, the role that design plays in brand meaning and positioning cannot be overstated. Design is not only about how a product looks and feels but also about how it performs its stated function. Therefore, we can define design as the totality of features and functions of the product that affect how a customer perceives, feels, and uses the product. Each design, whether of packaging, point of sales, equipment, or any other customer touchpoint, should reflect: Bold simplicity, Real authenticity, The power of red, and A "familiar yet surprising" nature.

Whenever a business seeks to grow, it considers several strategies to help achieve this objective, but the most common one is a business first looking at growth opportunities within itself to exploit. For a business to exploit growth opportunities within itself, it uses the "product-market growth expansion grid." This considers the growth opportunities of a business in terms of current and new products and markets. The Product-Market Expansion Grid considers the following areas: Market-Penetration Strategy: This is where a business considers whether to grow more of its existing market with an already existing product. Market-Development Strategy: With an existing product, the business considers reaching new markets. Product-Development Strategy: With an existing market, the business considers expanding through the production of a new product. Diversification: A business now considers new opportunities to develop new products for new markets.

Marketers of the 21st century understand that for a business to exist, there needs to be value creation and delivery to customers. This shift in marketing took place from the previous phase where companies would only create products and sell them to customers without understanding the customers' needs. Yes, this worked in the past when there were limited goods and services. But in a world full of different brands with unique products and features that satisfy various needs, customers tend to lean towards brands that meet their specific needs and wants. This makes marketing the beginning of any planning. To create value for customers, marketers follow these steps: 1. Choosing the value. This represents the assignment marketers engage in before creating the product, understanding the needs of their target market to create value for them. 2. Providing the value. Marketing must determine specific product features, prices, and distribution. 3. Communicating the value. This is done by...

There are a number of pricing strategies, and each depends upon the company's initial pricing objectives.  Pricing objectives can range from a company seeking survival, needing to maximize profits to maximizing market share. Here we'll look at Market-Penetration Strategy , which is pricing strategy aimed for when a company seeks to maximize its market share by setting the lowest price, assuming the target market is price sensitive. Conditions for employing market-penetration strategy: The market is highly price sensitive and a low price stimulates growth Production and distribution costs fall with accumulated production experience A low price discourages actual and potential competition

  Marketing strategies come in different forms, and this depends on the business's objectives. So, it's crucial to identify a strategy that most suits your company's needs and objectives. The most common ones are the following: Undifferentiated Marketing (Mass Marketing): This is where a company targets a large number of people with a single product and a single message in promoting the product. The company chooses this strategy when the product fulfills the needs of the majority of the population. Differentiated Marketing: This is where a company segments its target market into different segments, within each segment the company aims to provide a product that satisfies the segment's needs. Concentrated Marketing (Niche Marketing): A company here focuses on a specific group of individuals to better serve them, and mostly companies with a better command of their niche market aim to offer even premium prices.