Company G: Marketing Strategies and Implementation
The company must ensure the production of a quality product that is well-designed to meet the need of target consumers. Investment in research and development is of the essence. This will enable product developers to come up with unique ideas on how to design the product and ensure great quality. Differentiating the product is also of the essence. Product developers must ensure the product has unique features that differentiate it from the competition. Product packaging is also important. The firm needs to embrace green practices when packaging its products. This means that it must utilize materials that do not have a negative impact on the environment. The packages must also be designed in a manner that is attractive to the final consumer. This is also imperative if the firm is to succeed in attracting more consumers.
The business must ensure its products are priced competitively to avoid losing consumers to the competition. This means that it should assess pricing strategies employed by the competition before determining how its price its own. Company G can also capitalize on the use of discounts to attract many consumers. For instance, it can offer discounts to loyal consumers as well as those that buy in bulk, for example, retailers. This is a strategy that will enable to increase its sales. The firm also needs to research its consumers to determine what they consider affordable. This will aid to set a price level that the majority of target customers will be comfortable with.
It is clear that Company G is located in an urban setting where the demand for its products is high. It is important that the firm maintains the same strategy to sustain edge. Inventory managers must ensure the location has enough inventories to meet the consumer demand. Failure to ensure the same can lead to it failing to deliver products when they are ordered. Marketing managers at the firm should be looking for new locations the business can expand to after establishing itself in the current location. They must target locations with the highest potential in terms of business.
There is the need for the company to invest more in advertising. This will aid to increase awareness on its products and services. It can rely on both traditional and modern advertising strategies. Company G can take advantage of visual, audio, print, and internet media to advertise the product. It can also engage in public relations to engage the public on different social topics in the process also increase awareness on its products (Paley, 2016). Sales promotion can also come in handy in enhancing awareness. Marketing managers can organize trade fairs and use the same to show case their unique products.