Marketing Strategies and Programs
A marketing strategy is important for all businesses because it clearly outlines how they will find new customers and promote their products and services to ultimately get more sales. You can use the marketing strategy as a stand-alone tool, as part of a marketing plan, or as part of a business plan all with slightly different components. The marketing strategy section of your business plan builds upon the market analysis section. The marketing strategy outlines where your business fits into the market and how you will price, promote, and sell your product or service. It can also act as a source of important information for potential investors who are analyzing your business ( Gregory,2020).
A good marketing strategy will help you in defining clear, attainable, and measurable marketing goals. Marketing has an impact on how you manage your business.
Product
The product itself is a method of marketing to generate sales. The product fills an important role in marketing because it is the core of the exchange.
IN B Enterprise product will be introduced to the market as “Banana Balls”, categorized as a food product. The ingredients are Saba Banana, Cheese, Cocoa Powder, All-purpose flour, and Condensed Milk. It comes with labels that include the product name, manufacturer, ingredients, and contact information. This way the consumers can easily identify the proponent’s product.
Brand Name
A brand name is a form of a signature that gives credit to the creator of a particular work or service and sets it apart from those created by others (Nordquist, 2019).
It represents what you stand for in the market. It is a representation of your products. In some ways, it communicates to the customer how you feel about them and what value you can provide them. The proponents used the words “Banana Balls” as their product brand name.
Packaging
There are a lot of factors that you need to look at when you are marketing a new product. Packaging is one of the most important. Packaging could make or break the success of your product. (Pentago, 2019).
It is an essential marketing tool that supports branding and highlights the best features of the product. It’s a bridge that can take your product and enterprise to the next level. Creating good packaging attracts the buyer or consumer of the proposed product. The packaging leaves an impression on its customer.
The proposed product will have a label featuring the brand name, enterprise logo, ingredients, and contact information of the enterprise.
Figure 2.1
Product Label
Price
Price is the amount of money that has to be paid to acquire a given product. This is the cost consumers pay for a product.
The proponents used the cost-plus method to determine the selling price of the proposed product. The cost of required materials, labor requirements, as well as the competitor’s price range, are the factors that can affect the price of the product.
Competitive pricing requires you to examine the market before you decide how to price your products or services. It is a less complicated model than cost-plus pricing for example, which requires you to factor production costs into your pricing equation. To practice competitive pricing, determine what other businesses are asking for the same goods or services, and set prices accordingly (Tracy, 2020).
The product of IN B Enterprise average price is Php 20.00
Channel of Distribution
A distribution strategy is a method used to bring products, goods, and services to customers or end-users. You often gain repeat customers by ensuring an easy and effective way to get your goods and services to people, depending on the item and its distribution needs (Indeed, 2021).
This serves as the link between producers and consumers. The primary purpose of any channel distribution is to bridge the gap between the producer of a product and the user of it, whether the parties are located in the same community or apart. The proponents intend to use a one-level channel of distribution through which the product is passed on to retailers to the customers.
Figure 2.2
Channel Distribution
Figure 2.2 shows the distribution channel which starts from the manufacturer then to retailers directly to the end-users or the consumers.
Promotion
Promotion is any communication that attempts to influence people to buy products or services. Business generally promotes their brand, products, and services by identifying a target audience and finding ways to bring their message to that audience (Ward, 2020).
In B Enterprise will use tarpaulin to promote the launching of the proposed product, Internet marketing and flyers are the other options. The proponents will conduct a promo ‘buy one, take one the day of launching. The tarpaulin will be posted on the streets where people are passing by.
Traditional advertisements will be used including flyers, posters, and tarpaulins containing the Enterprise name and logo, the product ingredients, the location, and the Enterprise contact information for customers’ inquiries.
The proponents will also use different social media platforms such as Facebook, Twitter, and Instagram to promote their products.