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Developing an Annual Marketing Plan and Marketing Strategy | home to home selling strategy For pune

Developing an Annual Marketing Plan and Marketing Strategy

dabbawala Marketing agencies Kharadi Pune

Fulcrum Marketing is a strategic dabbawala Marketing agencies Kharadi Pune. Our team of marketing consultants also specialise in marketing planning and dabbawala Marketing for all types of business of any size.

MARKETING STRATEGY

Effective marketing organisations must be driven through sound business strategy. Fulcrum produce marketing strategy that is always well embodied by your business strategy.

The best marketing strategy does not start with creative, it starts with a marketing process.

The Fulcrum Marketing Strategy Development Process is a thorough problem solving and marketing strategy development program that focusses on solving your growth challenges and maximising the return from your company’s marketing operations.  It is particularly useful for innovating within a market or creating a position of market leadership.

Overview

Indentifying key sources of growth, challenging the current business operations and identifying key growth creating activities are crucial for businesses which want to grow.

The process looks at your whole business with the aim to maximise the potential by focussing on:

  • reviewing your market conditions
  • reviewing your current market challenges and capabilities
  • identifying and maximising competitive advantage
  • creating and amplifying market positioning
  • developing new revenue sources
  • maximising market communication techniques

Action Orientated

Fulcrum works alongside senior management to develop achievable and actionable strategies and build the company plans around them. Real results are achieved when your management team have consistent and ongoing interaction with the Fulcrum team. At the end of the process, you must own the strategy and be able work the plan yourself. You are left with a growth system which is repeatable over time to achieve consistent growth. Companies effectively implementing this program often achieve more than 25% ongoing growth per annum.

Your Challenges

Business owners, senior executives and managers are frequently facing growth related issues such as: – Turning around a declining sales trend – Identifying and entering new markets – Launching new business and product lines – Identifying emerging growth opportunities – Managing the risks of growth If you have any of the above issues, then the Fulcrum Marketing Strategy Development Process is for you.

Approach

The process considers what could be rather than only what is. Whereas, a regular marketing strategy process might simply consider what a customer tells you and respond, Fulcrum considers how a customer might react when given a slightly or radically different proposition to the one currently in the market.

Benefits

Each strategy generates actionable tasks to achieve medium and long-term revenue and growth targets. Brief but highly strategic plans are created that drill down into action items. You are then lead through specific actions to implement, or the Fulcrum team implement them for you.

Development Process

Experience the Fulcrum Marketing Strategy Development Process. It is a tailored program designed to provide companies with the highly-focussed strategy development and implementation resources necessary to address specific growth challenges and opportunities.

1. Seek and learn.

Information Gathering – The first step is to gain an understanding of the market in which you are participating; target audiences, competitor offerings, current pricing and more. Review the business realities – Gain an understanding and commitment to potential resources available to make it all happen. Review the market realities – What limitations might we be dealing with and how far can we push the market potential?

2. Set the hypothesis.

Hypothesis development – Develop the potential strategic alternatives and understand what would need to happen for them to become reality. Reality test – Review the strategies for practical application, decide which are practical now and which could be left for a future date and understand what resources are necessary to make these alternatives. Solidify strategy – Make some strategic decisions to understand which alternatives provide the growth desired, build an understanding of the risks involved, ensure all strategies can work together and consider the reality of them working within the business.

3. Set the course.

Key strategies – Articulate the strategies and provide means for measurement and communication. Plan action – Develop broad and specific actions stemming from the strategies.

4. Build a foundation.

This stage involves developing a compelling ‘marketing tool box’ that clearly defines your value to the target audience and creates appropriate messages and triggers to sale.

5. Implement and educate.

The stage after the plan development involves completing agreed actions and driving deep engagement and understanding throughout the company, whilst developing the ongoing implementation activities, including allocation of resources.

Business-to-Business Marketing Strategies

What do business professionals think about marketing in the business-to-business (B2B) environment? We examined survey results and reports* that compiled data on the topic, and created a list of eight B2B marketing strategies commonly recognised as successful regardless of industry.

  • Referral Programs
  • Word of Mouth Plus
  • Trade Shows
  • Online Advertising
  • Remarketing
  • Search Engine Optimisation (SEO)
  • Content Marketing
  • Inbound Marketing

Choosing the Right Marketing Agency: Marketing Execution Vs Marketing Strategy

If you pretty much know what marketing you need to do and how it is going to be accomplished then most likely you need some type of marketing agencyto do it for you. Depending on what the activities are, you will choose a different type of agency. For example, if you are more likely to be doing TV, radio or magazine advertising you will likely need a traditional advertising agency. If it sits more in the digital realm, with a lot of Google AdWords or YouTube commercials, then a digital advertising agency is probably for you. Alternatively, you may simply need a graphic designer to bring your ideas to life.

Making Marketing Plans Happen

A marketing plan is paramount for achieving business growth. The purpose of a marketing plan is to assess the current market position of your business and develop marketing strategies and actions to undertake to meet your business objectives. Putting together a strategic plan that develops your business around your competitive advantage, and ensures that you are in a position to take advantage of your strengths, is a key to continued business prosperity. Of course, once you have the plan, making it work is the next step.

Developing an Annual Marketing Plan and Marketing Strategy

Make your business New Year resolution to start the year with an integrated marketing plan that clearly outlines your business objectives and the marketing strategies and tactics you plan to use to achieve them

An annual marketing plan helps keep businesses on track with goals and objectives for the year and ensures that marketing opportunities and budgets are maximized. Developing a marketing plan that you revisit every year is the key to success year after year.

A solid annual marketing plan should be structured with a disciplined approach to reaching your business goals and objectives, yet flexible enough to adapt to changing market conditions and business opportunities throughout the year.

Start Annual Marketing Planning by Reviewing Previous Year Marketing Performance

Before you begin the annual planning process for the coming year’s marketing efforts, you’ll want to take a close look at how you performed over the current year. Even if you did not have a structured marketing plan in place previously, you should be able to review past marketing activities and results.

Here are some questions to ask when evaluating the performance of a previous annual marketing plan or year’s activities:

  • Did you achieve desired results from your marketing efforts (such as improved brand recognition, X number of leads generated or sales/revenue figures)?
  • Which specific marketing activities were effective?
  • Which specific marketing activities were not effective?
  • Should you reallocate resources to better performing targets, markets or marketing tactics?
  • Has your target market, audience or geographic area changed over the year?
  • Were you able to stay within a marketing budget at the end of the year?
  • What areas of your marketing budget do you need to cut costs in for the coming year?
  • What areas of your marketing budget do you want to invest more in for the coming year?

The answers to questions about your previous year’s marketing plan will play a big part in building an annual marketing plan for the coming year. Each year adjustments should be made to your marketing planning efforts that incorporate learning from the past – what works or what doesn’t work.

Develop Essential Components of an Annual Marketing Plan

A marketing plan is a written document that contains a business’ marketing strategies and tactics. The first step in developing an annual marketing plan is getting organized. Make a list of all the marketing components or categories that are important for your business.

Typical components in a marketing plan include:

  • Advertising (print and/or online)
  • Branding and Graphics (promotional giveaway items, photography, video production, graphic development)
  • Collateral (sell sheets, brochures, business cards)
  • Events (trade shows, webinars)
  • Direct Marketing (email, direct mail, list generation, promotional incentives/contests)
  • Public Relations (press release distribution, PR agency)
  • Research (focus groups, surveys, marketing reference books)
  • Social Media (social media networks)
  • Website (search engine optimization, web development/hosting)

Of course the actual components for your business may vary depending on your business, industry and marketing budget. The important thing is to identify all the potential components in your annual marketing plan so you can decide how you plan to address those components for your business. Even if you do not plan to allocate budget for a category – like social media – it should be included if you have any marketing efforts planned for the category so strategies and tactics can be outlined in an integrated planning approach.

Define Marketing Plan Strategies, Tactics and Budget

Once marketing components are outlined for the business, all potential strategies and tactics should be defined per category or component.

Here is an example of defining strategies and tactics for the “advertising” category:

Marketing Category: Advertising
Strategy #1 – Drive traffic to website via online advertising
Tactic # 1 – Google Adwords
Tactic #2 – Banner ads on industry association website
Tactic #3 – Internet yellow pages ads

Each tactic will also need to have an allocated budget, if applicable. The marketing plan should include fields to capture your allocated budget, actual spend and budget variance so that you can track throughout the year and make any adjustments needed. For example, if you are tracking under budget in one category you can shift funds to another category where you may be tracking over budget.

Flexibility to adapt an annual marketing plan throughout the year is important to adapt to a changing business environment and be “opportunistic” in marketing efforts. Be sure to take advantage of tracking mechanisms for marketing efforts whenever possible – such as unique 800 numbers or website analytic reports – so that you can make adjustments to maximize performance of campaigns (or dump marketing efforts that are not producing desired results). Goals should also be set for all areas of a marketing plan so that you can measure the performance of marketing tactics against business objectives.

SALES METHODOLOGIES

Personal selling is a promotional method in which one party uses skills and techniques for building personal relationships with another party that results in both parties obtaining value. Personal selling occurs whenever an individual salesperson sells a product, service or solution to a client.

Sales methods

There are many different sales methods that can be used to complete a sale and form the required relationships. Determining which sales method is more effective depends on what you are selling, who you are selling to and when you are selling it.

AIDA Method

AIDA is an acronym that stands for Attention, Interest, Desire and Action. This is a method that looks at the steps a client will undertake from when they first becomes aware of the product or service, to when they are making a purchase decision.

Attention – Get the other person’s interest
Interest – Spark their curiosity
Desire – Create the need
Action – Get them to commit to something

Need satisfaction

The need satisfaction technique is a question and answer technique to make the client to recognise the need for your offering. This then leads to the client agreeing that they have a need to be fulfilled, which leads to you showing them how your offer can satisfy their needs. This method is based on a win-win approach for both the sales person and the client.

Depth Theory

Depth Theory is when a creation of trust occurs between the buyer and seller. The seller uses expertise in their product, service or industry to create trust between themselves and the buyer. The client will see the salesperson as an expert in that area and will trust them to solve the issues that they have.

 Step process

The 7 step process is a plan of action that starts at the planning and preparation to make the sale and leads to after sale follow ups. The 7 steps are:
1.   Planning and preparation
2.   Introduction or opening
3.   Questioning
4.   Presentation
5.   Overcoming objections/negotiating
6.   Closing
7.   After-sales follow-up

communication and dabbawala Marketing management

Effective communication and advertising management is important to not only correctly identify a target audience, but also to reach this audience efficiently through different information channels. There are many benefits of successfully managing these marketing communications, including, but not limited to:

  • A higher Return on Investment  (ROI)
  • Reaching more of your target audience
  • Reduced costs for dabbawala Marketing
  • Types of market segmentation:
    • Demographic segmentation: gender, age, income, education, occupation
    • Geographic segmentation: city, state, country
    • Psychographic segmentation: attitudes, values, attitudes, lifestyle
    • Behavioural segmentation: purchasing patterns, loyalty status

Implementing a dabbawala Marketing Strategy

 

Implementing a Marketing Strategy Execution Plan, known to Fulcrum and our clients as a “Sprint Plan” is the most effective way to prevent this highway-less journey , dabbawala Marketing agencies Kharadi Pune. A Marketing Strategy is a set of strategic goal-focused plans for a certain period of time.

dabbawala Marketing Strategy and Planning

Implement your marketing plan

Your marketing plan must do more than just say what you want to happen. It must describe each step required to make sure that it happens.

Schedule
The plan should include a schedule of key tasks. This sets out what will be done, and by when. Refer to the schedule as often as possible to avoid losing sight of your objectives under the daily workload.

Team And Resources
It should also assess what resources you need. For example, you might need to think about what brochures you need, and whether they need to be available for distribution. You might also need to look at how much time it takes to sell to customers and whether you have enough salespeople.

Cost
The cost of everything in the plan needs to be included in a budget. If your finances are limited, your plan will need to take that into account. Don’t spread your marketing activities too thinly – it is better to concentrate your resources to make the most of your budget. You may also want to link your marketing budget to your sales forecast.

Control
As well as setting out the schedule, the plan needs to say how it will be controlled. You need an individual who takes responsibility for pushing things along. A good schedule and budget should make it easy to monitor progress. When things fall behind schedule, or costs overrun, you need to be ready to do something about it and to adapt your plan accordingly.

 

Marketing Execution – Plan, Execute, Track, Measure

Everyone likes to talk about creating a marketing plan. It’s the fun part of marketing, the creative aspect of your planning process and dabbawala Marketing agencies Kharadi Pune. But strategy without execution won’t help your business succeed. In fact, marketing execution is how you achieve results.

Create your marketing strategy

Decide how to market your product or service to potential customers by developing a marketing strategy that positions your product to particular customers

Write a marketing execution plan

How to identify your objectives and write a plan that will help your marketing generate sales, including tactics and objectives

Marketing on a tight budget

How to get the most out of a small or limited marketing budget using cost-effective marketing methods such as Public Relations and online marketing

Marketing your business in Pune

How to market your business effectively in pune including researching your target audience and establishing new contacts

Kharadi Pune

dabbawala Marketing agencies Kharadi Pune

Get in touch with us, we would love to discuss your marketing needs.

We love a good coffee and a challenge, so would behappy to meet up with you face to face.

Marketing Company in Pune

Call Us :-08433772261
Email:- info@fulcrumresources.co.in

Kharadi Pune

 

B2B Marketing: 

Fulcrum is a magnet for businesses with well-defined goals and a desire to harness the latest advantages that marketing and technology can offer.

Face To Face Marketing : 

face to face field marketing is also called personal selling or door to door marketing, customers are met directly in order to sell their products, using this method of field marketing.

Product Sampling :

Fulcrum are a highly recommended provider of product sampling staff. We specialise in the implementation of sampling campaigns using our in house sampling team and logistical know-how.

Dealer Marketing: 

Dealer marketing is of utmost importance for the success of any brand. For most brands, dealers, distributors and resellers are critical links to success.

Direct Marketing:  

we can help with everything from planning and design to production and delivery ensuring your direct marketing campaigns are delivered on time to the highest quality.

Guerrilla Marketing:

When it comes to guerrilla marketing the gloves are off. They are usually low budget campaigns but with the right imagination and ideas they offer up some unprecedented results

Retail Marketing:

Fulcrum is a dynamic-retail marketing agency born in tradition, fueled by innovation, and living at the intersection of commerce and imagination.

Direct Selling : 

Much like product demonstrations these campaigns have brand reps or ambassadors at the center of them. The difference is it’s more about the selling of the product

Retail Audits & Merchandising:

Auditing takes the reps out off the front line and away from the consumer. Auditing teams are used by marketers to monitor traditional marketing strategies that they put in place across retail.

Door To Door Marketing :

Nothing beats the reality that one gets when you can interact with potential clients face to face physically moving from door to door within a community or household to household,

Product Demonstrations:

As mentioned already, demo days are a popular tool of field marketing. These campaigns can stretch from as little as one week to 6 months however some are continuous and full time.

Street Marketing: 

We will still need to spend time interacting with people, face-to-face, Street Marketing. Personal interaction is what makes the world go around

dabbawala Marketing 

dabbawala Marketing agencies Kharadi Pune

The team at Fulcrum has delivering successful Shopping Centre Marketing Campaigns across a wide range of shopping centres and retail complexes. From major  retail locations to local community focused shopping centres; we have secured real, measurable results across the board.

Marketing Plan and Marketing Strategy

dabbawala Marketing | dabbawala Marketing agencies Kharadi Pune

Kharadi ,  Pune

Overview

Kharadi is a well developed suburbs, located at the north-eastern corridor of Pune. It is located in the western boundary area of PMC. It comes under Pune Municipal Corporation limits. It is close to railway station, airport, Hadapsar, Mundhwa and Kalyani Nagar. Also, this area plays a major role in the development of the eastern IT hub of Pune. The EON free zone is a famous project in the MIDC Knowledge Park area of Kharadi. This place has become popular among the residents of Pune due to its proximity to key locations like Kalyani Nagar, Viman Nagar and Koregaon Park. Viman Nagar, Wagholi, Koregaon Park, Kalyani Nagar, Ghorpadi, Magarpatta City and Hadapsar are its neighboring locality. The locality has also got a number of tourist spots. There are several schools, colleges and universities that lie within the reach. Shopping malls, multiplexes and multi-cuisine restaurants are also located within close proximity of Kharadi. It is a locality with top educational institutes and some of the most renowned IT companies as well. Kharadi is going to be the next posh area of pune soon. Key resiential projects in Kharadi are Shri Sai Hills, Ganga Platino, Kalptaru Serenity, Nitman Altius among others.

Kharadi is a well developed suburbs, located at the north-eastern corridor of Pune. It is located in the western boundary area of PMC. It comes under Pune Municipal Corporation limits. It is close to railway station, airport, Hadapsar, Mundhwa and Kalyani Nagar. Also, this area plays a major role in the development of the eastern IT hub of Pune. The EON free zone is a famous project in the MIDC Knowledge Park area of Kharadi. This place has become popular among the residents of Pune due to its proximity to key locations like Kalyani Nagar, Viman Nagar and Koregaon Park. Viman Nagar, Wagholi, Koregaon Park, Kalyani Nagar, Ghorpadi, Magarpatta City and Hadapsar are its neighboring locality. The locality has also got a number of tourist spots. There are several schools, colleges and universities that lie within the reach. Shopping malls, multiplexes and multi-cuisine restaurants are also located within close proximity of Kharadi. It is a locality with top educational institutes and some of the most renowned IT companies as well. Kharadi is going to be the next posh area of pune soon. Key resiential projects in Kharadi are Shri Sai Hills, Ganga Platino, Kalptaru Serenity, Nitman Altius among others.

Connectivity

Grant Road and Fountain Road are the two major roads which passes through the locality which further connects to the MH SH 27. A bypass road connecting Pune-Ahmednagar state highway to Pune-Solapur National highway passes through Kharadi.

It enjoys excellent connectivity to the Pune Airport which is located at a distance of 7 km via Pune Nagar Road/Samrat Ashok Road.

The area has extensive bus services served by PMPML & Rainbow BRTS and the Kharadi Bus Stand and Pune Swargate Bus Depot lie in close vicinity.

Hadapsar, Ghorpadi, Manjari, Pune Junction, Shivaji Nagar, Khadki and Dapodi are its nearby railway station. However, Hadapsar is the nearest railway station to Kharadi which is located at a distance of 3.5 km.

Factors for growth in the past
With the growth of the social infrastructure and the commercial properties in Kharadi, the locality has become one of the prime areas in Pune. Hence, the residential demand and development is continue.

It is a great location to live in as it houses prominent schools and hospitals. Social infrastructure has also developed on a large scale and one can see the Kharadi landscape dotted with established retail and health care brands. This has led to the demand of residential and rental property in the locality.

Factors for future growth
The locality is in close proximity to IT sector on the Nagar Road. This is one of the prominent factors that creates a positive impact on the real estate. Kharadi also plays host to major IT companies that has resulted in the development of several residential and entertainment hubs nearby.

Planned roads and excellent infrastructure facilities have successfully established Kharadi as a favorite destination in Pune. With an increase in the city’s population, the IT boom and a resulting large migrant population, the region has seen considerable rental demands for 2 BHK apartments in Kharadi. This locality has potential for growth in the future largely due to the two large IT parks located in the region. This will help to improve the existing infrastructure in Kharadi.

It’s connectivity to Pune Airport along with major tech parks such as Kharadi IT Park, The Cerebrum IT Park B2, Pune IT Park, Lohia Jain IT Park and Commerzone IT park have been a plus point for Kharadi, driving rental demand and providing consistent rental yield.

Employment hubs near Kharadi
World Trade Centre, Cerebrum IT Park and The EON IT Park are located within Kharadi.

The ICC towers and the Mahratta Chamber of Commerce Industries & Agriculture – Approx 10 km

RMZ Westend – Approx 17 km

Phursungi IT Park, Magarpatta City and the Amanora Park Town – approx 5-6 km.

Infrastructural Development (Social & Physical)
Kharadi offers very good social infrastructure to its residents. Some of the reputed schools in Kharadi includes Serra International Pre School, Eurokids Kharadi, Eon Gyanankur School, iCube Montessori School, Mother Teresa School, Smartkidz Play School, Anjali High School, Stella Maris High School among others. It also houses some prominent colleges in its vicinity. These are Mother Theresa School & Junior College, Shankarrao Ursal College of Pharmacy, Christ College, AM College to name a few.

Healthcare facilities are also good in the locality. Some of the renowned hospitals providing health care facilities to the residents of Kharadi are Sai Hospital, Eye Hospital, Agarwal Maternity & General Hospital, Rakshak Hospital, Medipoint Hospital, Kohakade Hospital to name a few.

Max fashion, Max, Nitesh Hub and Town Square are the four major malls in the locality which provides the daily basic needs to the resident of Kharadi. It also house retail outlets of famous national and international brands such as MGP Retail Outlet, Reliance Retail Limited, Emporium Handloom Carpet, Reliance Express Store, My Jio Store, The Bombay Store, Trends, Max Fashion etc.

Marketing Company in KOTHRUD
Marketing Company in Koregaon Park
Marketing Company in Kondhwa
Marketing Company in Kondhwa Budruk
Marketing Company in Kharadi
Marketing Company in Katraj
Marketing Company in Kalyani Nagar
Marketing Company in Kalewadi
Marketing Company in Hinjewadi
Marketing Company in Dhayari
Marketing Company in Dhanori
Marketing Company in Deccan Gymkhana
Marketing Company in Chikhali
Marketing Company in Camp
Marketing Company in Bavdhan
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Marketing Company in Aundh
Marketing Company in Wakad
Marketing Company in Wagholi
Marketing Company in Talegaon Dabhade
Marketing Company in Sinhagad Road
Marketing Company in Shivajinagar
Marketing Company in Pimpri
Marketing Company in Pimple Saudagar
Marketing Company in Pimple Nilakh
Marketing Company in Pashan
Marketing Company in NIBM
Marketing Company in NIBM Annexe
Marketing Company in Mundhwa
Marketing Company in Magarpatta
Marketing Company in Hadapsar
Marketing Company in Balewadi
 

dabbawala Marketing agencies Kharadi Pune

dabbawala Marketing agencies Kharadi Pune

Pune

Pimpri-Chinchwad

Aurangabad

Kolhapur

Nashik

Nagpur

Ahmednagar

Akola

Amravati

KOTHRUD
Koregaon Park
Kondhwa
Kondhwa Budruk
Kharadi
Katraj
Kalyani Nagar
Kalewadi
Hinjewadi
Dhayari
Dhanori
Deccan Gymkhana
Chikhali
Camp
Bavdhan
Undri
Pimpri Chinchwad
Aundh
Wakad
Wagholi
Talegaon Dabhade
Sinhagad Road
Shivajinagar
Pimpri
Pimple Saudagar
Pimple Nilakh
Pashan
NIBM
NIBM Annexe
Mundhwa
Magarpatta
Hadapsar
Balewadi

 

dabbawala Marketing, dabbawala Marketing agencies, dabbawala Marketing agencies Kharadi, dabbawala Marketing agencies Kharadi Pune, Kharadi, Pune

modern trade marketing Plan | Loyalty marketing Agent Chira Bazaar

Our talented team know how to excite, inspire and engage. With backgrounds in events, entertainment and travel, we’re full of ideas for amazing prizes and unforgettable incentives!

At Fulcrum, we all come to work every day because we have a shared love of travel and delivering once-in-a-lifetime experiences.

Our team meetings are buzzing with fresh ideas, brand new experiences and glowing feedback from our travellers. We know what makes a great incentive, we have an encyclopaedic knowledge of the best experiences around the world, and we have an ever-expanding ‘little black book’ of the most exclusive suppliers in the business.

In addition to our creative ideas and experience, we know that our clients value our expertise and dedication to solving problems rather than creating them. Prizes and incentives are our world, but we understand that our clients have other priorities, so we make sure we’re delivering our ideas on-time, on-budget and on-brand. We thrive on tight deadlines, logistical challenges and creating perfectly tailored solutions, without the headaches!

About us

Perfect solutions every time
As a leading marketing Agency, we’re immensely proud to work with brands and agencies across a huge range of sectors and industries, giving us an unrivalled breadth of experience.

we have created and fulfilled prizes for promotions and activations across the world.

Our aim: help our clients achieve their goals through our experience and expertise, taking the stress and hassle out of prize fulfilment.

We work for both direct brands and agencies, often in collaboration or with other specialist agencies and partners. Many of our clients have existing assets – from festival tickets to sports hospitality – which we help them to build into the best possible prize packages. Others want to create unique, eye-catching marketing and btl content around their prize winners. We can deal with winners from any country and in any language; we can provide a full btl management service; we can even source camera crews for content capture.

Whatever your brief, we’ve got it covered.

SALES INCENTIVES

Driving sales and performance through tailored, flexible incentive programmes

With pressure always on to drive sales and performance, sales incentives are an essential part of rewarding achievement within many companies. From internal staff reward programmes to dealer and channel incentives, there’s no better way to create a happy, engaged and motivated workforce.

Our main goal is to understand your people and what makes them tick. From hundreds in a call centre team to a small on ground sales team, a clear overview of your audience is the most important part of the process. By taking a best approach, offering maximum choice and flexibility, we create incentives which are targeted, effective and tailored to your team.

Whether it’s sales rewards, dealer incentives or channel incentives, drop us a line; we’d love to help you drive sales with our fresh and creative approach to prizes and incentives. From once-in-a-lifetime holidays to mini-breaks, high-street vouchers and designer goods, you can rest assured that with Fulcrum you’re in safe hands.

24 hour turnaround for urgent briefs
Topline ideas within 2 hours if needed
Competitive fixed quotes with no hidden costs
Expert Winner Management and Fulfilment

modern trade marketing Plan | Loyalty marketing Agent Chira Bazaar

Price, the Only Revenue Generator

Chapter 15: Price, the Only Revenue Generator

15.1 The Pricing Framework and a Firm’s Pricing Objectives
15.2 Factors That Affect Pricing Decisions
15.3 Pricing Strategies
15.4 Discussion Questions and Activities

 

15.1 The Pricing Framework and a Firm’s Pricing Objectives

Learning Objectives

  1. Understand the factors in the pricing framework.
  2. Explain the different pricing objectives organizations have to choose from.

Prices can be easily changed and easily matched by your competitors. Consequently, your product’s price alone might not provide your company with a sustainable competitive advantage. Nonetheless, prices can attract consumers to different retailers and businesses to different suppliers.

Organizations must remember that the prices they charge should be consistent with their offerings, promotions, and distribution strategies. In other words, it wouldn’t make sense for an organization to promote a high-end, prestige product, make it available in only a limited number of stores, and then sell it for an extremely low price. The price, product, promotion (communication), and placement (distribution) of a good or service should convey a consistent image. If you’ve ever watched the television show The Price Is Right, you may wonder how people guess the exact price of the products. Watch the video clip below to see some of the price guessing on The Price Is Right.

Video Clip

Perfect Bid on The Price Is Right

(click to see video)

Contestant guesses exact price of prizes.

Video Clip

Trying to Figure Out When The Price Is Right

(click to see video)

How do consumers get so close when guessing the prices of products?

The Pricing Framework

Before pricing a product, an organization must determine its pricing objectives. In other words, what does the company want to accomplish with its pricing? Companies must also estimate demand for the product or service, determine the costs, and analyze all factors (e.g., competition, regulations, and economy) affecting price decisions. Then, to convey a consistent image, the organization should choose the most appropriate pricing strategy and determine policies and conditions regarding price adjustments. The basic steps in the pricing framework are shown in Figure 15.2 “The Pricing Framework”.

Figure 15.2 The Pricing Framework

The Pricing Framework: Set pricing objectives, estimate demand, determine costs, analyze factors affecting pricing decision, determine pricing strategies and pricing policies for making price adjustments, set initial prices, and offer and make price adjustments as needed.

The Firm’s Pricing Objectives

Different firms want to accomplish different things with their pricing strategies. For example, one firm may want to capture market share, another may be solely focused on maximizing its profits, and another may want to be perceived as having products with prestige. Some examples of different pricing objectives companies may set include profit-oriented objectives, sales-oriented objectives, and status quo objectives.

Earning a Targeted Return on Investment (ROI)

ROI, or return on investment, is the amount of profit an organization hopes to make given the amount of assets, or money, it has tied up in a product. ROI is a common pricing objective for many firms. Companies typically set a certain percentage, such as 10 percent, for ROI in a product’s first year following its launch. So, for example, if a company has $100,000 invested in a product and is expecting a 10 percent ROI, it would want the product’s profit to be $10,000.

Maximizing Profits

Many companies set their prices to increase their revenues as much as possible relative to their costs. However, large revenues do not necessarily translate into higher profits. To maximize its profits, a company must also focus on cutting costs or implementing programs to encourage customer loyalty.

In weak economic markets, many companies manage to cut costs and increase their profits, even though their sales are lower. How do they do this? The Gap cut costs by doing a better job of controlling its inventory. The retailer also reduced its real estate holdings to increase its profits when its sales were down during the latest economic recession. Other firms such as Dell, Inc., cut jobs to increase their profits. Meanwhile, Walmart tried to lower its prices so as to undercut its competitors’ prices to attract more customers. After it discovered that wealthier consumers who didn’t usually shop at Walmart before the recession were frequenting its stores, Walmart decided to upgrade some of its offerings, improve the checkout process, and improve the appearance of some of its stores to keep these high-end customers happy and enlarge its customer base. Other firms increased their prices or cut back on their marketing and advertising expenses. A firm has to remember, however, that prices signal value. If consumers do not perceive that a product has a high degree of value, they probably will not pay a high price for it. Furthermore, cutting costs cannot be a long-term strategy if a company wants to maintain its image and position in the marketplace.

Maximizing Sales

Maximizing sales involves pricing products to generate as much revenue as possible, regardless of what it does to a firm’s profits. When companies are struggling financially, they sometimes try to generate cash quickly to pay their debts. They do so by selling off inventory or cutting prices temporarily. Such cash may be necessary to pay short-term bills, such as payroll. Maximizing sales is typically a short-term objective since profitability is not considered.

Maximizing Market Share

Some organizations try to set their prices in a way that allows them to capture a larger share of the sales in their industries. Capturing more market share doesn’t necessarily mean a firm will earn higher profits, though. Nonetheless, many companies believe capturing a maximum amount of market share is downright necessary for their survival. In other words, they believe if they remain a small competitor they will fail. Firms in the cellular phone industry are an example. The race to be the biggest cell phone provider has hurt companies like Motorola. Motorola holds only 10 percent of the cell phone market, and its profits on their product lines are negative.

Maintaining the Status Quo

Sometimes a firm’s objective may be to maintain the status quo or simply meet, or equal, its competitors’ prices or keep its current prices. Airline companies are a good example. Have you ever noticed that when one airline raises or lowers its prices, the others all do the same? If consumers don’t accept an airline’s increased prices (and extra fees) such as the charge for checking in with a representative at the airport rather than checking in online, other airlines may decide not to implement the extra charge and the airline charging the fee may drop it. Companies, of course, monitor their competitors’ prices closely when they adopt a status quo pricing objective.

Key Takeaway

Price is the only marketing variable that generates money for a company. All the other variables (product, communication, distribution) cost organizations money. A product’s price is the easiest marketing variable to change and also the easiest to copy. Before pricing a product, an organization must determine its pricing objective(s). A company can choose from pricing objectives such as maximizing profits, maximizing sales, capturing market share, achieving a target return on investment (ROI) from a product, and maintaining the status quo in terms of the price of a product relative to competing products.

Review Questions

  1. What are the steps in the pricing framework?
  2. In addition to profit-oriented objectives, what other types of pricing objectives do firms utilize?

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Finding Your Brand’s Social Media Voice

To Respond or Not to Respond – That is the Question:

In today’s landscape, consumers expect brands to demonstrate accessibility with responsiveness on every social platform. Above all, consumers want to engage and feel like they are conversing with an actual human being.

But, it isn’t just that responsive brands get rewarded for their social media acumen. Those that choose to ignore consumers on social media face a real possibility of backlash. Take the Cracker Barrel, for example. The casual serve restaurant was the target of public outrage when a consumer named Brad asked why they had fired his wife. Because the restaurant chose to remain silent, the masses were quick to share their thoughts on the situation. Before long, amidst an onslaught of social media heckling, a Facebook page and hashtag were created entitled #JusticeforBradsWife. In addition, a petition demanding answers emerged, garnering tens of thousands of signatures. Comedians and meme creators gave it further traction, and although much of this activity was in jest, it had a tangible impact on Cracker Barrel’s image.

Join the Conversation

Brands that have an active voice on social media and stay on top of trends succeed in remaining a relevant part of the current conversation. For example, during the 2017 Solar Eclipse, MoonPie won over fans when its account responded to Hostess Cupcakes’ declaration of being the “Official Snack Cake of the Eclipse.” With a curt, two-word reply, the 100-year-old brand was officially back on the radar, and meme amplification soon followed.

Another favorite? During the 2014 Grammy awards, Arby’s noticed an uncanny similarity between Pharrell’s hat and its iconic logo –  so much so that it tweeted directly to the singer and asked for the hat back.  Naturally, Arby’s achieved thousands of retweets and media attention, but the real win was when Pharrell playfully responded by asking if Arby’s was “Tryna start a roast beef?” This is the kind of organic PR you simply can’t pay for.

Authenticity is Everything

This is the most important consideration because, without it, even the best intentions can backfire.  Adopting the voice of the consumer is a tricky endeavor when you are a faceless, big-box brand, and there is a fine line between being authentic and trying too hard.

When Jell-O launched its tongue-in-cheek “Fun My Life” campaign, leveraging the popular #FML hashtag, it intended for consumers to appreciate the play on words with a wink and a nod.  However, Jell-O missed the mark by trying to force a shift from a sarcastic and self-deprecating tone to one that was overly “fun” and highly branded. In the end, it came off as if the brand didn’t really understand the sentiment behind #FML, and that it was completely out of touch.

Communicating with consumers via social media is an integral part of the brand experience.

Brands need to consider their tone, message, and the potential impact these interactions can have on customer loyalty.  Although social media may not appear to have a direct correlation to the bottom line, it is important to remember that all experiences will invariably reflect on purchase behavior. When comparing your brand to the competition, social media is the ultimate equalizer – unbound by budget, size of brand, or marketing resources. So, take advantage of the opportunity. Be involved, be responsive, be relevant, and be authentic. If you can accomplish those things, you’ll find yourself at top of mind for consumers everywhere.

 

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