Effective Strategies in Marketing a Product

Effective Strategies in Marketing a Product

Marketing research is a key element in creating a successful business. You must first begin with an effective marketing plan. In this plan you will need to figure out which market you will target to purchase your product. This is when you implement the four P’s of marketing, product, price, promotion, and the place where your product will be distributed. You should also consider that there are key elements that will influence the consumer’s decision to purchase your product. According to Clerk, N. (2009), gaining a customer’s trust is easier to lose and very hard to earn.

Explain why Sears or Wal-Mart cannot effectively create a trendy counterculture image. Sears or Wal-Mart cannot effectively create a tend counterculture image because their target market is those people who are on a budget. Their marketing strategy is designed to offer bargains and sales. Consumers trust these companies to provide a good brand at a discounted price. These companies can’t change their targeted market at this point because they will lose the customers that trust in their brand. People will have more trust in a company that is consistent in their sales practices.

Could the big box stores sell merchandise identical to Urban Outfitters? Explain your answer. I feel the big box stores can’t sell merchandise identical to Urban Outfitters because Urban Outfitters cater to their target market. On the other hand, big box stores market their products to the mass market. These stores tend to have a very large market. According to Mir, A. J. (2010) In mass marketing, these companies assume that anyone can be a potential customer. Urban Outfitters feel that everyone is unique; therefore they only sell items that can’t be purchased anywhere else. These items are usually never discounted because they are exclusive. As far as the big box stores, they are known for their “low,