Can product sampling marketing help create a business? Learn about product sampling marketing strategy, campaigns, examples and programs in this review.
What is marketing strategy?
Formation of marketing strategies is one of the most essential and difficult stages of the marketing process. Marketing strategy is the basis for an enterprise’s actions in market conditions, which determines how to use marketing to expand target markets and achieve effective results. The main purpose of a marketing strategy is to mutually reconcile the marketing goals of an industrial enterprise with its capabilities, consumer requirements, use the weak positions of competitors and its strategic advantages.
Since the economic situation is changeable, the leading role is assigned to strategic planning, as the only possible forecasting of the future situation as a whole. Strategic planning provides a means of creating a plan for a long time, acts as the basis for decision-making, and can also reduce risk when making any managerial decisions, acts as the integration of all departments of the enterprise.
But along with the advantages, there are also disadvantages of strategic planning. They are as follows:
1. Strategic planning is far from ideal and cannot paint a picture of the future in detail. This planning can only give recommendations – what the company should strive for and what it needs to do in the face of survival in the target market.
2. Strategic planning does not have a clear action plan. Strategic planning actions only depend on the manager’s ability and competence to lead the enterprise, on the external environment of the enterprise, as well as on its products
3. Strategic planning itself involves a lot of costs than conventional long-term planning. Strategic planning must be flexible, constantly changing in relation to the market, and in relation to the internal environment.
4. The result is more significant in strategic planning than in conventional planning for the future. And the mistakes of this planning are more significant than in traditional planning.
The Role of Marketing in Strategic Planning
The use of one or another marketing strategy depends on the degree of saturation of the market with the products of a given enterprise and its ability to update the range of products, while it is necessary to take into account that in conditions of fierce competition, new technologies lead to a reduction in the life cycle of products and the terms of commercialization.
To develop a marketing strategy, they analyze the potential of the enterprise, assess the strengths and weaknesses of the enterprise relative to competitors, analyze the opportunities and threats posed by the environment, develop the parameters of a marketing strategy for the commercialization of a new product, draw up the necessary financial forecasts (profitability assessment, payback period, profitability ). All of this gives the enterprise the opportunity to leverage its strengths and minimize the vulnerability of weaknesses.