Mastering Sales Promotion and Digital Marketing Strategies
Advantages of Sales Promotion
- Immediate Sales Boost: It creates an urgent call-to-action, motivating hesitant consumers to buy immediately rather than delaying their purchase decision.
- Inventory Clearance: It helps retailers and manufacturers quickly liquidate older stock, seasonal inventory, or excess products to free up warehouse space.
- Encourages Trial Among Non-Users: A price drop reduces the financial risk for consumers, making them highly willing to try a new brand instead of their usual choice.
International Marketing and Brand Strategy Essentials
Strategic Frameworks
PESTEL: A framework that analyzes the external environment of a market: Political, Economic, Social, Technological, Environmental, and Legal. It helps companies identify opportunities, risks, and cultural differences.
ERPG Framework: A model used in international marketing focusing on Entry, Resource Allocation, Performance, and Growth.
Market Segmentation and Consumer Types
Segmentation: The process of dividing a market into smaller groups with similar characteristics. Types include:
Read MorePrinciples of Marketing: Core Concepts and Frameworks
Part A: Compulsory Questions
Each short note carries 2 marks. Answers should be brief, precise, and definition-focused.
1(a) Definition of Marketing
Marketing is a comprehensive, customer-centric process of identifying, anticipating, and satisfying customer needs and wants profitably. According to Philip Kotler, “Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others.
Read MoreDigital Business Strategy and E-Commerce Operations
Chapter 2: E-Business Fundamentals
E-business: The use of digital technologies to improve internal operations and external interactions with customers, suppliers, and markets. It is not only about online selling; it affects marketing, payments, logistics, pricing, customer management, and global trading.
The Octopus Concept: E-business has “tentacles” in all company operations, transforming the entire value chain.
Strategic Goals of E-Business
- 1. Market Reach: Expanding beyond geographical boundaries.
Startup Market Sizing, Revenue Models, and VPC Framework
Market Sizing and Target Strategies
- TAM (Total Available Market): Refers to the total market demand for a product or service.
- SAM (Serviceable Available Market): Is the section of the TAM that your product or service intends to target.
- SOM (Share of Market): Is the portion of SAM that your company is realistically likely to reach.
- Launch market: Creating a launch or niche market is like the beachhead and bowling pin strategies. It involves proving that you already have a group of launch customers that
Mastering Market Segmentation and Customer Personas
What is Market Segmentation?
Definition (Buttle & Maklan)
Market segmentation is the process of dividing a market into homogeneous subsets to create tailored value propositions. The goal is to identify homogeneous needs and common characteristics to group customers effectively.
Segmentation allows companies to:
- Identify meaningful groups of customers
- Focus resources strategically
- Create stronger, more targeted value propositions
The Two Main Purposes of Segmentation
- Segment Potential Markets: Identify