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4 basic elements of marketing (28 Feb 2007)


The term “ marketing strategy ” may sound academic, but it is more than a set of scientific theories. “ Marketing strategy ” also represents the wisdom of business management and an understanding of consumers ’ behavioural pattern. In this episode, we will decode and define the term and see how it can be applied in real-life situations. Before starting a business, you have to ask yourself what you want to sell and who your customers are. These are important questions because it is essential to understand the market and define your target customers. Take Richard WONG, a designer of trendy toy products, for example. Four years ago, Hong Kong was suffering from poor economy. In response to the negative emotions then, Richard introduced a set of cartoon figures expressing dissatisfaction. Recognition from the market helped him define his target customers. But a successful business also relies on a detailed analysis of product, price, place and promotion. The competitiveness of Richard ’ s products lies in their ability to gain market recognition and a successful pricing strategy. A common problem faced by many small and medium enterprises is the limited budget, which makes it difficult to launch promotion and build up channels of distribution (places). Richard makes use of the network developed from his previous job as a web designer and collaborates with different brands names. Apart from receiving copyright fees, he has thus found new ways to promote his products in different markets and quickly boost their popularity, creating a win-win situation. Now that he has a larger budget, Richard has set up shops in Mong Kok and Causeway Bay, plus a mail order system on the Internet. With his business on track, Richard also explores overseas markets, with Japan and Taiwan as his next targets. On top of market positioning, an efficient marketing strategy also requires painstaking efforts in selecting the product, price, place and promotion. Effective execution of plans is just as crucial. Anna LEE, started to work as an agent selling aromatic products for a foreign brand with an above-average price range. She has set up two shops in Central and Sai Kung to attract the middle class. Besides the limited number of shops, Anna sets up temporary booths in large shopping malls at special occasions such as the Valentine ’ s Day, Easter and Christmas, during which people tend to spend more. While alleviating the pressure of heavy rentals, this also increases the exposure of her products. Anna believes that proper sales techniques can help develop the desired product image, which in turn helps to promote the company. With keen competitions in the market, small and medium enterprises must make every endeavour in order to succeed.

Wins on Marketing
Publish Date: 
Wednesday, February 28, 2007
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