Four Policies of Marketing
Four Policies of Marketing
There are four main policies for marketing. They are:
- The product policy
For some corporations, the product may already be ready before marketing begins. But for companies that organize themselves completely according to marketing aspects, the product policy is also determined by the marketability.
So instead of creating a product and then thinking about who it could be sold to, the market is first analyzed, surveys and focus groups are organized. If it is found that there is a need on the market that is currently barely covered, a suitable product is designed. So do the respondents like to drink cola, for example, but consume very little of it because the sugar content is too high for them? We present: Cola Light!
- The pricing policy
The price of a product is an important factor in marketing it. This wisdom was evident before the term marketing was even born and it is still true in the age of marketing.
From a marketing point of view, the entire pricing policy is considered here and not just the price of an individual product. For example, a corporation could find that there are undeveloped groups of buyers who have a need for their own product, but find it too expensive above a certain price and then prefer to do without it. Then the product could be sold under several brand names – a premium and a cheap brand. Or is the need already being satisfied by a competitor with a practically identical product? Then the price can simply be lowered to persuade the competitor’s customers to use their own product from now on.
- The communication policy
The communication policy summarizes the marketing instruments that are typically recognized by everyone as “marketing”. Communication goals are set here (for example “the customer should perceive the product as a real bargain”). An attempt is then made to achieve these goals using different communication channels.
Marketing instruments such as trade fair appearances, sponsoring, classic advertising in the mass media or social media influencers can be used for this purpose. Which means is chosen depends on the target group: A specialist audience can be excited about their own products, for example, ideally through appearances at trade fairs, while online advertising and advertisements in radio, TV, daily newspapers or magazines are more aimed at a broad mass audience.
- The distribution policy
The product is ready, the recommended retail price has been tested down to the last cent and the advertising campaign has been designed – all that’s missing is the question: How do the products get to the customer?
What at first sounds like a purely logistical question can also be understood as part of marketing. Because if you want to address an exclusive group of buyers with your product, for example, it can not only be easier but also more effective to only sell the product via direct mail order or specialized shops – selling in the kiosk around the corner would damage the premium brand than helping her in sales. For everyday products, on the other hand, the space on the supermarket shelf is ideal, since the aim here is to bring the product to the customer via as many distribution channels as possible in order to have a chance against the competition.
Types of Marketing:
There are two major types of marketing that we will discuss here. They are
- Online Marketing
- Offline Marketing
Difference Between Online and Offline Marketing
Typically, marketing campaigns are also divided into online and offline campaigns. These are not mutually exclusive, but due to the different communication situations they are usually treated separately.
The two types of marketing differ – according to their name – mainly in the means of communication used.
In offline marketing, analog media such as magazines or advertising posters are primarily used, while digital elements such as advertising banners or even advertising games are used in online marketing.
Both types of campaigns can achieve great success with their audience – an online campaign is of course more aimed at an online-savvy target group, while an offline campaign is more aimed at a magazine or television audience.
Probably the most important difference, however, lies in the traceability of the results: In the analog area, the effectiveness of a marketing campaign is difficult to measure.
Online marketing is clearly ahead here, as the digital movements of website visitors can be technically understood. If, for example, customers click directly on an advertising banner, all further clicks can be traced until the deal is concluded – it becomes clear without delay whether an advertising measure led directly to a sale or not.