In order to achieve organizations’ goals, management teams should develop their strategic marketing approaches. Notably, they need to come up with ways of promoting their products and how to ensure their commodities are taken to markets in time. It would be necessary for companies to manufacture goods of high quality. In addition, excellent results would be realized after a company’s administration assesses the environment in which businesses would operate.
This paper aims at discussing how companies promote and sell their products and strategies used to promote and sell their products. In addition, it considers the four Ps of marketing, i.e. price, place, product, promotion. Finally, it discusses how firms choose prices of commodities in relation to business establishments from the Middle East. Crossglobo Company from the Middle East would be used as an example.
How companies promote and sell their products
It is important to note that one of the most common ways of promoting a company’s products is through collaborating with a popular business. By doing so, the company’s products would be associated with those of well-known company, making them popular like those of the popular company (Mellahi, Demirbag and Riddle 406). For example, in the Middle East, Crossglobo Company struggled to join other companies to popularize itself.
It has collaborated with various firms from many countries across the world that have given it a global outlook. Thus, goods of the organization have become available in various nations. Another way of upholding a business establishment’s goods is through developing new brands that relate to goods that were being produced initially. With regard to Pepsi Company, which produces soft drinks, it engages itself in the manufacture of food products and snacks, enabling it to expand and maximize profits (Mellahi et al. 407).
Nevertheless, establishments that maintain high quality of their goods retain their customers than those that are typified by relatively high levels of inconsistencies with regard to quality of commodities. This implies that for trade to prosper, the value of goods must always be reliable. A company may choose to give offers to those who purchase in bulk. This could be in the form of discounts on a certain amount of goods and/or give customers items on credit.
This motivates them to buy through hire purchase. As a result, some products would become popular within a short period. Mellahi and colleagues (407) contend that it is critical to make goods that are attractive to buyers to draw their attention. A firm puts into consideration the welfare of all its stakeholders, for example, traders, consumers, and society. Crossglobo Company participates in various developments as well as adhere to business rules and regulations.
Strategies used in product promotion and selling
Various techniques are used to promote an organization’s commodities, especially when there is stiff competition in the market and demand is low. A firm may decide to use export-import approach. This would involve importing products that are cheap in other countries as well as exporting its high quality products. This would encourage healthy competition between enterprises. For example, firms in the Middle East use e-marketing to advertise their products (Mellahi et al. 408). This saves time and energy because customers’ complaints can be addressed easily without moving to areas where they are located. In fact, companies reap many benefits of e-marketing.
Due to the large area that Crossglobo Company covers, the online selling enables it to reach all its customers. Through this, the firm is dynamic and can adjust according to consumers’ demands (Mellahi et al. 409). The business adopts ventures that assist it to source for money as well as customers. Crossglobo has several subsidiaries worldwide that help it to search for business opportunities. The firm may distribute goods to wholesalers who later distribute them to retailers. This strategy is useful to improve services to its customers.
They are also referred to as the marketing mix. With regard to enterprises, they help in ensuring that needs of consumers and the entrepreneurs are met. First is the product. This is the main item that satisfies consumer demand. Crossglobo manufactures good that are attractive to the people in terms of color, strength, and size. The second P represents price. This refers to what a buyer gives in exchange for a product. The price of every commodity is given, which should be equal to the value of the item. Price is adjusted according to demand of a resource and is controlled by price elasticity (Mellahi et al. 409). A price should be in relation to other factors the marketing mix.
The third P means promotion. It refers to all that a trader uses to pass information to stakeholders. It could be through advertisement, public relations, and promotion of sales (Ellis-Chadwick, Mayer and Johnstone 72). Many companies in the Middle East use the word of mouth to inform their members about a new product in the market. The last P stands for place. It connotes distribution of commodities to different markets. It means taking products to a convenient place that is accessible to users. This encourages them because they do not have to move to search for items. Therefore, it is imperative to indicate that the 4Ps are very crucial to the success of any organization. Ellis-Chadwick and colleagues (78) argue that all the Ps should be applied correctly for maximization of profits.
Notably, Crossglobo utilized the Ps and gained both national and multinational outlooks. Apart from the 4Ps, an entrepreneur should consider other factors. Physical evidence, which refers to an event that indicates that an action has taken place. For instance, a delivery note shows that goods have been delivered, and it acts as a confirmation. People play key roles in executing business objectives. They carry out tasks. The last factor is the process, and it refers to actions such as handling of goods and making queue to get some items. Business processes should be made as simple as possible so that customers are not discouraged from making purchases.
How firms choose prices in a firm
Using our case study, i.e. Crossglobo Company from Middle East, prices are chosen according to the value of a product. The demand of an item determines how it would cost. If its supply in the market is low, then the demand would be high, making the price (cost) high (Ellis-Chadwick et al. 84). Thus, thorough market studies should be conducted before efficient pricing is done.
Therefore, it would be critical to conclude that a company’s success requires a diligent plan. All stakeholders should be engaged to participate in decision-making processes. In addition, strategies should be developed to enhance the marketability of products and competition in the market. Various approaches would be essential to accomplish organizations’ goals.
Ellis-Chadwick, Fiona, Richard Mayer, and Kevin Johnston. Internet marketing: strategy, implementation and practice. Ed. Dave Chaffey. Upper Saddle River, NJ: Pearson Education, 2009. Print.
Mellahi, Kamel, Mehmet Demirbag, and Liesl Riddle. “Multinationals in the Middle East: Challenges and opportunities.” Journal of World Business 46.4 (2011): 406-410. Print.