Baby Care Marketing Plan
Product and Branding Strategy
Branding Strategy is the process of establishing a long-term plan for a company to attain its future goals. Branding also refers to the social interactions of the business with its customers. There are several elements considered for one to provide an efficient branding strategy. Thus, branding matrix is crucial because it helps a business control the way its products and services are performing.
There are three major components of branding. First, it is image building which incorporates the customer’s perception of an organization. As such, message portrayals in the media and other platforms are vital in enhancing the image. Second, it is an engagement experience involving the various interactions between the customers and the business, particularly during purchasing. Third, it refers to the experience of the client which comes after customers have used the company’s products and now can judge them at a certain level. Product support services include packaging as well as price labeling. These can either attract the customer’s attention or repel it. Therefore, a business must use cautious approaches in dealing with these issues.
An organization should focus on the 4Ps which are the main pillars. One of the Ps is Product whereby a company is obliged to provide the target customers with the quality items. For the Baby Care online shop, they should ensure that they deliver high-quality products like the diapers, oils, and other things. The product is focusing on meeting the customer’s needs (Schultz et al., 2015). Furthermore, a product includes the intangible items like the delivery system in this online business. They should deliver everything as promised to win their customer’s trust.
Another P is Price whereby a company aims to establish favorable prices for its products. This element must consider a competition when setting prices to cater for all customers. It is a crucial component because it determines the company’s profit margins and its growth.
The other P in brand creating is Place whereby a business must have locations which the target customers can easily access (Schultz et al., 2015). For instance, the online Baby Care shop should have a physical location where the people can go. Moreover, the location will be an essential platform informing the customers that the business is based online.
The last P is Promotion which is a significant factor in creating a brand. It involves email marketing or advertising to ensure that the public is aware of the brand existence (Schultz et al., 2015). Therefore, creating a search engine where customers can learn about the company is essential.
Product development strategies focus on satisfying customer’s needs. If a product has been there for long, the strategy is applied to learn if the client’s taste and preference have changed. Considering various views of customers is vital as it helps to create new and efficient products. The other strategy is a brand extension which involves an already existing product to introduce a new one. The use of technology just like the only Baby Care shop is doing is another strategy enabling customers to access less expensive products in a more convenient manner.
There are several pricing strategies in business. First, it is pricing at the premium where a company decides to set its prices higher than those of other businesses. This plan creates a notion that the product is better in quality than the rest. Thus, companies using this tactic ought to provide the excellent products to respond to the value of money. Second, it is offering the lowest prices to achieve market penetration. Some customers go only for the cheapest products or services, so this may be the right strategy for such clients. Third, psychological pricing is another approach when the company aims at appealing the audience emotionally by indicating a price of $999 instead of $1000. The customers may think that the product is cheaper when in fact, it is not. Pricing metrics may use discounts and rewarding of points to the customers. Pricing objectives focus on survival. A company may reduce its prices in order to survive within a certain period and increase sales. Another goal may be to generate profits, particularly when the price covers the cost of production. A lot of companies are interested in gaining a preferred status quo. Most of the expensive items are purchased by the affluent people, and therefore, targeted on attracting a particular class.
One of the internal factors affecting price is cost. It means that the cost of production determines the price (Chandrasekar, 2010). The other factor is the product lifecycle. Most companies lower the prices of their goods at the introductory phase to attract more customers. However, the external factors include competition among other businesses as well as the economic conditions prevailing in the region (Chandrasekar, 2010). Besides, government regulations and policies primarily affect pricing. The price should be detailed so that the customers can see it clearly. The various payment details in a company may consider the credit cards usage. For example, some companies prefer cash payment while others may need bank transfers and cheques, particularly when the transaction involves considerable amounts of money. For the Online Baby Care Shop, the use of credit cards or cash for delivery would be the most efficient.