MBA-I (E) 3.5 Year 2014

Submitted To: Ms. Asma Nazeer

Submitted By: Zahid Khalid

Class: MBA (E) Semester-I

Assignment No: 01

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Question: What are the marketing tactics?

Marketing:

Marketing is the process of communicating the value of a product to customers, for the purpose of selling that product (goods or services. Another simple definition of "marketing" is "managing profitable customer relationships”. Important points of marketing are following:

Ø Customer satisfaction & value increase Ø Profitable Relationship with customer

Definition of Marketing:

"Marketing" is "managing profitable customer relationships”.

Marketing as “the process of planning and executing the conception, pricing, promotion, and distribution of ideals, goods, and services to create exchanges that satisfy individual and organizational objectives”

Tactics:

In business, tactics are specific techniques that help you to get, keep and grow profitable customers. In business, getting a customer can be like to scoring points against the opposition in a sporting contest. The more points you score, the better it is for you. The way in which you score points is through your tactics. Specifically, business tactics include product, marketing, promotional, branding, channel/distribution and pricing initiatives and campaigns you create and then execute in the marketplace. These initiatives are the specific techniques you develop and execute to help you build brand awareness, and convert that brand awareness into customers. Sample Tactics are following

Ø Offer Special Deal Ø Share News Ø Find & Follow Relevant People Ø Participate in conversation

Marketing Strategies & tactics:

“Strategy without tactics is the long road to victory. Tactics without strategy is the noise before defeat.”

In simple terms, a strategy is a plan for reaching a specific goal, while a tactic is the means you use to reach the goal. In business, a strategy is a broad goal, such as increasing sales or market share or creating a particular image for your business. Tactics for creating an image or brand might include using price to establish you as affordable or high-end. When creating marketing plans start with broad strategies and support them with specific tactics.

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MARKETING TACTICS:

Following are the marketing tactics.

Understanding the customer: Understanding customers is the key to giving them good service. To give good customer care you must deliver what you promise. But great customer care involves getting to know your customers so well that you can anticipate their needs and exceed their expectations

Free Sample Marketing: Unlike Freebie Marketing, this is not dependent on complementary marketing, but rather consists of giving away a free sample of the product to influence the consumer to make the purchase.

Make Buying Easy: Make it easy for potential customers to buy from you and more will buy. Look for ways you can make your buying process easier - and faster.

Follow Up - Again and Again Selling is not a one step process. Most people do not buy something the first time the see or hear about it. You can salvage many of these potential customers with an effective follow-up system.

Build Relationships: Build relationships with your prospects and customers. It is a often-overlooked in-formation-marketing fact that the number of people who buy information products and services is very small in comparison with the number of people who sell information products. Equally important and ignored by most information marketers is that selling information--regardless of form--has more in common with selling a service than selling a tangible product.

Social Media: Getting your content out and in front of more people starts with Social Media. Which platform is most effective depends on the type of business you’re in.

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Write Article: Write articles for professional publications, reprint them, and use them as direct mail pieces. This is a third-party endorsement of you.

Set and Meet the High Standards: Deliver a product or service that meets your personal standards of excellence. Be proud of the work you’re doing.

Seek Friends: You can focus your message. Position your product to win friends, not make enemies. In the information business, it is rare that a single source can answer a complex question adequately.

Tell the Truth: A number of information producers sell a product with a hefty journal list. When one compares the list with what is in the database, reality is different from the description.

Focus on target: Focus on target is important for marketing and sale of the product.

Remain Steady: Be consistent. I am interested in what marketers call repositioning. This concept means that the marketing of the product is reshaped in order to attract more sales.

Training about your Product: Offer one-on-one training about your product to senior managers or influence Leaders. This provides education and builds relationships.

Letter Size Brochure: Prepare a letter-sized brochure summarizing your product. Keep it simple and on one page. The more like a technical specification the more credibility the Brochure has. Expensive printing and elaborate design can communicate a lack of judgment in how to spend money.

Annual Information Report: Publish an annual information report. This documents your track record.

Establish a telephone hotline: Establish a telephone hotline. This is the evidence that you are there to help your customers.

Attend trade shows: Attend trade shows and circulate trip reports. This shows your ability to bring Valuable information to prospects.

Information services conference: Organize an annual information services conference in your city. Involve such Outside speakers as local software developers, computer dealers, and university Professors. Publicize the seminar using other tips in this list.

Speaking In front of Groups: speaking for free or being paid to speak is another way to get in front of more people. Start looking around for opportunities in your own backyard:

Ø Chamber of Commerce Ø Local Networking Groups Ø Schools Ø Local conferences

Are places for you to start researching and you'll find plenty of places to talk? Note that there is probably some lead time involved so doing expect to get on the stage right away.

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Marketing Email to your list: This should be an email to your list that is of value to them, not selling something of yours or anyone else. Take the most popular of your blog posts and send it to your list. Make sure it is the best of your content - wow them!

Be a Sponsor or Exhibitor at Events: Want to get out in front of more potential clients and be seen as an expert? Then research and find opportunities for sponsorships and exhibit at large events. If you can speak in a breakout room or get on the stage your ramp up your expert status quickly with that audience. Give them a free gift that they can get when they stop by your booth to help jump start traffic.

Website: Your website serves many purposes:

Ø Allows people to learn more about you Ø Sells your products and services Ø Helps you to build your list Ø Marketing hub for your content

You will want to update your content on a regular schedule, making sure that what you are writing about is timely and relevant to the audience you wish to connect with. Track your marketing efforts and continually work to improve your conversion rate.

Email Newsletter: Wondering how this is different from your marketing email? The marketing email is meant to teach your list something. The newsletter email can do this as well and it includes more than just the article. Company news, announcements and you want to highlight or promote one of your products or services. Be sure to keep your newsletters short — 3-4 items, no one wants to read a super long newsletter.

Slide Share Presentation: Another great way to get your content out in front of another audience. I've just added this into my content marketing arsenal and for a small amount of effort; I am getting more eyes on my content and on my website.