Question

A business that is known for selling good quality and affordable consumer electronics conducted a market research and came to the conclusion that there is a market for high-quality high-priced premium electronic consumer products. The prospective consumers in this new market are characterized as being tech savvy and affluent; and are aged between 27-35 years old. Based on the information given, create a detailed marketing strategy using the 4Ps.

Answer 1

Detailed marketing strategy using the 4Ps:

In terms of the Product characteristics the following things should be adopted by the company in their marketing strategy:

• The company should design a product which should satisfy the needs of the consumers, in other words, it should be functionally effective
• The company should have an idea as to how the product needs to be positioned or advertised in the various stages of its life

In terms of the Price characteristics the following things should be adopted by the company in their marketing strategy:

• The company should appropriately price the product considering its perceived value and the prices of the substitutes
• As the product would be high priced it makes more sense to make focus on the snob effect to increase the bottom line
• Fewer discounts should be given as otherwise, it would make the product look less exclusive to the targeted audience

In terms of the Promotion characteristics the following things should be adopted by the company in their marketing strategy:

• The product should be promoted using digital channels where people are present a lot these days
• The advertisements should be mostly discreet as the product is premium
• The product should also be promoted in some selected high-end magazines where the product's target group might be present
• The brand should consider organizing some offline events to get the more desired visibility

In terms of the Place characteristics the following things should be adopted by the company in their marketing strategy:

• The company should go for an Exclusive Distribution strategy instead of Intensive or Selective Distribution strategies. This distribution strategy would reflect the exclusivity of the product as they would be sold in exclusive brand stores only