THE INDUSTRIAL ONLINE MARKETING MIX

THE INDUSTRIAL ONLINE MARKETING MIX

THE INDUSTRIAL ONLINE MARKETING MIX

Marketing strategy consists, primarily, of three parts. The first is the establishment of the means by which it is proposed to achieve the basic objectives which have been set out. Secondly, a time programme must be decided upon for this achievement and, thirdly, resources must be allocated to the various means by which this achievement is to be attained.

Since the underlying objective is profitable growth, the company must plan either to expand its activities or to diversify them. This can be achieved by various methods including (1) internal research and development of new products, 2) the acquisition of other companies, (3) the merger with another organization, or (4) by licensing of additional products. But all such strategic plans must find their expression in the company's product/market strategy and this will be conditioned by its markets.

None of the firm's growth objectives can be achieved unless it earns the profits which will finance its growth. Profits are dependent upon the availability of adequate resources, in terms of finance, plant, material and manpower, to enable the organization to benefit from the opportunities which the market provides. Thus, it is necessary to establish the market opportunities, fully utilize the company's assets and establish the correct mix of these resources. ONLINE MARKETING has to establish the operating objectives for the organization. From this one measures the effectiveness with which the resources are utilized.

The term ONLINE MARKETING mix has been applied to this activity of combining ONLINE MARKETING methods to achieve the profitable exploration of the market. A satisfactory ONLINE MARKETING mix is dependent upon the establishment of the market's needs, the establishment of one's objectives and the preparation of a strategic ONLINE MARKETING plan which will incorporate the various appropriate methods of reaching these objectives.

In determining the needs of the market one must consider both the broad market it is intended to serve and the particular segments of that market upon which it is intended to concentrate. A decision is needed as to how much of the total effort of the company should be applied to each market segment. The needs of the customers in each segment also will have to be established.

The development of the strategic ONLINE MARKETING plan will involve the definition of problems, the collection of facts, the analysis of data and the selection of the most suitable ONLINE MARKETING mix to provide appropriate solutions. One's plan must then be implemented by means of specific programmes of activity.

The establishment of a ONLINE MARKETING plan is not particularly difficult. The problems arise when one attempts to carry it out. Both external and internal factors may affect its successful working and the ONLINE MARKETING Manager must take account of the degree of variability which is likely to arise in the execution of his plan. A further difficulty lies in achieving the correct allocation of resources to obtain the maximum sales revenue from the investment.

Among the external factors which may affect the ONLINE MARKETING plan is the probable variation in the Gross National Product and in the trend of consumption in the various industries one is serving. Socioeconomic influences generally can affect the markets of user industries and will have an important bearing on the general confidence of the market. Government regulations and possible import/export restrictions are other factors which can affect materially one's best-laid plans.

There are other external factors which may be more predictable, such as seasonal fluctuations in market demand, technological change, product substitution and the extent and severity of competitive influence, for which the ONLINE MARKETING Manager should be able to make some allowance in the formulation of his plan.

It is not only the influence of outside factors which can create a variable situation. There are important internal factors to be considered, the most important of which will be the availability of the company's resources in terms of money, production capacity and management skills.

The elements which make up the ONLINE MARKETING mix are extremely diverse. They consist of all those factors which have a bearing upon the needs of the market. Each market situation and, possibly, each customer situation, will require a slightly different mix if these needs are to be satisfied. The following are some typical ingredients of the ONLINE MARKETING mix:



Product Quality Product Pricing Product Development Product Range

Sales Force

Sales Aids

Sales Promotions After-sales Service Advertising

Market Research

Stock Levels

Unit of Sale

Distribution Arrangements Credit

Cash Discounts

Packaging

Sampling

Public Relations




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