BSBMKG502 - ESTABLISH AND ADJUST THE MARKETING MIX Scenario: A recently formed c

Question

BSBMKG502 - ESTABLISH AND ADJUST THE MARKETING MIX Scenario: A recently formed company has had great success marketing its products. Their products are suited to online sales and to personal sales. After several very successful months, sales have started to decrease. The decrease is not enormous but if it continues the organisation will not meet its marketing and sales objectives. For what reasons is this likely to happen and what aspects of the market mix might the organisation examine with a view to rejuvenating sales? What actions could they take? (450 words)

Explanation / Answer

Hi,

Thanks for the question.

There can be multiple reasons because of which sales are depreciating:

The ways in which the sales can be improved:

1. Companies can have the brand days where they can specifically focus on one brand and offer some exclusive discounts and perks.

2. Optimize the website ina way that the recommended items are not only of the same type but the cross selling products. For eg: If a person is buying shorts, you can show the suggestions for vests and t-shirts.

3. The main objective of the company is to sell more. Give customers something so that they would come back. Give them some coupons which will be aapplicable for a certain time and on certain amount of purchase. This will entice the customer to visit the website more and purchase more.

4. Upsell is another thing that the company can do. They can show the suggestions of some better cameras or may be point and shoot cameras which will increase the order value if purchased.

The company need to look at each and every aspect of the marketing mix. They need to work on product to make them as per the customer's expectations. The need to be competitive in terms of the prices to stay alive in the market. Distribution is other thing that will lead to easy accessability of the products for the customers.

The best thing about the business is that the entire business is online. The only interaction with the customer is over the intenet where they have the luxury of time and convenience during going through the products. You can track each and every customer as to what are their interests, preferences and where they drop out. Accordingly, you can change your marketing plans like remarketing, targeted email, reminder emails and notifications. etc.

The worst thing about the business is that the entire business is online. The customers can't have the luxury of touch and feel. The reach of the company is only to the customers who are smart enough of purhasing online and in the mean time are assured of the payment channels and returns.

The companies need to build a trust factor among the customers and also make them realize that they can also have the same benefits over the internet as they will be having otherwise. Some of the initiatives are: Try first, Apni Dukaan campaign by Amazon, See samples at home like Bluestone etc.

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