MKT501 Strategic Marketing - Mod 4 SLP Essay Example | Topics and Well Written Essays - 500 words

MKT501 Strategic Marketing - Mod 4 SLP - Essay Example Even knowledge is not enough, as a potential consumer may have to be influenced by others or by the uniqueness of the product or service offering. In modern times, where different varieties of the same product or service are made available for different segments of the population, one may follow different strategies to create appeals or desires among different segments of the population, depending on its demographic, psychographic and lifestyle analysis (Kotler & Keller, 2011). Branding, advertising, personal selling, industrial selling and sales promotion and distribution efforts all constitute different types of promotion strategies for a product or service. Taking the example of a car as introduced in Module 1, we can see that advertising on television and billboards, sales promotion though different offers such as prizes in lucky draws connected with another product, and special deals available at car dealers are some of the methods that are used by automobile companies to induce people to buy their products. Of course, online advertising is another means to attract consumers of all types and income groups across the spectrum. Automobile companies usually show off their latest models inviting us to click their ads and browse the details of various models available. There is even a good market for second hand cars. As to the different marketing ploys used to attract different groups of customers, typically the higher income groups, celebrities and the t rend setters are shown the faster and sleeker varieties. Depending on the family size, a Pajero, a sedan or a Landcruiser may also be a good choice. On the other hand, while targeting a middle class family, a roomy and ergonomically designed car like a Camry would be a good choice. For the classier lot, a Lexus would be a good option. Similarly we have cars for the lower end as well, or those available at a discount being second hand cars. In this way the different segments of the market for