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Marketing Orientations for Product, Pricing, Promotion, and Partnerships

The main task of a firm is to identify the needs of its target markets and adapt to their changing needs in order to meet those needs efficiently. At the same time, marketing has the responsibility to preserve the well-being of consumers and society as a whole. In order to accomplish these objectives, marketers must consider three factors when setting marketing policies. These three factors are Product, Pricing, Promotion, and Partnerships. For each of these factors, marketing orientations must be balanced.

Product

Product marketing involves a broad set of hard and soft skills. Because it involves a complex orchestration across departments, product marketers must be able to seamlessly oscillate between different roles and responsibilities while remaining focused on their own goals. Product marketing teams require the right tools to maximize their productivity, as they are the ones that will generate new customer signups, convert leads, and grow revenue. Here are some tips for a successful product marketing team:

Pricing

In any business, pricing a product or service is a critical decision. It must reflect what your target market is willing to pay, while also being profitable. While there are numerous approaches to pricing, one framework considers costs, competition, and customer perception of value. Cost is the sum of fixed and variable expenses, and price is the selling price per unit. Depending on your industry, competition, and desired returns, there are numerous ways to price a product or service.

Promotion

Promotion in marketing is the process by which the manufacturer informs its customers that the right product or service is available at the right place and price. Promotion acts as the spark plug for the marketing-mix, a communication activity that moves the product, service, or idea from its manufacturer to the consumer. The primary goal of promotion is to create demand among prospective customers by conveying information to consumers and persuading them to make a purchase.

Partnerships with other businesses

A marketing partnership involves a company working with another business in a similar niche to expand brand awareness and drive sales. In many cases, this partnership will result in a new product or upgrade to an existing one. Apple and Nike recently introduced an Apple Watch Nike edition, a new model that paired an existing Apple Watch with Nike sport bands and apps. Another common type of partnership marketing is licensing, which involves a company manufacturing other companies’ products under its own brand. Some examples of successful partnerships include Coca-Cola’s running a special edition Stranger Things beverage, or Ben & Jerry’s Netflix and Chilll’d ice cream.

Outbound marketing

Outbound marketing has several benefits. While inbound marketing focuses on capturing leads, outbound marketing reaches the right people at the right time. Regardless of your marketing channel, it is important to understand the differences between the two. Outbound marketing uses obfuscation and duplicity to get the right message across. When a message needs to be heard over a crowded environment, it must stand out in a crowded space. While clutter busting may help to draw a potential customer’s attention, it will sabotage your relationship with the customer.