Bottleneck Marketing

 

Bottleneck Marketing

          The strategies that businesses use their products and services when bottleneck reduces the effectiveness of marketers. It is important to understand the business fluctuations which are increases and decreases in economic activities. Developing marketing strategies to make the plan to promote the product or service provided as per the market situation. The plan should be able to maximize the efficiency and minimize the risk of the work being carried out by the company. Implementing marketing strategies is a tough and time-consuming task that requires the insight of the market fluctuation, customers and competitors

                                         

  The most important that a product or as service successful in the any market condition is a good marketing strategy. Marketing is nothing but the process of interacting with the customer to provide them with information about the product, sell the product, and satisfy their needs as a customer. The product marketing is affect by various factors like stock market, COVID-19 situation, supply and     demand.

 The marketing strategies of a product is based on the 4P’s which can also be used to evaluate and reevaluate the work to promote the product in the market.

Prices:   Pricing of a product plays as important role in bottleneck marketing in determining the success of a company. Strategies can play several factors like list price, competitor's price, discount, terms of sales, service terms, offer etc. are taken into consideration before deciding on the price of a product or service. In bottleneck marketing, even a small fluctuation in the price of a product can heavily impact its demand in the market. The price of a product is also determined depends on the market situation. Companies should keep an eye on the market condition because an overpriced or underpriced product does not attract customers.

Product: Product refers to the goods offered by the business to its customer. Every business must have a product that will be marketed by the company. It should have features that meet all the demands of the customers and the emerging demands of the market well.

            Every product goes through a bottleneck lifecycle stages : Growth phase and constant decrease and increase phase. Marketers to keep eye on the market condition that a product should not overpriced or underpriced and depends on the market condition the product immediately to take action to reinvent and stimulate according to market demands. The R&D department of an organization to take action on the product reinvent like to introduction of technology, attract customer with offers or  service package.

Location:  Marketing is the physical place or virtual address for distribution of the product. Depends on the market condition the marketers needs to take action to own or rent a particular place where the goods and services can be bought or sold. In the bottleneck stage, it is important to know where to sell the product because the location must have your target customers. There is no sense in selling products to customers who are not interested in the product and it is easily accessible to its potential buyers or customers. As we know everything is shifting towards digital platforms and it is good to accessible to all customers.

Promotion:  Promotion is the combination of advertising, sales promotion, public relations and direct marketing done by the company. Promotion is an essential component in the bottleneck stages because without communication about a product, a company can not attract customers. It is also used to influence customers to buy a product or a particular brand. Promoting product can be done by advertising, public relations, digital marketing, direct selling, personal selling, sales promotion and event marketing.

            The 4P’s of marketing is very useful tool in the bottleneck stages. Each stages has different marketing strategies to keep company profits.