Marketing Of Security Products Business
When you manage a security products business it is very important to have not only the know-how to back up your business but also use proper marketing strategies. In this article we are going to study a few marketing strategies meant to promote your security products business. Product strategies specify market needs that may be served by different product offerings. It is a company?s product strategies, duly related to market strategies, that eventually come to dominate both overall strategy and the spirit of the company. Product strategies deal with such matters as number and diversity of products, product innovations, product scope, and product design. The implementation of product strategies requires cooperation among different groups: finance, research and development, the corporate staff, and marketing. The following product strategies are recognized:
? Product-positioning strategy
? Product-repositioning strategy
? Product-overlap strategy
? Product-scope strategy
? Product-design strategy
? Product-elimination strategy
? New-product strategy
? Diversification strategy
? Value-marketing strategy
Each of these product strategies focus on a particular element. You should know that you can use some of them, one of them or all of them. It all depends on how much money and how much time and resources your security products business has. There are six different approaches to positioning may be distinguished:
1. Positioning by attribute (i.e., associating a product with an attribute, feature, or customer benefit, for example presenting your security products as best for your firms, having different brochures and different strategies to promote the products for a particular niche).
2. Positioning by price/quality (i.e., the price/quality attribute is so pervasive that it can be considered a separate approach to promotion; in case you know that your customer will appreciate this factor).
3. Positioning with respect to use or application (i.e., associating the product with a use or application, security, peace of mind, relaxation and safety for your wealth and status).
4. Positioning by the product user (i.e., associating a product with a user or a class of users in order to attract more users from that group of people).
5. Positioning with respect to a product class
6. Positioning with respect to a competitor (i.e., making a reference to competition)
Often, a product may require repositioning especially in the case of security products. This can happen if (a) a competitive entry is positioned next to the brand, creating an adverse effect on its share of the market; (b) consumer preferences change; (c) new customer preference clusters with promising opportunities are discovered; or (d) a mistake is made in the original positioning. Repositioning a product among existing customers can be accomplished by promoting alternative uses for it or alternative benefits. A security product can offer piece of mind, relaxation but also show your status within a community. Repositioning among new users requires that the product be presented with a different twist to people who have not hitherto been favorably inclined toward it. In so doing, care must be taken to see that, in the process of enticing new customers, current customers are not alienated. Repositioning for new uses requires searching for latent uses of the product.
Bringing product/market strategies within a framework of business unit strategy formulation emphasizes the importance of inputs from both the top down and the bottom up. The following step-by-step procedure is used for formulating product/market strategy:
1. Start with the present security products business. Predict what the momentum of the business will be over the planning period if no significant changes are made in the policies or methods of operation. The prediction should be based on historical performance.
2. Forecast what will happen to the environment over the planning period. This forecast will include overall marketing environment and product/market environment.
3. Modify the prediction in Step 1 in light of forecasted shifts in the environment in Step 2.
4. Stop if predicted performance is fully satisfactory vis-?-vis objectives. Continue if the prediction is not fully satisfying.
5. Appraise the significant strengths and weaknesses of the business in comparison with those of important competitors. This appraisal should include any factors that may become important both in marketing (market, product, price, promotion, and distribution) and in other functional areas (finance, research and development, costs, organization, morale, reputation, management depth, etc.).
6. Evaluate the differences between your marketing strategies and those of your major competitors.
7. Undertake an analysis to discover some variation in marketing strategy that would produce a more favorable relationship in your competitive posture in the future.
8. Evaluate the proposed alternate strategy in terms of possible risks, competitive response, and potential payout.
9. Stop if the alternate strategy appears satisfactory in terms of objectives.
10. Broaden the definition of the present business and repeat Steps 7, 8, and 9 if there is still a gap between the objective and the alternative strategy. Here, redefining the business means looking at other security products that can be supplied to a market that is known and understood. Sometimes this means supplying existing products to a different market. It may also mean applying technical or financial abilities to new products and new markets simultaneously.
11. The process of broadening the definition of the business to provide a wider horizon can be continued until one of the following occurs:
a. The knowledge of the new area becomes so thin that a choice of the sector to be studied is determined by intuition or by obviously inadequate judgment.
b. The cost of studying the new area becomes prohibitively expensive because of lack of related experience.
c. It becomes clear that the prospects of finding a competitive opportunity are remote.
12. Lower the objectives if the existing business is not satisfactory and if broadening the definition of the business offers unsatisfactory prospects.
In a free market economy, each company tries to outperform its competitors. This is especially true in the security products business because there are a lot of money to be made in it. Security is a constant need for everybody, both firms, companies and individuals. We are all in a constant search for security and stability and your security products business should focus on these needs. Keep in mind that a competitor is a rival. A security products company must know, therefore, how it stands up against each competitor with regard to ?arms and ammunition?, skill in maneuvering opportunities, preparedness in reacting to threats, and so on. To obtain adequate knowledge about the competition, a company needs an excellent intelligence network. A useful way to define competition is to differentiate between natural and strategic competition. Natural competition refers to the survival of the fittest in a given environment. It is an evolutionary process that weeds out the weaker of two rivals. Applied to the business world, it means that no two firms doing business across the board the same way in the same market can coexist forever. To survive, each firm must have something uniquely superior to the other.
When you handle the marketing of security products business distribution is another important fact that must be taken into consideration. Distribution strategies are concerned with the channels a firm may employ to make its goods and services available to customers. Channels are organized structures of buyers and sellers that bridge the gap of time and space between the manufacturer and the customer. The channel-structure strategy refers to the number of intermediaries that may be employed in moving goods from manufacturers to customers. A company may undertake to distribute its goods to customers or retailers without involving any intermediary. This strategy constitutes the shortest channel and may be labeled a direct distribution strategy. Alternatively, goods may pass through one or more intermediaries, such as wholesalers or agents. This is an indirect distribution strategy. An organization must have an objective to guide its destiny. Although the objective in itself cannot guarantee the success of a business, its presence will certainly mean more efficient and financially less wasteful management of operations. The following are frequently cited types of frustrations, disappointments, or troubling uncertainties that should be avoided when dealing with objectives:
1. Lack of credibility, motivation, or practicality.
2. Poor information inputs.
3. Defining objectives without considering different options.
4. Lack of consensus regarding corporate values.
5. Disappointing committee effort to define objectives.
6. Sterility (lack of uniqueness and competitive advantage).
Throughout human history, people have tried to achieve specific purposes, and in this effort some sort of planning has always found a place. Growth is an accepted expectation of a firm especially a security products business; however, growth does not happen by itself you have to plan for it and take into consideration your customer and your growth environment. Growth must be carefully planned: questions such as how much, when, in which areas, where to grow, and who will be responsible for different tasks must be answered. Unplanned growth will be haphazard and may fail to provide desired levels of profit. Therefore, for a security products business to realize orderly growth, to maintain a high level of operating efficiency, and to achieve its goals fully, it must plan for the future systematically. Products, markets, facilities, personnel, and financial resources must be evaluated and selected wisely.
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