Promoting And Marketing Arts And Crafts Business
A business such as arts and craft is a creature of its environment. Your arts and crafts products business is also a creature of the business environment where you have decided to settle. The environment is made out from all the factors that influence directly or indirectly your business. Everything from transport, access, competition, other stores, clients, people and demographics make up your environment. I say this because you have open it because you though that you will have clients and a proper environment. Your business is the result of a need that needs to be satisfied. Thus, it is important for a business to constantly monitor any relevant changes taking place in its immediate or less immediate surroundings. Make sure you are aware of your environment and analysis your findings. Once you have understood your environment you ought to formulate strategies to adapt to these changes or to the status-quo situation. In other words, for business to survive, grow and prosper, the owner or manager has to master the challenges of the profoundly changing political ? any new laws or administration environment, economic ? such as competition, retailers, taxing, pricing, technological ? in both promoting and creating, social ? age, number demographics, social status, jobs, and regulatory environment.
First of all you have to scan the environment of your arts and crafts business. Once you have scan your environment you need to obtain a broad perspective on it and gradually debate the details and niche topics that will influence your business: age of your client, its day in day out needs, future needs, the companies that surround your own business and what types of clients they serve, the distance between your headquarter and the homes of your clients, the traffic, the access routes to your store and what other stores are on that route. You have to think of and implement a proper perspective that will allow you to realize the position of your business in the community. Things change and you will have to be very flexible and change with them. Continue to scan your environment and perhaps even suggest some changes to make your environment more useful for your store. While you scan your environment, use the input to operate changes on your purpose, scope and focus. Think of long rung implications and use your environment and access routes to promote your store. If you manage to construct a perfect framework from your environment to promote and market your business you will succeed. Have some resources handy to implement new ideas and changed upon your environment.
Because your business has grown because of the environment you must remember that the environment will influence your arts and crafts business. Before starting to develop your marketing strategy you need to be aware of the relevant details that make and influence your business environment. During this period of crisis we have noticed how the environment has influenced the popularity and the effectiveness of a marketing strategy. A good example is the need for cars that consume a lot less fuel. Because the price of the fuel has increased in value, the need for less fuel for your car has arisen. The need for smaller and more fuel efficient cars is due to the environment created on the world market.
To survive and prosper in the midst of a changing environment, an arts and crafts business must stay at the forefront of changes affecting their industries. First, it must be recognized that all arts and crafts products and processes have performance limits and that the closer one comes to these limits the more expensive it becomes to squeeze out the next generation of performance improvements. Second, one must take all competition seriously. Normally, competitor analyses seem to implicitly assume that the most serious competitors are the ones with the largest resources. But in the context of taking advantage of environmental shifts, this assumption is frequently not adequate. Third, if the environmental change promises potential advantage, one must attack to win and attack even to play the game. Attack means gaining access to new technology, training people in its use, investing in capacity to use it, devising strategies to protect the position, and holding off on investments in mature lines.
Scanning improves an organization?s abilities to deal with a rapidly changing environment in a number of ways:
1. It helps an organization capitalize on early opportunities rather than lose these to competitors.
2. It provides an early signal of impending problems, which can be defused if recognized well in advance.
3. It sensitizes an organization to the changing needs and wishes of its customers.
4. It provides a base of objective qualitative information about the environment that strategists can utilize.
5. It provides intellectual stimulation to strategists in their decision making.
6. It improves the image of the organization with its publics by showing that it is sensitive to its environment and responsive to it.
7. It is a means of continuing broad-based education for executives, especially for strategy developers.
Arts and crafts products tend to go through different stages, each stage being affected by different competitive conditions. These stages require different marketing strategies at different times if sales and profits are to be efficiently realized. The length of a product?s life cycle is in no way a fixed period of time. It can last from weeks to years, depending on the type of product. In most texts, the discussion of the product life cycle portrays the sales history of a typical product as following an S-shaped curve. The curve is divided into four stages: introduction, growth, maturity, and decline.
Introduction is the period during which initial market acceptance is in doubt; thus, it is a period of slow growth. Profits are almost nonexistent because of high marketing and other expenses. Setbacks in the product?s development, manufacture, and market introduction exact a heavy toll. Marketing strategy during this stage is based on different combinations of product, price, promotion, and distribution. For example, price and promotion variables may be combined to generate the following strategy alternatives: (a) high price/high promotion, (b) high price/low promotion, (c) low price/heavy promotion, and (d) low price/low promotion.
Survivors of the introduction stage enjoy a period of rapid growth. During this growth period, there is substantial profit improvement. Strategy in this stage takes the following shape: (a) product improvement, addition of new features and models; (b) development of new market segments; (c) addition of new channels; (d) selective demand stimulation; and (e) price reductions to vie for new customers.
During the next stage, maturity, there is intense rivalry for a mature market even on the arts and crafts business. Efforts may be limited to attracting a new population, leading to a proliferation of sizes, colors, attachments, and other product variants. Battling to retain the company?s share, each marketer steps up persuasive advertising, opens new channels of distribution, and grants price concessions. Unless new competitors are obstructed by patents or other barriers, entry is easy. Thus, maturity is a period when sales growth slows down and profits peak and then start to decline. Strategy in the maturity stage comprises the following steps: (a) search for new markets and new and varied uses for the product, (b) improvement of product quality through changes in features and style, and (c) new marketing mix perspectives. For the leader firm, Step c may mean introducing an innovative product, fortifying the market through multi-brand strategy, or engaging in a price-promotion war against the weaker members of the industry; the non-leader may seek a differential advantage, finding a niche in the market through either product or promotional variables. Finally, there is the decline period of your arts and crafts products. Though sales and profits continue their downward trend, the declining product is not necessarily unprofitable. Some of the competition may have left the market by this stage. Customers who remain committed to the product may be willing to use standard models, pay higher prices, and buy at selected outlets. Promotional expenses can also be reduced.
In summary, in the introduction stage of your arts and crafts business, the choices are primarily with what force to enter the arts and crafts local market and whether to target a relatively narrow segment of customers or a broader customer group. In the growth stage, the choices appear to be to fortify and consolidate previously established market positions or to develop new primary demand. Developing new primary demand may be accomplished by a variety of means, including developing new arts and crafts products, extending geographic coverage, trading down to previously untapped consumer groups, or adding related products. In the late growth and early maturity stages, the choices lie among various alternatives for achieving a larger share of the existing arts and crafts market. This may involve product improvement, product line extension, finer positioning of the product line, a shift from breadth of offering to in-depth focus, invading the market of a competitor that has invaded one?s own market, or cutting out some of the ?frills? associated with the product to appeal better to certain classes of customers.
In the maturity stage, market positions have become established and the primary emphasis is on nose-to-nose competition in various segments of the market. This type of close competition may take the form of price competition, minor feature competition, or promotional competition. In the decline stage, the choices are to continue current product/market perspectives as is, to continue selectively, or to divest. Exhibit 10-2 identifies the characteristics, marketing objectives, and marketing strategies of each stage of the S-shaped product life cycle. The characteristics help locate products on the curve. The objectives and strategies indicate what marketing perspective is relevant in each stage. Actual choice of strategies rests on the objective set for the product, the nature of the product, and environmental influences operating at the time.
Of the four stages, the maturity stage of the life cycle offers the greatest opportunity to shape the duration of a product?s life cycle. These critical questions must be answered: Why have sales tapered off? Has the arts or crafts product approached obsolescence because of a superior substitute or because of a fundamental change in consumer needs? Can obsolescence be attributed to management?s failure to identify and reach the right consumer needs or has a competitor done a better marketing job with their arts and crafts business? Answers to these questions are crucial if an appropriate strategy is to be employed to strengthen your arts and crafts business product?s position. For example, the arts and crafts product may be redirected on a growth path through repackaging, physical modification, re-pricing, appeals to new users, the addition of new distribution channels, or the use of some combination of marketing strategy changes. The choice of a right strategy at the maturity stage can be extremely beneficial, since a successfully revitalized product offers a higher return on management time and funds invested than does a new product that you might think it will bring profit to your arts and crafts business.
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Retail Shopping > Arts And Crafts
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