For every marketing strategy of a company the starting point is its product. One cannot set the price or plan for the distribution system of the product without having the knowledge about what product they are offering. …
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TCL needs to review its marketing mix strategies in order to have a competitive advantage in the market and make its business sustainable in future. The various changes in the marketing mix strategies that could be helpful for TCL to achieve its objectives are as mentioned below: 2.1 Product Strategy For every marketing strategy of a company the starting point is its product. One cannot set the price or plan for the distribution system of the product without having the knowledge about what product they are offering. Product here refers to both products and services which the company has in offer (Gitman, & McDaniel, 2008, p.295). TCL is a SME which is engaged in the business of providing wide range of services to its clients. Their product or service offerings include mainly four services. They are Media Services, Advertising and Marketing Services. Apart from having its own production unit, TCL also outsources most of its production to another company namely, ‘PJW Media Production’. Hence TCL has a wide variety of products and services in its offerings. Now since TCL is a small business unit with limited workforce its product strategy would be more effective if it concentrates on having a small product line. After narrowing down its product line, TCL should develop the products or services which are highly specialised in nature. It would help TCL to ensure that it provides its customers a service package which is unique in nature (Brock, et al., n.d.). Hence it would be beneficial for TCL to gradually cut down on its product line and concentrate more on those services which are profitable to them and have competitive advantage over its...
TCL is a completely service based company situated in Cambridge. The company is running a small business and has a limiting workforce. The recent economic condition had an adverse effect on the performances of the company. The sales revenue of the company has gone down significantly. TCL should look into this issue seriously and various reforms are necessary for the sustainable development of the company in future. Firstly it needs to address its marketing mix strategy. Regarding the product strategy, TCL should think of reducing its wide range of services and concentrate on specialising some of its core services which they are specialised at. Next regarding its pricing strategy, TCL must be flexible in its pricing strategy to cater to the current expectations of its clients. The company should utilise its website to a greater effect for the promotion of its business. Since TCL is a core service agency, public relationships are vital for its development and growth. Developing strong relationships with its clients and forming a strong business network is quite necessary for TCL. Next, the company should think of structuring and developing an effective sales force to boost up its sales and creating strong relationships with its clients. Hence, TCL’s current primary focus would be retaining its existing clients and adding up new clients to its customer base.
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“Business to Business Marketing Essay Example | Topics and Well Written Essays - 2500 Words”, n.d. https://studentshare.org/business/1397947-business-to-business-marketing.
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