Should marketing for consumer goods companies like clothing and food focus on reputation or on short term strategies like discount and special offers? Why?
Marketing strategy plays a crucial role in the growth of a firm. Many companies face this moot question, whether to focus on offers and discounts or to build a stronger reputation. I would advocate investing in special discounts and offers at regular intervals. This will aid in grabbing the attention of more consumers and foster the company’s turnover periodically.
To begin with, companies have to spend on advertising to promote special offer campaigns. For example, when Nestle promotes its Maggie noodles at a special discounted price, it will attract more buyers than its standard price advert. This proves that Nestle will not only promote their product but also build a reputation in the market.
Moreover, short-term discounts can boost up revenues of the company. Take, for instance, Startups usually hit the market hard with weekly or monthly offers. This strategy generates excess revenues for that short period. This example evidently shows that special offers can effectively contribute to the growth of a company. From this, it can be said that the former strategy can kill two birds in one shot.
In a nutshell, concentrating on discounts and offers strategy will reap more benefits as it also contributes to the publicity of the companies. Thus, it’s in the best interest of the company to promote its products in this manner. Therefore, I strongly believe the adoption of this strategy will lead to expeditious progress.