This essay Marketing decisions has a total of 865 words and 5 pages.
The role of promotion in marketing decisions
THE ROLE OF PROMOTION IN MARKETING DECISIONS
a) Success of a company targeting and marketing strategies
Success in performance of any business requires developing achievable targets and employing appropriate marketing strategies to achieve that target. According to the article by Medina, casinos in Nevada represent a good business opportunity and people around this area are more than addicted to this game (Medina, 2011). Primm Valley Casino Resorts took the opportunity after the economic dive in 2009 that left the company that operated casino business in Nevada back then bankrupt. Primm Valley adopted targeting as a method to capture the market because the previous players in the casino business had their customers which Primm needed to include in its targeting strategy. Though the previous casino business player used the geography to lure customers to the western edge of Nevada to play casino games, Primm Valley adopted a different approach by creating an environment that suit all people.
The company incorporated music performances in to these casinos such that it can be a family outing with specific facilities for children and separate slots for casino players. According to Christ Paul, knowing the needs of the people in a particular area helps in establishing a business opportunity that will capture and satisfy such needs. Primm Valley established the addiction of Nevada people to casino and used that as a business opportunity. The incorporation of many activities in these casinos is a marketing strategy because casino players can come along with their families, enjoy the music, have their drinks and later play in the casinos. However, the success of any marketing strategies depends on how a company is able to understand the environment and react to the identified changes that can lead to a business opportunity.
b) Marketing principles that lead to success of Primm Valley Casino Resorts
There are different methods that can be used to promote and market products and services. These methods range from personal selling, to advertising to sales promotions and public relations. Market identification and segmentation is a principle that has been overly used to propel many businesses to commercial successes. Primm Valley adopts this principle to limit its services to customers whom it identifies as actual and potential to its casino business. Therefore, the company doesn’t waste resources promoting to areas that are beyond its business coverage. This leads to the next crucial marketing principle which involves managing the customers.
To have a successful business venture, the customers should be well handled through the public relations strategies adopted as well as the personal touch that the company may decide to use. Managing customers involves carrying out periodic assessments to establish the level of satisfaction and the anticipated behavior of such customers so that adjustments can be made in time to avoid such customers moving to the competitors. On the other hand, Primm valley has also benefited from the influence that its customers have on the potential customers. Actual customers have been a great source of new customers for these casinos and Prim valley has constantly recognized this as a new marketing strategy that should be guarded through sustaining all the actual customers. The product positioning as a marketing strategy also plays a crucial role in the success of any business. Such positioning combined with analysis of market opportunities and identification of market segments as well as selecting market targets provides a great market coverage for any business.
c) Targeting of new markets
Targeting new markets means employing a lot of resources in terms of time, finances and people. However, well targeted markets bring the expected market accomplishment and helps in achieving the commercial goals of a business. Targeting new markets involves using market strategies such as segmentation and positioning. These strategies are used where the targeted market is wide and heterogeneous where they (segmentation and positioning) literally sort the customers to different categories such that the target group of customers is easily identified
The success of targeting new markets involves integration of market variables of product, promotions, place and the price. The companies discussed in previous modules, the Boeing 737 and the Harley Davidson have all employed segmentation and positioning to capture new markets Johnson, 2011; Hagerty, 2011). The two companies have created a brand personality that has enabled them
Topics Related to Marketing decisions
Marketing, Targetaudience, Positioning, Targetmarket, Marketsegmentation, Primm, Nevada, Productmarketing, Segmentingandpositioning, Industrialmarketsegmentation, Globalmarketing
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