Page 105 - Shawl Weaving Artisan - TT

Textile & Handloom Related Theory for Exercise 1.8.69-71
Shawl Weaving Artisan - Marketing Strategy

Introduction to marketing strategy

Objectives: At the end of this lesson you shall be able to
• explain marketing and scope of marketing
• brief importance of marketing in business
• explain evolution and trends in marketing
• explain marketing research and analysis
• brief marketing mix, plan and strategy
• explain digital marketing.

Introduction to marketing: Marketing is the 3 Pricing strategies
comprehensive process that connects businesses with • Value-based pricing: Setting prices that reflect
their consumers. It involves understanding customer both the customer’s perceived value and the
needs, creating compelling offerings, communicating company’s cost structure.
value, and fostering long-term relationships. Far more
than just advertising or selling, marketing is a strategic • Dynamic pricing models: Adjusting prices
function that integrates creativity with analytics to drive in response to market demand, competitive
sustainable business success. pressures, and other external factors.
At its essence, marketing is both an art and a science. 4 Distribution (Place)
It involves: • Channel strategy: Selecting the optimal
• Understanding the market: Gaining deep insights channels—be it brick-and-mortar retail,
into customer needs, preferences, and trends through e-commerce, or Omni channel approaches—to
market research and data analysis. deliver products effectively.
• Creating value: Designing products or services that • Supply chain efficiency: Ensuring smooth
address specific consumer problems or desires. logistics so that products are available when and
where consumers need them.
• Communication: Effectively conveying the benefits
of an offering through engaging messaging across 5 Promotion and communication
multiple channels. • Advertising: Utilizing both traditional media (TV,
• Relationship building: Establishing and nurturing radio, print) and digital platforms (social media,
on going connections with customers to foster loyalty online ads) to broaden reach.
and trust. • Public relations & sponsorship: Cultivating a

• Driving business growth: Fueling sales, expanding positive brand image through media engagements
market reach, and ensuring profitability by continuously and community involvement.
aligning business strategies with consumer demands. • Content marketing: Creating valuable, informative

Scope of marketing: The scope of marketing is vast, content that educates and connects with the
covering several interrelated functions that work together audience.
to achieve overall business objectives: 6 Brand and customer relationship management
1 Market research and analysis • Brand building: Establishing a strong, distinctive
• Consumer insights: Using surveys, focus groups, brand identity that resonates emotionally with the
and big data analytics to understand consumer target market.
behaviours and anticipate future trends. • CRM strategies: Leveraging personalized
• Competitive analysis: Examining market engagement and customer service to foster loyalty
competitors to identify opportunities for and secure repeat business.
differentiation and strategic positioning. 7 Digital marketing and analytics

2 Product development and lifecycle management • Online presence: Harnessing the power of SEO,
• Innovation: Integrating consumer feedback into social media, influencer collaborations, and email
product design and refinement to meet evolving campaigns to engage modern consumers.
market needs. • Data-driven insights: Employing advanced
• Lifecycle management: Managing a product analytics to continually measure campaign
from its introduction and growth phase through effectiveness and optimize strategies based on
maturity and eventual decline, ensuring it remains empirical results.
relevant at every stage.
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