Asharqia Chamber reviews marketing strategies for small and medium enterprises
Asharqia Chamber, represented by the Small and Medium Enterprises Development Center, on Thursday, October 29, 2020, reviewed marketing strategies for small and medium enterprises, during a remote-lecture entitled “How to choose your marketing mix”, presented by the business developer, Abdullah bin Ali Al-Saad.
Abdullah Al-Saad said that information is the core and focus of the marketing process and that marketers must be fully aware of all the details about the product to be marketed, suppliers, and competitors in the local and regional environment, by studying their competitive advantages, stressing that the marketing strategy is the same, whatever the nature of the facility, and stressing the importance of Knowing the product and its competitive advantage, customer needs, and how will the product meet it?
Al-Saad explained that the marketing mix consists of five elements, namely: (promotion, product, place, slide, and pricing), indicating that the promotion includes personal selling, by using salesmen to promote the product and to stimulate sales with gifts, offers, and others, as well as advertising as a service that is paid for and has a price. Its objectives and means and advertising is a good feature that strengthens the network of relations and affects public relations, pointing out that the need to know the product and its suitability to the place is important in the marketing process.
Regarding pricing, Al-Saad said that it includes the value of raw materials, administrative costs, and promotion, and thus the selling price in the market, which can be done by determining the value of the product, its usefulness, and importance, as well as the customer’s social position and financial position, as well as the market, trends, and method of pricing, indicating that the cost As it is the best way of pricing and it is done with the cost of adding to the profit margin.
Al-Saad pointed out the importance of realizing the target segments in the marketing process, such as suppliers who sell raw materials for projects, and allies with whom it is possible to enter into marketing partnerships, as they are those who provide a service in exchange for a service or cost price, as well as customers and their needs, competitors and contractors.
Source: Asharqia Chamber