Ggi Marketing Strategies
The major recommendations in the team's marketing plan
One strategy that GGI should employ to increase the sales of its products is by improving product differentiation. This involves adding the number of products which are being produced by the company. This can be achieved by including house ware as part of the products as they are closely related to the other products which are part of GGI. This creates room for existing customers to sample and learn about the new products as they check out for their favorite products. Hence, GGI will be in a position to increase the client base without having to market the new products to customers. This method has worked in various institutions which maintain strong client-supplier relationships such that the customers will be responsible for brining in new clients Fifield, (2007).
The other area which GGI needs to improve on is the packaging of their products especially the fact that they deal with décor and gifts. People who are purchasing such items expect to find them wrapped in colorful attractive packaging but not a brown wrapping. Although, this is an added expense, it will be recovered as the sales are predicted to increase due t the new attractive wrappings on the gifts and items. Consequently, the items can be repackaged into various packages with different colors as well as having different specific wrappings for items which are closely related Fifield, (2007).The other marketing strategy involves opening new outlets for GGI products such that there will be different locations dealing with different lines of goods. The outlets could be rebranded as well as the items being sold by GGI in the new locations so as to regain their market share as well as widen the existing market. Use of a stronger brand image has been known to create quite impressive results in companies which use that strategy Fifield, (2007).
Marketing metrics which are crucial to GGI at the moment
Advertising is a key marketing metric that would be important to GGI especially with the idea of using a new brand name and change of packaging. By positioning the brand and products way above the rest when it comes to marketing as well as carrying out aggressive advertising becomes the best alternative for new and existing products to regain their market share. Advertising as a way of marketing good should not be restricted to use of the media houses but rather more diverse ways of doing the same should be considered such as use of online advertising services. The slipping revenues as well as flat sales shows that a lot needs to be done in terms of advertising. Use of more appealing wrappings as well as catchy brand names for the various items will ensure that the clients are able to recognize and remember the name of their favorite products Farris, (2006).GGI should establish ways of creating close relationships with their clients as a way of increasing their market share. Customers are very essential in the operations of any business such that they are able to pass information regarding the products being offered by accompany to their friends. This way through word of mouth and the good will of customers, GGI will regain its lost market as well as increasing customer loyalty to these products Farris, (2006).
Farris, P.W. (2006), Marketing metrics: 50+ metrics every executive should master. Pearson Education
Fifield, P. (2007), Marketing strategy: the difference between marketing and markets. 3rd ed. Elsevier.