Critical Analysis Of Marketing

Marketing plays a critical role in a business. It is the task of marketing to create more revenue to the business. Simply “Marketing” can be described as the communication between the business and the customer. Process of marketing is simple as giving the right goods to right person at right time. Therefore it is more than important to manage marketing in an efficient and effective way. There are several marketing strategies to follow in order to create a good marketing plan. Segmentation and target Market segmentation is an strategy that is used to narrow down the broad targeted market. Market segmentation strategies are generally used to identify and define the target customers. There are several types of market segmentation,

Geographic

As an example; I’m the marketing manager of “Winter Clothing” which is based in United Kingdom. As the company name defines we manufacture winter clothes. As the Marketing manager, I should find the customer base to market our product. If I follow the “Segmentation Strategy”, I would not be marketing our products in a tropical country like Maldives or Sri Lanka.

2. Product Marketing Product Marketing is the process of promoting and selling a product to an audience. Product marketing deals with marketing the products to prospective customers.

3. Price & Competitive advantage Pricing strategy is important to a business, without right pricing the products won’t be attractive to the customers. Pricing strategy in marketing is identifying the optimum price for a product. Usually pricing strategy is mix up with “Four P” strategies to get an effective outcome. Pricing strategy is critical component for a business as it is directly focused on revenue generating of the business. There are 6 significant pricing strategies that are used

Odd-Even pricing is the strategy of setting a price at an odd number to connote a bargain and at an even number to suggest quality.

Prestige pricing is the strategy of setting a higher price than normal so that consumers will perceive it as being of higher quality, status, or value. As an example, “Winter Clothing” decided to provide a pair of gloves together with their new Winter Jackets as an one package. This defines that the company tried to follow Bundling strategy for their new product. Competitive advantage is another factor in business success. Competitive advantage is a condition or circumstance that puts a company in a favourable or superior business position. There are 3 sectors within this strategy.

Cost Competitive Advantage is the company’s ability to produce a product or service at a lower cost than its competitors.

Differential Competitive Advantage is the company’s ability to provide a unique product or service that offers something of value besides a lower price.

Niche Competitive Advantage is the company’s ability to target and effectively serve a single segment of the market within a limited geographic