Marketing is about value creation of the product or service, the more you add value, the more you will get competitive advantage in the competitions in the market. The purpose of marketing is to build and develop strong relationship with the customer in a specific customer segment. In today’s world of business marketing’s role is to provide differentiations of the products and services and capture a strong customers’ focus and build loyalty for long term business commitments. Understanding the core marketplace, identification of needs, want and demand of the customers and coordination of these tasks is the aim of marketing to satisfy the customers. Marketing can easily figure out the satisfaction criteria of the customers, market offerings and value of which customers are keen on.
Moreover, it is aimed at defining the global public relations infrastructure, enhance corporate image through clear communication and investor relations, create efficient advertising strategies for the products and synchronize the supply chain with the aim of sustaining the market (Saini & Krush, 2008). Strategic marketing function, on the other hand, aims at developing and implementing growth strategies. This is through market assessment, analysis of the performance gap, managing of partner programs and enhancing crucial relationships such as those involving technical support as well as addressing marketing strategic needs. The aim of product marketing involves defining the organization’s innovation needs to allow development and marketing of the same. It outlines the initial positioning of the innovation, pricing, marketing and the competitive level of the product.
Finally, It will then show how the strategies correlate with the effectiveness of the organization’s overall success. The meaning of customer orientation, as clarified by Pride et al. (2012), is the perspectives seen through the customers’ eyes. Therefore, it relies heavily on the flexibility of the organization’s ability to adapt to changes of demand within the market. First of all, the business should identify its target market.
Globalisation has a huge impact on marketing in many ways. Globalisation can force businesses to change their operations, perform to expectations, vary their marketing strategies or adopt a Global Marketing strategy. Businesses must adapt to these situations to succeed in the Global Market and establish themselves as a Global Brand. Marketing is a key, arguably the most important factor of a business. It is the range of activities that aim to identify, anticipate and shape customer demands and satisfy these demands in a way that furthers the businesses objectives (Moore,2011) It is crucial in the role that it generates funds, but it is also dependant on other business functions.
Through good branding and effective marketing strategies, companies are able to reach a wider market. This report explains the importance of brand differentiation in influencing customers’ perception of particular businesses and products. An in-depth analysis of the advantages of brand differentiation is also provided in the report. With this in mind, the report moves into a discussion on how a company can develop a brand positioning strategy that suits particular needs. Particularly, three elements of an effective brand positioning strategy are analyzed including: promise, communications and experience.
Promotion is one of the important components of marketing mix therefore it cannot be ignored. Promotion is the component that involves delivery of messages i.e. what your company tends to tell its target consumer about the product or service they are offering to target customers that emphasizes the benefits of your brand, products and services. One of the communication tools is advertising which is used in a promotional plan by the companies. Goals of promotion include building brand awareness, creating favorable brand attitudes, gaining market share, inducing buying, building loyalty and growing sales (Kurtz 2010).
Customer relationship management or CRM for short is a model for managing a company’s interactions with current and future customers. When CRM is utilized correctly it will increase profitability and customer loyalty, which are both very important to an organization. It involves using technology to organize, automate, and synchronize sales, marketing, customer service, and technical support. Customer relationship management is very important in many ways to help a company become and stay successful. CRM can help businesses gain a competitive edge through communication, marketing, gathering customer information, social media and mobile technology.
Total company effort includes a company offering superior customer value to attract customers, satisfy those customers, and retaining those customers. This will increase sales and build a profitable relationship with customers. Much like the marketing concept, the marketing strategy is vital to the marketing plan. The marketing strategy involves finding attractive opportunities and developing profitable marketing strategies (Perreault et al., 2014). A marketing strategy entail... ... middle of paper ... ...ct, place, promotion, price, customers, and target markets.
Marketing plays a vital role in the success of an organization as well as in economic growth and development. (Perrault & McCarthy, 2004) In my personal opinion, marketing is understanding a customer needs (both current and potential) and creating a product that provides value. Customers form expectations about the value of products and services that are offered. (Armstrong & Kotler, 2005) There are many definitions for marketing, but the main focus point in all is the consumer and the product. Marketing allows organizations to get their products recognized and desired by consumers.
Brand inventory provides up to date itinerary of how a company markets and brands its products. On the other hand, a brand exploratory is an examination undertaken so as to comprehend what consumers feel about the brand. It seeks to conduct a consumer insight research in order to acquire consumers’ feelings and perceptions. This paper looks into the brand exploratory aspect of auditing under the customer-based brand equity (CBBE) model. Customer- Based Brand Equity (CBBE) Model Building and enhancing a strong brand has been found to have profitable rewards in business, it has therefore become a prime priority for many firms.