Marketing allows organizations to get their products recognized and desired by consumers. (Oppaper, 2006) In order for businesses to understand the needs of the customer, businesses need to implement a marketing strategy. A marketing strategy identifies customer groups which a particular business can better serve than its target competitors, and tailors products offering prices, distributions, promotional efforts and services toward these market segments. Ideally, the strategy should address unmet customer needs that offer adequate potential profitability; a good strategy helps a business focus on the target market it can serve best. (SBA Marketing Basics, 2007) A company's financial success depends on marketing.
Effective marketing involves strategic concepts. Some of which include how companies use marketing to Place, Promote, and Price their Products. More importantly, an understanding of the marketing concept, the marketing strategy, and the marketing plan is required for a company’s marketing efforts to be successful. The purpose of marketing is to identify customers’ needs, and meet those needs so well that the product almost sells itself (Perreault et al., 2014). When the marketing process performs well, the customer will be satisfied and buy again.
The role functional areas play in supporting marketing activity. Marketing Marketing determines what products or services are needed or maybe of interest to customers and how to make them available. Marketing responds to customer’s needs. Marketing make sure that the company builds good customer and clientele relationships. Some of the roles of the marketing department include; making sure the product has a target customer and the product fits in well with this, creating and promoting the product, making sure it has a strong brand and a well-built reputation and looking into new markets seeing if there is a niche that they could develop.
These promotion strategies of marketing mix are developed around the customer’s needs, wants, habits, characteristics, attitudes, location, etc.All the Promotion strategies are the most effective and important communication vehicle for marketers. The strategies of promotional activity help the marketers to enhance the paths for reaching towards their goals. It’s a free GUIDE or method or creating and increasing sales for producers or marketers. After selecting the target market it is the next major step for marketers to reach that target market and encourage people to buy more and more through all tools of promotional strategies. The widely used division of promotional strategies helps in three ways: ▪It helps companies to decide which tool will be most useful in achieving particular objectives.
Several facts are changing in today’s marketing communications. More companies adopt the new concept of integrated marketing communications (IMC) to convey a consistent message about their brand and products. Hence, IMC has played a powerful role and developed into a useful strategy for company to reach more customers and build good customer relationships. According to Herstein et al. (2008), IMC is one of a successful strategy that coordinates and integrates all of marketing communication tools to efficiently and economically influence between an organization and its existing and potential customers.
Analysis of Marketing Strategies Marketing is a core pillar of an organization and contribute significantly in its prosperity through attaining the laid down targets as well as scope of development. The position of an organization is hugely based on its competitiveness and capacity to capture a significant portion of the market in relation to the prevailing needs of consumers. Interaction of the organization with the consumers and the potential consumer in the market arena is attained through the marketing wing of the organization (Ferrell& Hartline, 2012). The preferences of the consumer and avenues of satisfaction are aligned to the established marketing frameworks. However, the success of organization marketing is highly inclined to the marketing strategies formulated and adapted towards coping with competition and eventually enhancing firm competitiveness.
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.
When an organization recognizes the customer’s interaction setting, it pursues to create and develop connections for their recognized investor, before assessing and acting upon the responses. In addition, when transforming messages that are substantially important it inspires customers to suggest attitudinal and interactive replies towards the products and services that the firm offers. (Fill, 2006) Moreover, marketing communication refers to the organization strategies, procedures, and activities used to get the desired marketing messages to the target customers, with the usage of media. In addition, service companies execute several procedures of communicatings, known as the marketing communication mix. (Potluri, 2008) This concept has several categories including; advertising, personal selling, public relations, and sales promotion.
The planning phase consists of a SWOT analysis as well as organizing specific marketing strategies and tactics for each marketing mix element. The implementation phase puts the marketing plan into action by obtaining resources, designing the organization and executing the marketing program (Logman, 1997).The control phase compares implemented program with the plan's goals to decide if the plan is effectiveness or needs adjustment. The marketing mix helps a company define the marketing elements for successfully positioning a market offer. The four P’s model, one of the best-known models, helps a company define its product marketing options in terms, place, price and promotion (MindTools.com, 2010). To enhance their impact with their target market, companies often use this model when you are planning a new venture, or evaluating an existing offer.
Promotion A promotional strategy can have an extensive range of aims, including sales increment, acceptance of brand new products, formation of brand equity, competitive retaliations, positioning, and also formation of a trade image. Advertisements: Advertising is defined as any funded form of non-personal communication about a product or service by an identified sponsor. We will be using this concept of aggressive advertising to promote our product. Therefore, advertising is an important selling tool for our company as it has to provide a large volume of the consumer markets. Brand Ambassadors are also used to promote our product.