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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.
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An effective marketing strategy must be drawn from the fundamental research of the markets it resides in; focusing on the correct product mix in order to fully potentially profit at the highest possibility. In today’s society, the marketing concept can be seen as the philosophy in which firms analyze the needs of their customers and create decisions in which to satisfy those needs. There are different ways to creating a marketing strategy; however, at the beginning of it all a firm needs to understand the various factors within and surrounding their primary objection. These factors must be taken into consideration even before reaching out to the consumers. Understanding the environments are the core principles in which a marketing strategy can be determine by.
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The marketing principle or concept : The central idea is the ‘matching’ between a company’s capabilities and the various wants of the consumers to achieve the objectives of both parties. (McDonald, 1999). It is also defined as the philosophy of doing business that emphasizes customer orientation and coordination of marketing activities in order to achieve the organization’s goals. The management of the marketing mix consists of the various tools and techniques that are available to marketers in order to implement the marketing principle. The marketing planning process is basically explained as a systematic way, or a logical sequence of identifying a range of options, choosing few of them, scheduling them, setting the marketing objectives and the formulation of plans for achieving them.