Marketing strategy and planning is the key factor that enables a company to survive or even thrive by taking advantage of a company’s distinguish competitiveness, to manage its success in a certain market for a long run (McDonald, 2007). Thus, it is important for a company to put focus on both internal and external environments to develop its own strategies and plans (Wood, 2007, pp. 5-8). In this case, three Cs structure (i.e. Corporation, Competitor and Customer) gives a simple but thorough aspect to examine a company’s strength under the situation it stands (Jain, 1999). In this essay, the venture project “Yumm” company will be taken as an example to discuss through the three Cs structure in order to define the role of marketing strategy and planning in a business. A conclusion will be drawn at the end. The corporation “Yumm” Yumm is a recipe platform combined with price comparison of food ingredients between five main supermarkets (e.g. ASDA, Sainsbury, Tesco), with a socializing environment for users to communicate on food topics. The business model is to earn from advertisements and free for members, thus providing best user experiences is its top priority. Therefore, when applying the SWOT analysis to portray the internal and external environment (Houben et al., 1999), Yumm tends to regard itself as a service provider and the strength includes “highly customer-oriented culture” that stresses on customers' involvement of co-creating the recipe content, which increase their perception of service quality and satisfaction toward Yumm (Alam, 2002). On the other hand, the biggest weakness is the low capital requirement for its business concept, which forms a limited entry barrier (McAfee et al., 2004). However, the streng... ... middle of paper ... ...s to entry/imitation? ”, Strategic Management Journal, Vol. 19, No.7, pp. 683–696 McAfee, R. P., Mialon, H. M., & Williams, M. A. (2004) ”What is a Barrier to Entry? ”, The American Economic Review, Vol. 94, No. 2, pp. 461-465. Pickton, D. W., & Wright, S. (1998) ”What's swot in strategic analysis? ”, Strategic Change, Vol. 7, No. 2, pp. 101-109. Shankar, V., Smith, A. K., & Rangaswamy, A. (2003) ”Customer satisfaction and loyalty in online and offline environments”, International journal of research in marketing, Vol. 20, No. 2, pp. 153-175. Stone, M., Woodcock, N., & Wilson, M. (1996) ”Managing the change from marketing planning to customer relationship management”, Long Range Planning, Vol. 29, No. 5, pp. 675-683. Wood, M. B. (2007) Essential guide to marketing planning. 2nd edition, Pearson education, pp. 5-8 “Yumm”, Venture Project Report, December 2013
Soman,D & Marand, S (2009). Managing Customer Value: One Stage at a Time.: World Scientific Publishing. p9-14.
A marketer doesn’t just have a plan. Marketers now open up to a wider strategic plan and it’s based on steps that balance out what the market is offering consumers. These marketers must analyze their production with these steps, then make a portfolio of the growth and even their down falls therefore this keeps these marketers to continuously innovate and create even a greater amount of value for their customers. Marketing management functions are discussed along with the marketing mix and strategy.
Strategy has been defined by Proctor (2000) as the process through which an organization develops and plans its goals and then achieves it. This means that a strategy includes both planning and implementing. Going further into the paper then, another important element of strategy, evaluating will be studied. The successful implementation of the marketing mix leads to satisfaction of customer wants and needs and increases the likelihood of achieving an organization’s objective in the market place. In recent years, relationship marketing has come to the fore as strategic alliances and networks involving firms working together towards shared goals has become more fashionable (Proctor, 2000). The aim of this entire process employed by a business organization then is to be able to gain competitive advantage in the market place. In the real, practical world, a business organization is usually set up with a profit and an ongoing motive. No business organization wants to just serve to ...
Marketing and its application is a fundamental process in any organization that seeks to either open a market for a new or existing product. Marketing is a complex process, which entail numerous stages and entities. As a student in marketing, I desired that I fully understand the marketing theory and process, its application, benefits of marketing, challenges, and more importantly the criticism attributed to marketing. One equal measure my expectations after the two modules includes relating aspects such as customer targets, competitor targets, strategic focus and controlling the market plan to the whole marketing process. This essay represents my reflection on marketing theory and practice modules.
In a competitive environment where market is changing instantly, organizations are in a fix to design a strategy that could market their products enticing the consumers to buy their products and services. Market is the arena for business gladiators who fight out for maximum share and profitability and this is possible only through effective marketing strategy. Competing in present economy means finding ways to break out of commodity status to meet customers’ needs better than competing firms (Ferrell and Hartline, 2010). The intensity of competition has increased after the introduction of media and internet where the companies present their product in the best way through advertisements, product reviews, blog entries, etc. With the advancement in technological innovations, companies have found various ways of providing services to the consumers in a cheaper and effective way and this has resulted in communication revolution in late 1990’s as the cellular technology was unfold in most of the regions. Singtel Optus Pty Limited (Optus) is one such company that has evolved during this period as a leader in integrated communications and this paper is assumed to make an analysis of the company’s marketing strategy and its financial position in the market industry.
An organisation strategies that combine all of its marketing goals into one comprehensive plan. A good marketing strategy should be drawn from market research and focus on the right product mix in order to achieve the maximum profit potential and the business. marketing strategy is one way to achieve the goal of a company. The destination marketing is the first and best in class in meeting the needs and aspirations of consumers. Besides that, being a key partner for our customers, consumers and communities. Eliminating non-value added activities of the process. However, the aims to increase the target profitable growth and provides benefits above average employees and shareholders. There is an example of marketing strategies that used in Rejoice company. The 4P’s are influence the marketing strategies.
Wilson, R.M.S. & Gilligan, C., 2005, Strategic Marketing Management: Planning, Implementation and Control, 3rd Edition, Butterworth-Heinemann.
Different organizations device different strategies to make their marketing campaigns right and succeed in their business lines. Most of the marketing strategies are made based on what the organizations produce while others are made purely on other factors. This paper will look at some of the elements that relate to marketing in different companies. The paper will start will start by analyzing Google, Microsoft, IDEO, Fulla Dolls and Jim Thompson Thai Silk Company. Answering key questions for every organization will play a big part in making the content of the paper.
... P.H. (1988). Marketing Management: Analysis, Planning, Implementation and Control. (6th ed.). Prentice-Hall: Englewood Cliffs.
Kotler, P. & Keller, K.L., (2009), A Framework for Marketing Management. 4th edition, Pearson Prentice Hall: USA
The main objective of starting a business is to gain customers and it is the most crucial part in the success of running a business. In order to thrive into today’s’ economy, the new chocolate company in the UK will need to use marketing as a tool of gaining new customer and retaining the existing ones (Speshock, 2010). Thus, marketing remains to be the main backbone of new and existing businesses successes. Apparently, there are several basic concepts of marketing, which are commonly used by numerous marketers of goods and services. These concepts of marketing comprise of the sellers, consumers, the product development, the market research, product positioning, the product image, the product concept, and the brand loyalty. These concepts combined with the marketing boundaries help in determining the consumer behavior on the product under marketing. On the other hand, it is important to state that the marketing concepts dictate that the success of a firm often depends with the marketing efforts that a firm employs (D’Aveni, 2007)...
Philip, K., & Kevin, K. (2012). Marketing Management (14th ed.). Upper Saddle River, NJ: Prentice Hall.
Donnelly, J., & Peter, J. (2009). Marketing Management: Knowledge and Skills. McGraw-Hill/Irvin. 9th edition, p 147.
This work will determine the baseline of the current market situation for the company, which is essential for any further exercise and analysis. To understand how the business model correlates with the product marketing, need to see if there is any evident cause-effect relationship between product characteristics and the nature of the product company. If such correlation exists, it will be important to see the transition of such characteristics into the company marketing strategy. It can show how company’s strategies can be successfully addressed in a real-world scenario. Both internal and external analysis, SWOT matrix will help to determine the company’s current market position.
This distribution is intensely affected by the relative adjustments society offers to such exercises. This infers strategy can impact the allotment of business enterprise more successfully than it can impact its supply(Baumol, W. J. (1990).My company would be shaped in such a way that adds value to the entrepreneur who put in lot of faith and made his best efforts to serve the consumers with the quality products.