It is this customer orientation of which is the fundamental focus in the marketing process and in becoming marketing orientated; before this organisational strategies stemmed from internal goals such as productivity and sales. This philosophy of satisfying the customer in order to be profitable will create the quality of valuing the customer, which in turn leads to their loyalty. 2.1 The Marketing Audit In considering marketing analysis 'An external and internal audit is carried out as part of the broader process of market analysis to determine the opportunities existing in the marketplace (Gilbert, 1999).' To do this, at stage one, the company needs to gather information for the external audit. This information can be categorised using PESTLE analysis.
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Marketing can be seen as an effective way to communicate the value and purposes of a product or service to customers and consumers; for the primary purpose of selling that product or service. However, there are many different types of strategies that dissipates uniquely into different the ranges of the marketing spectrum. The purpose of this research paper is to define marketing strategy, briefly understand how to create a marketing strategy, and analyzing the different types of marketing strategies at various business levels. Marketing strategy is defined as the results of a thorough market analysis, which combines all of a firm’s or company’s goals into one comprehensive plan. 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.
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656-673. Little, J.D.C. (2004), ‘Models and Managers: The Concept of a Decision Calculus’, Management Science, 50(12): pp. 1841-1853. Simon, H. (1994), ‘Marketing Science’s Pilgrimage to the Ivory Tower’, Research Traditions in Marketing, (Boston: Kluwer Academic Publishers): pp.
Aspects of the Marketing Mix The best way to define a market is to recognize the needs and wants of consumers and then focus on meeting those needs and wants. In today’s advertising industry, marketers use the marketing mix as a tool to satisfy their target consumers. Furthermore, the marketing mix contains controllable variables that are carefully managed by the business to meet the needs of a targeted audience. “In other words, a company has control over what product it makes, what price it sells the product for, how it wishes to place (distribute) the product and how it wishes to promote it” (Food Export, 2011 para. 4).
It is from this aspect that the public gets to know an organization and have a view for it depending on how they interact with the marketers. An organization also has to plan a direction and scope on how to integrate its marketing goals through marketing strategy. To come up with a result oriented marketing strategy there are several factors that has to be taken into consideration. They include: market situation, the organization size, the industry in which the organization operates, the geographical location of the organization, the products they produce or the services they offer, the consumer buying behavior, and the target group among other marketing concepts (McGrath ‘et al’ 1999). An organization has to gather information about markets or customers, their prod... ... middle of paper ... ...vestor.com 2011, Managing Downside Risk.
(2005:6) explained that marketing is social and managerial process by which individuals and groups obtain what they need and want by creating and exchanging products and value with others. From the previous explanation, it is clear that the concept of the marketing company should be able to provide need and want to its potential or loyal customers to find out the company‟s needs in order to survive. 17 Figure 2.1 The Core Concept of Marketing Source: Kotler et al. (2005:6) 2.1.1 Marketing Management Marketing management is the art and science of choosing target markets and getting, keeping, and growing customers by creating, delivering, and communicating superior customer‟s value (Kotler and Keller, 2006:6). While marketing deals with customer needs and wants by segmenting, positioning also delivering it by advertising, sales promotion, etc.
Introduction In this paper I will define marketing in my own words and also research what the definition is using two different sources. While supporting my answers with three examples from the business world, I will show the importance of marketing. Marketing applies to many different areas of an organization and after close review I will make it clear on how it relates. Personal Definition Marketing is how a company or organization promotes the service or product the company uses to create revenue. After closely reviewing the needs of the public in an area or the market and the product or service is revised to accommodate these needs, a marketing plan would be created and executed.
In Marketing strategy (4th ed.). Florence, KY: Cengage Learning. Retrieved from http://academic.cengage.com/resource_uploads/downloads/0324362722_79321.doc Proctor, T. (2000). Strategic marketing: An introduction. London, England: Routledge.