Others have defined marketing strategy as having the important components: define the target or the market, and statement of the product aimed at the chosen target (Smith, 2003).
Marketing strategy includes some points of view which need to be identified, first, product price, place, and promotion (4Ps) are characterized as marketing strategy in many reviewed sources. Sometimes promotion can be divided to push versus pull strategy and price into market skimming and market penetration price strategy, but in the end they are all a part of marketing strategy (Varadarajan, 2010).
The major premises or the foundational issues of marketing strategy are (Smith, Blazovich & Smith, 2013; Varadarajan, 2010). 1- The purposes of marketing strategy : A- To enable organizations to achieve and sustain a competitive advantage in the marketplace. B- To create both market-based relational and intellectual assets. C- To enable organizations to build beneficial exchange relationships with customers. D- To modify, influence and shape the behaviors of customers. E- To identify and increase new paths of differentiation, and F- To enhance the importance of non-price criteria relative to price in the brand choice decision process of buyers 2- The last objective can be achieved through by segmenting market into subgroups and offer based on customer’s needs for each segment 3- Differentiation means heterogeneity in supply 4- A sustainable competitive advantage is important condition for a business to compete over the long-run.5- In an industry, there will be more than one path or marketing strategy to attain the desired performance. industries can attain superior performance by applying different marketing strategies such as promotional strategies ( ...
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...of the marketing strategy are create both market-based relational and intellectual assets, building beneficial exchange relationships with customers, and create a competitive advantage (Varadarajan, 2010). A competitive advantage is any treat that differentiate one business on another (porter, 1996), so it can be considered major dimension in any marketing strategy and it entails market position, profitability, superior customer value (Dong-Hun, 2010).
Optimize customer service, enable channels and partnerships networks, spot Opportunities in unexpected places, brand engagement and loyalty are the main factors concluded in any marketing strategy (Moscato & Moscato, 2011).
Table 2.3 indicates a summarization or aggregation of all the dimensions or factors that related to marketing strategy in a way that encompasses all relevant concepts highlighted in literature.
Marketing strategy is the plan that is designed, and specifically delineates how to enter the new market and attract new customers. It is also known as the process that allows the facility to employ its limited resources in opportunities to increase sales and to gain competitive advantages. Accordingly, an appropriate marketing strategy is adopted, which depends mainly on the marketing mix. The marketing mix is defined as “the set of plans, policies and processes exercised by the marketing management in order to satisfy the needs and desires of consumers and convince consumers to buy their products and services, and each element of the marketing mix affects and is affected by the other element.”
Competitive advantage is the advantage for the competitors and gained by the offerings from the consumers that have the greater value either by the low prices of the products and by providing the benefits and services to the consumers that denotes the high price. It is a set of the innovative and different features of the company and the products and services sale to the consumers so that company can achieve the targets what they have decided and it is the betterment for the enterprise in the competitive market (Porter, 2011). There are three determinants which can be used in the competitive advantage that what the company produce for their consumers, their target market that what they have to achieved and the competition from the other entity
Customers are the center point of all marketing processes because marketing focuses on customers.The actuality of marketing is to evaluate to provide benefits for both customers and marketers. .(pride,Ferrell, 2008; 3) Satisfaction of consumers needs and the creating value for customers are the most important notions for marketers in todays world. In the same way, if marketers satisfies the customer´s requirements, the existing products create high satisfied customer value and effective using of marketing mix for product to provide to sell easily.(Armstrong-Kotler,2011;33)For the customers, they do not care which segments are they exist or how companies allocate the customers into the segments.The most important value for the customers is the product and service that meets their requirements better than any other companies.
Fifield (2007) notes that whereas the department of sales in an organization is about ensuring the customers actually buys whatever the organization is making, the aim of the marketing department is to make whatever the customer wants to buy. Even though marketing is usually just perceived by a lay man to revolve around advertising of a commodity that a particular organization is making, the concept of marketing is actually a lot deeper. And given the complex and competitive world that is now being evolved, it is very important for the organizations to best cater to the needs of the customers and then again to attract as many customers towards them as possible. One significant solution to this then is to develop a strategic marketing plan.
One of the most important marketing strategy is differentiation strategy. It is necessary to differentiate the brand as there are more competitors in the market which makes the product identification difficult. Thus all top companies use differentiation strategies.
“Marketing investigates what potential customers need and develops products and services to satisfy those needs. Marketing strategies put this concept into effect for specific companies and target markets. Companies that implement marketing strategies find that different customers have different needs. To address this problem, they group similar consumers into market segments and focus on their common needs. Such marketing strategies are only effective if they use market segments with the appropriate characteristics, allowing the companies to target the segments with products and services tailored to their specific
Strategic marketing involves five crucial processes. The first step in strategic marketing involves identification of the mission of the strategic marketing approach (Bryan 2015). The firm needs to determine the reason it exists in the market in the first place. A succinct definition and description of the firm’s future desires and anticipated achievements that are influenced by current steps. Each product and service offered by the organization must contribute towards the achievement of the company’s mission.
Marketing is a process of determining a consumer’s needs, devising a product or service to satisfy those needs, and trying to focus customers on the goods and services you are offering. Marketing is extremely important, and a fundamental building block for business growth. A marketing team is given the task of creating customer awareness through a variety of different marketing techniques. If a business does not pay close attention to their consumer demographic and needs, they will eventually fail over time. Two important aspects of marketing include acquiring new customers, and the preservation and growth of relationships with current customers. Marketing has always been viewed as a creative outlet, which encompassed advertising, distribution, and the selling of goods and services. Marketing staff will also try to anticipate what customers will want in the future, often being accomplished with market research. In summation, a good marketing plan should be able to create a favorable proposition or series of benefits that a customer can value through goods or services. The marketing mix is normally described as the strategic positioning of a product or service in the marketplace, using the specification of the four Ps. During the early 1960’s, Professor E. Jerome McCarthy of Harvard Business School stated that a marketing mix contains four elements. The four key points are product, pricing, promotion, and placement. It is recognized that all these aspects must be present to ensure a successful business model within a given industry. We will now take a thorough look at the four marketing mix points.
The first major area of strategic planning is development of a marketing strategy. In the business world, marketing tends to be a means to an end. Marketing entails directly connecting to the c...
3. Marketing Strategy - the total directional thrust of the company’s marketing efforts; a statement of how the company is going to achieve its objectives.
We can define competitive advantage as simply what a given company excels best at. This could be the distinguishing factor as to why consumers purchase from your company and not the competition. This could also be understood from the perspective of quality that a business can create for the consumer.
When analyzing an organization’s target market, the first step is to understand the business and what they hope to achieve through their marketing strategies. Targeting and positioning strategies consist of analyzing and identifying segments within a given product-market, choosing which segment or segments to target, and developing and implementing a positioning strategy for each targeted segment (Cravens & Piercy, 2009). The company’s target market determines what customer group or groups the company wants to serve (Cravens & Piercy, 2009). Analyzing IKEA’s target market allows the company to determine if their marketing strategies have successfully targeted their intended customer group or groups. Discussing the company’s positioning strategy helps determine if the strategy is effective or if the company must make improvements strengthen their positioning strategy. The company must determine if their targeting and positioning strategies may be lacking. If the company’s targeting and positioning strategies are lacking, the company must determine what they must do to strengthen their targeting and positioning strategies.
In general, there are numerous definitions of marketing as it has various features to involve, and the one below has concluded main factors of it:
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.
Adopting and responding timey to the dynamics of market place through formulation of strategies which are market-oriented