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major marketing strategies
Developing Marketing Strategies
Developing Marketing Strategies
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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 …show more content…
The increasing process of globalization, coupled with an organization seeking to satisfy the needs of consumers globally, contributes significantly in embracing technology in the marketing process. In addition the marketing strategies are inclined towards reaching not only the targeted segment, but also potential customer that can be captured based on the market forecast of the firm. Therefore, integrating various tools of communication as well as platform of reaching out to a wide range of audience has been embraced by corporate globally. Notably, effective communication is vital in the marketing process (Percy, 2008). On the other hand, reaching out to a wide range of customers or audience in the advertising process in significant important. From this perspective organization can utilize both effective communication and a contemporary platform to reach to a wide range of
Successful marketing strategies are very important as it determines whether the organizations can materialize the benefits and strengths of their products and improve their revenue and profitability. Marketing strategies are heavily impacted by the external opportunities and weaknesses, as well as the internal strengths and weaknesses of the organization. Based on this information, companies have to segment the big market into small segments and divide their products into homogeneous batches to target each segment separately. Furthermore, the organizations have to design important marketing mix, including product, price, place, and promotion to make sure that their products are well received by the customers. All of these aspects are very important for organizations realize the potential from their products and achieve the competitive advantages in the competitive market.
Marketing In this day and age is vital for a company to perform at its possible best. Marketing’s main focus is to give great satisfaction to a customer. There are many aspect of marketing, these aspects give marketer’s the tools to help strive for the best possible success they can achieve. They hope that they can create exposure for their brand, product or service.
It is a well-known fact that marketing is a way to get the business off the ground. Without marketing, then no one will know about the goods and services a brand is selling. “Good marketing makes the company look smart. Great marketing makes the customer feel smart.” (Chernov).
This research seeks to reveal the importance of marketing strategies in today’s complex and competitive business world. For this reason, this study will discuss various theories, issues and approaches of the marketing linking them with W.L. Gore & Associates and thereby propose the best options, ideas, strategies and techniques for the improvement of the company. To reach the points, this study will especially collect secondary and qualitative data and information.
The marketing concept's ultimate goal in essence is to satisfy an organisation's clientele, while at the same time enabling the company to survive and prosper. It stresses consumer-orientation in all facets of a company's operation. It also emphasises adoption of a cross-functional perspective so that everyone within the organisation can have some impact on the organisation's success in both the profitability and at the consumer level. (Zikmund / D'Amico 2002)
Once the target market has been identified it is important to develop a marketing strategy. In today's fast paced, information overloaded society; conveying a message about a product seems to be more difficult than ever. The consumer is bombarded with advertising everywhere they look. Today advertising not only exists on television, radio, magazines, and newspapers, it can be found on billboards, park benches, in our mailboxes, on buses, taxis, at sporting events, and on clothing.
One of the best ways to describe marketing is: Marketing is managing profitable customer relationships. The goal is to attract fresh customers by promising greater value and to keep and grow current customers by delivering satisfaction. We further define marketing management as the art and science of selecting target markets and building profitable relationships with them. This is how the marketing strategy was formed in this submission.
This magnification in information technology and systems has coerced the way marketing is carried out in the world today. There are different ways to conduct advertising that was not there before. The online platforms have eased e-commerce and payments being made through the competitors. Therefore, a competitor may capitalize on the online platforms and succeed, but by so doing forget the people who use traditional methods of communication, such as television sets and newspapers. As a result, it necessitates for a more integrated approach to advertising. There is the need to account for every single user in the target market.
Marketing is considered to be the most visible functional activity of profit-seeking organisations . However, for the appliance of a new Marketing Strategy, many changes have to be done as far as it concerns the complete infrastructure of an organisation, as well as the corporational beliefs and values.
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).
Business success in the market relies on its founding platform, the marketing plan. This is a strategic penetration into a new or existing market. This is important because of the various legal, environmental and structural requirements set for new and existing businesses. However, with a broad business marketing knowledge, there are many paths to success at disposal. The Exceptional Learning Academy and Therapy Services’ marketing plan comprehensively covers the domestic and global product branding strategy, pricing strategy, distribution channel analysis and a detailed evaluation of the prior strategies for optimization of operations. The domestic and global product branding looks at the business logo. The business will have a logo that sums up its basic services and promotes the business as well. Notably, the business as a brand is not just the logo, but is the image of its relationship with consumers and employees. The company plans to embark on quality service delivery to the customers and a professional working environment for the business’ staff. This creates an open and warm working environment and in turn builds the business brand name. This will build the business logo as the global business brand.
Marketing strategy is a process that can allow an organization to concentrate its resources on the optimal opportunities with the goals of increasing sales and achieving a sustainable competitive advantage. The Marketing strategy consist 4Ps that is place, product, price, and promotion. This 4Ps is used to market the product to the people and to make the product being famous in the country or international. The size of market segment for this product include geograpic, demographic, behavioural, and psychorgrapic.
In today’s world, technology is changing rapidly, and marketing methods are changing in similar pattern. Globally integrated marketing communication campaign is being used by many companies for the efficient and effective business activities and to reach larger audience.
Marketing is very important to the success of a business. Before people can buy a product or service they have to know about it. However, marketing entails more than just letting people know what your company has to offer. Throughout this paper, I will define marketing, offering my personal definition as well as more formal definitions from other sources. Furthermore, I will explain to the reader the importance of marketing to organizational success giving real world examples in support of this explanation. The field of marketing can include many things. I believe, however, the most important thing which it should include is communication with customers as to the value and benefits of using that particular company's products and services. It should help to establish the business's niche in the industry and distinguish it from other such businesses.
The main topic for this Extended Essay is to analyze the effectiveness of company’s market strategy. A marketing strategy can be defined as a process that helps a business to optimize the opportunities in order to complete business objectives, which mainly gain profits. It includes all basic and long-term field activities of marketing that deal with the analyzing of initial strategy, evaluation of the strategy, and making of a new strategy if the initial strategy is found to be ineffective or even might cause loss. (Homburg, Kuester and Krohmer 2009) To make sure the effectiveness of marketing strategy, its crucial to establish the right marketing mix which cover all the element needed in marketing a product. (Clark, et al. 2009)