StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Marketing strategy - Assignment Example

Cite this document
Summary
The focus in this paper is on marketing strategy as a course of action that an organization or business entity uses or applies to allow for the concentration of its scarce resources of maximum opportunity to expand sales and reach a level of sustainable competitive advantage…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER94.5% of users find it useful
Marketing strategy
Read Text Preview

Extract of sample "Marketing strategy"

Introduction Marketing strategy is a of action that an organization or business entity uses or applies toallow for the concentration of its scarce resources of maximum opportunity to expand sales and reach a level of sustainable competitive advantage. Marketing strategy is a primary foundation in marketing plans and allow for reaching of marketing objectives and expectations. The strategies determined should be in a position to last for long. The duration of strategy differs from one organization to the other and from one state to the next. Their duration is majorly dictated by the changes in technology. Those seriously undergoing technology changes would their strategies affected more frequently and therefore need to update their strategy. Strategy for marketing should be dynamic and interactive. Must be in a position to cope with the changes in technology and include almost all aspect of marketing. Before implementing the strategy, careful scanning of the business environment; both internal and external is required. The business environment entail; performance analysis, marketing mix, marketing competition, technology change, legal and economic status. Some of the generic marketing strategies include; Market dominance; this is the portion of the market served by the organization. It is healthier for a business entity to know the size of the market and the percentage it serves. This will enable them determine the quantity of production. Market dominance is grouped into four. These are; leader, challenger, follower and niche. To avoid serious impact, businesses should try to be the market leaders. This can be achieved through direct marketing, publicity and other promotional methods. Growth strategy; this is a strategy aimed at the area of operation, quality of operation and quantity of production. Businesses should spread out their branches over as large region as possible. This may take place in the following directions; horizontal (the operation is expanded geographically), vertical (improvement done on the quality of production and quantity of the produce), diversification and intensification (changes made to include variety of other related commodities for example if previously organization was producing beverages it can incorporate refreshments). Innovation strategy; this strategy aids the invention of new products, new production methods, new markets and new branding. It enhances the sales of the products and results in average increase of sales. Businesses should always try to be the inventors of an idea; the pioneers and not the followers or the late followers. Pioneers are likely to dominate the market if their followers are not innovative enough to come up with a more advanced service or quantity. An example is the coca cola company who has remained the sole producers of refreshments in the larger East and Central Africa. They therefore dominate this market. They as the leader keep all the secrets of production to themselves. They have succeeded in operations through practices like branding of their commodities. Also the services like software services where companies like Microsoft were close followers but are now coming up steadily due to their innovative nature. Innovation strategy should cut across the technological changes and the business innovations and the inventions. Porter generic strategy; these are steps put forth to ensure that the organization gets deep into the market and has a proper and sustainable completion advantage. Organizations are able to achieve this through market segmentation; dividing market into portions of same need and which serviced in a similar way and cost leadership; making the prices of the commodities be fairly lower compared to that of the competitors. Product differentiation can be used make clear distinction between the vendors. Marketing warfare strategies; these deal with marketing and war, dictate what is to be done at such times. Product strategy document Product strategy is the procedure which an organization uses to determine quantity of produce, quality of the products. Proper product strategy will result into a reduced cost of production, increased output, increased sales, good customer relation, and production or provision of services that meet the expectations of their customers. By meeting the needs of clients, the business therefore require ways to avoid provision of sub-standard services, low quality goods and shortages. These can be achieved through product definition, customer research, target customer, customer value, new markets and segmentation (Thompson, p.152). Market investigation; market investigation opens the doors to learning the needs of the customers. Through market research, business knows the expected number or quantity of services to be produced or provided. It reduces the risks of over production on the perishable products, shortages which result from under production. Through investigating the market trends, organization is able to know the loopholes in the market and therefore is able to attack opponents from their lines of weakness. For example service providers like the software vendors are able to know what amount of off-the-shelf services should they produce and how many of their customers require the customized software. Customer segmentation; this entails the grouping of the customers as per their needs and solution to those needs. It becomes easier to settle the need of a group than to settle the need of each individual. A common expectation may be used to classify the needs of the customers. When undertaking market research, a group of people whose demand are not taken into consideration in the current business situation. This group automatically forms a market segment. Like when producing computer software, they must be in different types to take care of the different groups; customized software users and off-the-shelf software users. Product definition; a well defined product wins the users; most customers would like to use the products which they clearly understand. Under product definition, vendor should clearly indicate the usage, importance, constituents and cautions where applicable. Customer value; on production, the interest of the customer should be given the first priority as everything is made for them. Giving them priority will mean winning their trust. With the consumers’ trust, you are assured of sale the commodity. Customer value entails customer research which is the observation of the customer needs, expectation and interest. Qualitative customer research; this is a research aimed at the identification of the customers. It includes determination of the target groups, their needs and their expected solution to the needs and the extent to which the solution can be provided. This information is important to the producer as it dictates how and what to produce. The information on the quantity of production and quality of products determines the operation process of the organization. Works cited Thompson, Harold Underwood. Product strategy. London: Business Publications, 1962. Print Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Marketing strategy Assignment Example | Topics and Well Written Essays - 1000 words - 1”, n.d.)
Retrieved from https://studentshare.org/marketing/1396349-marketing-strategy
(Marketing Strategy Assignment Example | Topics and Well Written Essays - 1000 Words - 1)
https://studentshare.org/marketing/1396349-marketing-strategy.
“Marketing Strategy Assignment Example | Topics and Well Written Essays - 1000 Words - 1”, n.d. https://studentshare.org/marketing/1396349-marketing-strategy.
  • Cited: 1 times

CHECK THESE SAMPLES OF Marketing strategy

Cornflower Blue Marketing Strategy

The discussion part will deal with the strategic plan of Cornflower Blue with respect to macro and micro factors affecting the Marketing strategy.... … The discussion part will deal with the strategic plan of Cornflower Blue with respect to macro and micro factors affecting the Marketing strategy.... Marketing strategy of utilizing technology and advertisement will go a long way in making Cornflower Blue products be known in the entire region (Mennem, 2007)....
4 Pages (1000 words) Assignment

SOCIAL MEDIA MARKETING STRATEGY

The Daily Telegraph dated July 23, 2012 carried a story “Social Media without an effective Marketing strategy is Lame; Marketing without an Effective Social Media Strategy is Blind ” With the digitalization of the global markets in the twenty first century, it is undisputable denying the influence of social media in the global business affairs… SOCIAL MEDIA Marketing strategy.... The Daily Telegraph dated July 23, 2012 carried a story “Social Media without an effective Marketing strategy is Lame; Marketing without an Effective Social Media Strategy is Blind ” With the digitalization of the global markets in the twenty first century, it is undisputable denying the influence of social media in the global business affairs, particularly with respect to marketing strategies....
4 Pages (1000 words) Essay

Marketing Strategy Analysis 2

Marketing strategy Analysis 2 Name: Institution: Marketing strategy Analysis 2 Wal-Mart is not specifically known for its immaculate customer service.... The firm's online Marketing strategy incorporates all features of online marketing, but through all the obvious techniques, it is their aggressiveness, which has stressed and widened their need to succeed and stay at the peak of the retail industry (Hayden et al.... However, their Marketing strategy has centered on quantity, as well as delivering a variety in one location (Gereffi & Christian, 2012)....
3 Pages (750 words) Assignment

World Vision's Marketing Strategy

In both of these cases the Marketing strategy is being applied by the organization so the target audient is aware of the goals and aims that the World Vision has and the strategies by which the World vision is pursuing the goals that it has. … Ferrell, Hartline, and Lucas, (2002) say that the Marketing strategy that has been used in case of the church related audience is much better and analytical as compared to the strategy being used in case of the general new Zealanders....
2 Pages (500 words) Case Study

Premier Inns Marketing Strategy

The author of the present case study "Premier Inns Marketing strategy" brings out that Premier Inn is a chain of the inn within the UK with 500 hotels across the country.... Our detailed report covers all the aspect to analyze and gives a Marketing strategy for the Company.... However, likewise another competitor, our company focuses more on an aggressive and fruitful Marketing strategy to bring fruitful results even in a recession.... So the Marketing strategy of our company should be to retain loyal customers and focus on more on serving them at our best....
10 Pages (2500 words) Case Study

Apple Marketing strategy

This essay will focus on how the Apple Marketing strategy is unique from that of its competitor.... The essay will involve use of persuasion to demonstrate the uniqueness in Apple Marketing strategy.... … This essay focuses on Apple Marketing strategy.... The major Marketing strategy used by Apple is based on the design standards of their products.... Madden (2010) argues that Apple has a unique Marketing strategy that has not been mastered by many brands....
5 Pages (1250 words) Essay

Internet Marketing in the Modern Context

The growing popularity of internet related to its usability In a nutshell, the aim of this report is to analyse the fundamental issues related to e-Marketing strategy and making recommendations to Michelle who is currently running an outlet Michelle's Fancy Dress Costumes' located in the Metro Centre in Gateshead.... Correspondingly, it is recommended to create her website as the most important step for achieving the goal of e-Marketing strategy.... Moreover, extensive range of e-Marketing strategy is suggested to her....
12 Pages (3000 words) Essay

Premier Inn-Marketing Strategy

The paper covers all the aspect to analyze and gives a Marketing strategy for the Company "Premier Inn".... owever likewise another competitor, our company focuses more on aggressive and fruitful Marketing strategy to bring fruitful results even in the recession.... This paper discusses the strategy implementation plan....
10 Pages (2500 words) Research Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us