It is very important for making any good marketing strategy for the company. Market Segmentation is a process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviour that might require separate products or marketing programs Kotler and Armstrong, In those conditions, strategic marketing is concerned on performing better in the changing condition rather than increasing its sales or revenue figures so that it can have long term effect in the customers.
In those conditions, company can benefit by challenging the market. In order to reduce the cost of the product, the production cost should be minimized. Different products and services are developed by different organisation in order to provide best service to the customer.
This will help company to know what will be the position of the company after the implementation of the strategy in terms of size and revenue.
Strategic marketing is focused on establishing a long-term relationship with its customer rather than selling the product for just once.
Suppliers need to be kept happy. Core competencies of service firms a framework for strategic decisions in international markets. It is not possible for the entire segment to accept one strategy. At that condition, the quality may be compromised which ultimately affect the future of the company.
The product is targeted in a particular geography for a particular group of people. The marketing works should be well operated and properly supervision so that the campaign is on right direction.
Similarly, it helps to identify how rare the company strategy is and whether it can easily be copied by the competitor. Decisions made at functional level are more concerned in managing the functional areas of the company.
Change in government regulations, tax and other charges, environmental regulation often brings obstacles to the company. This will cover learning outcome of section 1 and 2 and all its respective assessment criteria. Customers demand and choices change more often.
Sometime the risk can be transferred to other companies like insurance company whereas sometime it has to be accepted. Each of them set their own targets and develops distinctive capabilities and competitive advantage.
Mass Marketing — Mass marketing is a market tactic in which an organisation decides to ignore the market segment differences and appeal to the entire market with one offer or one method.
The four Ps of marketing mix are product, price, place and promotion. What is a corporate strategy? Acceptable Language Acceptable language is a limitation to Nike because if Nike employees were to use inappropriate or racial slurs towards customers, it could most likely lead Nike to be sued which can cost them a lot in damage fees as well as the company being giving a bad name from media etc.
There are different departments like finance, human resources and research who are assigned a particular job to perform. Strategic marketing will try to help any organisation or companies in developing product or service according to the changes that are occurring in the market.
Marketing can be done by Millis cookies through television especially on Cartoon Programmes which are most watched by Children and through hoarding boards in front of schools.
They often coincide with each other as major focus of marketing includes the strategic planning aspects of developing, pricing and distribution of product. Customers are the users of the product or service.
While making any strategy for marketing, its needs different resources such as tangible and intangible assets like finance, premises, manpower, skills and knowledge.
However, corporate strategy is more concerned with profitability initiatives rather than the product or service development. If the company merge the two products and sell under the same name, it would confuse both sets of consumers and finally damage the brands. People are affluent can invest any amount on food and luxury items.
Fewer management levels help in quick decision making process. Similarly, corporate strategy deals with diversifying the product line, merger or major takeovers, introducing new technology in the company, diversifying the business, reduction of overhead cost and production cost and increase in the overall profit margin of the company.
At this level, most of the major decisions of the company are taken.However, marketing strategies involves in making plans of making or selling a product. Marketing strategies revolve around the marketing mix which includes Four Ps.
The four Ps of marketing mix are product, price, place and promotion. With a few persuasive writing techniques, you'll be able to write compelling copy and sell more products.
'The principles of psychology are fixed and enduring. You will never need to unlearn what you learn about them.' So a company have to plan persuasive marketing techniques. otherwise, they may fail in plans and effects.
The Major Marketing Strategies Most of the major marketing strategies can be classified into one of the following four categories: * Product * Place * Price * Promotion These four categories are known as the marketing mix or the four P’s of marketing.
These are variables that the marketing managers have to control in order to satisfy their customers. Marketing strategies development play a vital role in developing distribution mi-centre.combution refers to the methods used to deliver products to the consumer. It is important to evaluate which method of distribution is used most successfully within the industry.
You must also determine if new channels or methods of distribution are emerging. Explanation of the marketing strategy used to market the product/service. Tesco Mobiles concern based its strategy on Ansoff’s Matrix diagram attached below and the one used by them is market penetration.
In a report you need to evaluate the effectiveness of the use of the techniques in marketing products in this business. How effective is it? Technique Effectiveness Relationship.
It is very important for Apple to have a good relationship with their customers because loyalty will greatly increase their profit.Download