Developing A Marketing Strategy Marketing Essay

1. 0 Introduction

The purpose of this assignment is to investigate as a marketing supervisor that what's marketing & what's the process involved in growing market strategies. So we will also try to learn what are different possibilities in growing marketing strategies. Marketing itself can be defined as group of customers, consumers, clients and the variation between want and need, from the point of view of Product and service functionality, dependence and performance Conception, ownership and use Value and signifying Branding, brand value and competitive advantages Marketing and sales communications Projection of ideas and ideas to target market segments. So throughout the task as marketing supervisor we will try to find out how to build up marketing strategies.

Developing a marketing strategy

The development of online marketing strategy is very demanding and exciting process. So producing product market strategy is also more difficult since it includes the introduction of new product & its launching into market.

Marketing itself can be explained as band of customers, consumers, clients and the difference between want and need, from the perspective of Product and service functionality, dependence and performance Perception, possession and use Value and signifying Branding, brand value and competitive advantage Marketing communications Projection of ideas and ideas to target market segments. (Elsevier Ltd, 2005)

Before developing a market technique for products it is vital; to write a marketing arrange for product. It will are the information about customers, targeted population, tools & techniques that will be used for general market trends. So marketing expert must start market plan by writing a highly effective sketch or a listing of market plan that will be helpful in collecting information & arranging all activities needed for the introduction of product market strategy.

1. 2Outline of growing market strategy

1. 2. 1 Quest Statement

The first component of product development strategy is mission statement of the business. Basically mission assertion provides information about the nature of business, its products & customers.

1. 2. 2 Commercial Mission Declaration.

It includes the overall all long term aims & objective of the organization. These are the long-term or strategic objectives of the business.

1. 2. 3 Making objectives

It nervous about the creation sector of the firm. Every business have certain making aims. These can be in what to produce & which scale to produce. Manufacturing targets can be short term & can be long-term. Sometimes to get market talk about or meet customers demand company can increase their development & vise versa. So we can say said processing objective check be changed based on the situations.

1. 2. 4 Product Development objectives

This is the primary objective in expanding marketing strategy. When old products loose their sales then the need comes up for product development. At this stage the marketing supervisor can plan for the development of new product or can intend to improve the features of the existing products. marketing administrator can form product to gain market talk about. So we would like to say the target for expanding market product can vary greatly from time to time.

1. 2. 5 Marketing objectives.

There can be number of marketing aims for growing marketing strategies. The primary reason for marketing aims could possibly be the opponents marketing strategies. As there are number of competitors on the market. Each competitors try to compete his opponents for competitive gain. So due to this most of the business change their marketing strategies time to time. So marketing supervisor should need to do a market search & should change their marketing strategies corresponding to changing marketing environment.

1. 2. 6 Customers

It is very important to learn who will be the targeted customers. So before developing a new product strategy marketing director should do market search to learn who are their targeted customers. what are there preferences & taste, & also marketing manager should need to find out about how big is the targeted customers.

1. 2. 7 Market Segmentation

It is the most work of the marketing manager to possess knowledge & information about the different market sections. Market segmentation based on needs & wishes of customers. It also depend on the demographic & geographic of targeted inhabitants. Market segments are the population groups that the organizations want to target for the deal of products. So marketing director need to do market search & should determine which section of the market to focus on & which not. So market segmentation can be done based on the nature of the merchandise. Customers preferences & tastes & income level can also play a essential role in segmenting market.

SWOT analysis

SWOT analysis stand for talents, weaknesses, opportunities &

Threats. Before adding new product or new market strategy firm need to do "SWOT" Analysis. The main purpose of SWOT analysis is to really know what are the power, weakness, opportunities & risks for the firm in the both interior & external environment of the organization.

1. 4 Product Position

Product positioning suggest the worthiness give by the customers to any product. Or the perception of customers about the company or the organization products. The main element of product setting to identify its products from customers. So organization have a choice to customize products based on the personal preferences of customers. In addition, it includes revealing customers about the features of the merchandise. So stable need to provide importance to customer's in any way level

1. 5 Market testing

Firms have an option to do test marketing before producing new products to the marketplace. Some companies pay to customers for purchasing their products only because of they want to check customers trend toward their products. The main purpose of test marketing is to learn customer response about the merchandise. But it is some time risky because competition can imitate products.

1. 6 Other areas of marketing strategy

It likewise incorporate the promotional strategies of products. In addition, it include to forecast sales, revenue & what will be the price which will be charge from customers etc. The main components are to know what would be the distribution route for the delivery of products to customers. The company also have to know the emotional needs of customers as well.

1. 7Product. Mix

There are four popular 4ps known as product, price, place & advertising.

1. 7. 1 Product

The first element of product combine is product itself. So marketing manager should promote product & tell customers what exactly are the top features of the products. It is also the duty of marketing manager in order to customers about the nature of the merchandise.

1. 7. 2 Price

Price mean the demand for use of or use of products from customers. So price of product must be reputable. Customers must not be exploited by charging high price. So price must be appropriate. It must be fee as cost + profit margin. So profit margin must be appropriate & authentic.

1. 7. 3 Place

Place mean the marketplace or targeted portion where in fact the product will be launched on the market. So the collection of market must be appropriate. The time of entry & market where to get into are the most crucial aspects in marketing a product.

1. 7. 4 Promotion

It includes various different medium used for the campaign of the product. The main purpose of the promotion is usually to create awareness among public about the product.

Marketing manager may use different medium for promoting product.

Local cable connection network

Magazines

TV

Internet

(Robert Winton, 2007)

2. 0 Tools for strategic marketing plan

Strategic plans are always for long time frame. So are there number of proper plan types the main type of proper plan is SWOT Examination, PEST examination & Porter five pushes.

2. 1 SWOT analysis

S=Strength

W=Weakness

O=Opportunity

T=threat

As world become global place no country can live individually so nearly every country and their firms involve running a business on international level. Countries and businesses involved in competitions so if any firm wants to survive in the market should do SWOT evaluation.

There are two types of conditions one is interior and other is exterior. Power and weakness belong to internal environment and risk and opportunity belong to external environment. If the corporation need to get success and want to remain in market for longer period of time they must do SWOT evaluation of their organizations.

Companies must develop strategy formulation that try to achieve long term goals of the organization. It includes quest, vision, objectives and different strategies. The main reason for environmental scanning is to identify tactical factors -those external and inner elements that will determine the continuing future of corporation. We must also identify different obstacle to a organizations external environment including financial, technological, political, legal and sociocultural. We must also check societal environment and their members including government, local community, suppliers, rivals, customers, creditors, employees, labour union and trade connection. Various other factors that businesses need to keep in touch with are as,

2. 2 PEST ANALYSIS

It include to investigate different causes of Macro environment of the organization. These causes are political, cost-effective, social & technical.

2. 2. 1 Politics Trends

Political trends have an effect on overall performance of the organization. Therefore the impact of politics factor can maintain positivity & can be negative. So stable need to do market search before getting into any market. So this will help a firm in understanding the legal & political conditions of any country.

2. 2. 2 Economic

Every country has its own economies features but scheduled to globalization the majority of the countries going to merge. But here also any organization which want to enter into a different country market need to do understand the overall market condition w. r. t to economy of that particular country. It also include the monetary condition of the clients of that particular country.

2. 2. 3 Friendly Trends

A nation's culture and public forces can restrict international business activities. Culture consists of a country's general concepts and beliefs and tangible items such as food, clothing, and building. Communal pushes include family, education, faith and customs. Selling products in one country to some other may also be difficult when the civilizations of both countries differ significantly. When any Company enter another culture then it faces many public & cultural barriers because the public & cultural features of these countries can be different from its home country.

2. 2. 4 Technological trends

Due to advancement in knowledge & technology organizations faces a number of challenges. Most of the firm failed due to progress of the technology because those were not capable of implementing scientific changes. So to handle technological challenges businesses should do market research & should retain experts in IT. Often they will not remain in the market. So to stay on the market & to remain competitive its competitors company should be pro-active to technology rather than re-active. (Christopher M, Payne A and Ballantyne, 2005)

2. 5 Portfolio analysis techniques

2. 5. 1 BCG progress share matrix

In this relative market show of a firm is determine against expansion share of organization on the market. It includes four stages question mark, legend, cash cow and pups. Cash cow show the best positions of firms product market show but dog shows poor or fewer shares on the market.

2. 5. 2 Product life cycle

Each and everyone product has a certain life or something lifecycle. this let or give information about the expected process by which a novel product is launched, is gradually accepted this stage called growth, provides well for a while this level is maturity stage and is then gradually superseded & this stage is known as decline or dying stage of something. the subsequent chart gives a signal of how sales persistence differ because of a product or goods should go from side to side the a variety of periods of product lifecycle. Product life cycle Source billyfire. com/plan. php

3. 0 Marketing strategies options with examples

3. 1 Global & International marketing strategies

There are amount of global marketing strategies that are employing by different organizations while increasing its market from nationwide to global.

3. 1. 1 Example

Tesco planned to keep its international development activity by opening lots of hypermarkets in Hungary, Poland, Czech Republic, China, Thailand and South Korea. (Bhavika, Madhav, 2005)

3. 2 Glocalization strategy

This strategy introduces by Roland Robertson (1995). Originally when Tesco enter into French market then Tesco totally failed because French retail sector were very similar to UK market. So after that Tesco adopted Glocalization strategy its suggest to adopt local & global attributes. So using this plan Tesco get success in many countries including Czech Republic, Poland, Switzerland etc. (Delaporte, Jurenova, Ren, Towers, 2006)

3. 3 Intense pricing strategy

This is the center competency or center strategy of organizations to offers low prices. When almost all of the firms learn to are powered by global size they offers low prices. A lot of the organizations produces 90% of the products in host countries. So through this these organizations gain profit by means of cost reduction & offers prices that suit to different customer's income groups. (Delaporte, Jurenova, Ren, Towers, 2006)

3. 4 Customer influenced marketing strategy

The art work and science of choosing target market and building profitable romance with them. It offers selecting customers to provide, choosing a value proposition, value proposition indicate to promise customers to provide goods and services to gratify their needs.

3. 5 Integrated marketing plan

Integrated marketing program that will actually deliver the expected value to focus on customers. The marketing program creates customer relationship by changing the online marketing strategy into action(Kotler &Armstrong)

3. 6 International strategy

Many Firms used international strategy through preparing special conditions for getting into international market. Including under developed retail sector, customers with spending ability, have a potential to be a market leader & chance to get growth in market.

3. 6. 1 Internationalization strategy

3. 6. 1. 1 Example of Tesco Internationalization strategy

Tesco has joined its first and culturally most proximate markets with a fairly unchanged retail model ('global') but adopted a local strategy when it joined the East Asian marketplaces. In Thailand, here transport is expensive but labour is relatively cheap, Tesco designed its logistics to the situation. It is rolling out small format skill, which also circumvent trading hour's polices. It has developed a low cost 'value' format for up-country expansion a hypermarket format bounded by leased space for local fruit and vegetable distributors which provides a vehicle for entry into neighboring economics (Wrigley, 2005). Tesco's first ever hypermarket was built-in Asia, not in the united kingdom. Tesco's expansion in to the US is known as to take place under a different brand name. (www. andidas. com)

3. 6. 2 Concentrating on market

Firms organized a particular market research to comprehend the buying behaviors of different customers group regarding to their income. In case a company produces a fresh product without remember the targeted customers or market then automatically product will be failed. But almost all of the organizations do general market trends & focus on those regions of world which may have potential clients.

3. 6. 3 Take action local & understand sponsor country culture

Most of the organizations operations are done locally. It mean that these organizations produce all required goods in the home or host country market in which organizations operates. Through this these organizations can provides goods & services according to customer's local flavour.

3. 7 National strategies

3. 7. 1 Tesco example

Tesco is UK founded retail sector firm & getting the status of market innovator in UK. Three are quantity of strategies implemented by Tesco through which Tesco becomes market leader in the united kingdom. More recently Tesco is working into 14 countries of the world. Before entering into global market Tesco focuses on local market & pay full focus on its different functions & get success in working its domestic businesses well. Tesco meet total quality management requirements in its home UK market because Tesco want to be global market player. So before getting into global market Tesco focus on its domestic procedures & take many steps to be ready for global market. (Dunn, Mason, Shawl, Towers, 2006)

3. 7. 2 Maximize local responsiveness

To response local environment many companies do market research & produce goods relating to domestic flavor & personal preferences of home customers. These businesses also provide all its products according to domestic traits & also follow the sociable & cultural preferences. So these organizations design special products corresponding to different customers group matching to their income.

3. 7. 3 Aggressive rates strategies.

At countrywide level these organizations primary competency is to be competitive in charging prices. If they have customers in million the main reason of this is that is why these organizations charges low prices. These organizations also try to maintain the quality of products & demand low prices & get benefit through economies of scale by reducing development cost.

(Dunn, Mason, Shawl, Towers, 2006)

3. 7. 3. 1 Market penetration

In this rates strategy price of products are retained below the competition. This costs strategy used when companies need to get market share from other firms. More often than not China uses this prices technique to achieve market show. Firms conduct special research abuts those marketplaces where this rates strategy can be used.

3. 7. 3. 2 Skimming

In the light of market of research sometimes companies uses this prices strategy. In this strategy High prices are charged in order to grab market share. When demands for goods or services are high this strategy is employed by many firms.

3. 7. 3. 3 Follower pricing

If research implies that the purchase price must be charges as by market innovator then this follower strategy will be used

3. 7. 4 Reduce exchange cost

The main impact of it is to reduce transaction cost. Prior to the advancement of it there was a conventional link among source string entities. Always end user depends after agent or middle man for delivery of goods. So producer and customers somehow face extra expenses. After the progress in technology makers can sell out his products online without using middleman. Customers likewise have online reached to purchase products that are cheap and fulfill customer's needs. (Fasanghari, Roudsari, Kim, 2007)

3. 8 Great things about different strategies

3. 8. 1 Development & creativity

The main benefit of marketing strategies is Innovation & creativity. Because R&D help innovation & creative imagination in products & services. Often build on cutting-edge knowledge. To convert such knowledge into important enhancements usually requires individuals in the business to combine the knowledge with a knowledge of the marketplace, collectively use the results of the study to create a new product, and then work to commercialize it. (Jackson, 2003)

3. 8. 2 Targeted customers

Marketing strategies of product & services help find out about the targeted customers or band of customers. Without customers there is absolutely no concept of firms or companies product & services. So prior to the development of any service or product we should understand the taste & preferences of your customers.

3. 8. 3 Knowledge-Based Resources

R&D & marketing strategies help in creating Knowledge-based resources include all the intellectual abilities and knowledge possessed by employees, as well as their capacity to learn and find more knowledge. Thus, knowledge-based resources include what employees have perfected as well as their prospect of adapting and acquiring new information. For many reasons, these resources have emerged as being vitally important for sustaining competitive advantage in today's environment.

3. 8. 4 Development costs

The main benefit of producing marketing strategies is to lessen production cost. If any companies get success to lessen average cost & get economies of range then it'll be the ideal situation for any businesses. So R&D is effective in reducing production cost.

3. 8. 5 Distribution

Marketing strategies development play a vital role in expanding distribution channel. Circulation refers to the techniques used to provide products to the buyer. It is important to judge which method of distribution can be used most successfully within the industry. You must also determine whether new programs or ways of distribution are rising.

3. 9 Limitations

There may be certain limits or hindrances in marketing strategies some of them are as. The budget or fund allocation for R& D also play a essential role. Also Company must keep in head two factors before entering into any country market that are commercial composition and income distribution. Also strong need to analyze that country law and order situation. If monetary and political situations suit firm then the firm must enter that market. Culture in essence defined the targeted customer group principles, norms; likeness and disliking so culture must be keep in the mind. WTO requirements sometimes also create obstacle in marketing strategies The overall agreement on tariffs and trade is a 59 yrs. old treaty designed to promote world trade by reducing tariffs and other international trade barriers also world trade organization monitor trade of countries and has certain rules and regulation for corporation who wish to type in international market. So before going into globally these factors must be retain in mind.

4. 0 Current changes in the marketing environment for the organization

To access current changes in the marketing environment for the business & marketing strategies we need to do general market trends. general market trends will be helpful in understanding overall market position & all causes of change in organization environment. there are customers in billion & also they are demographically & geographically spread all around the globe. nowadays you can find fastest extension in around the globe market. the main reason is globalization. so anticipated et o globalization the traditional ways of doing businesses are changing & modern means of business take place of conventional modes. the main cause of is the changing surroundings from all aspects. whether it's legal, political, monetary, ethnological et. on the other palm, extremely small is identified with regards to how world marketing environment is unfurling(to unroll or disseminate something, or be unrolled or spread out),

4. 1 Capital requirements

Due to recent world monetary slump almost all corporation effected. Many businesses default due to this slump in economical activities & most are trying to make it through in these challenging environment. So Firm need to purchase less risky assignments. The main reason of this economic slump was paper back current economic climate. So if businesses want to defeat this issue they have to promote commodity founded economy.

4. 2 Customer flavour & preferences

There is not any constant but change. While using passage of time customers style & preferences are changing. Most of all their buying behaviours in changing. So in recent period organizations are facing severe difficulties credited to changing customers flavour & tastes. So businesses or group need to create products according to customers flavour & they need to have a constant look over the market conditions & other changing cultural & cultural tendencies.

4. 3 Product Differentiation

Nowadays customers like differentiated products. So if firm want to stay in the market then they should developed differentiated products. So to attain main competency over his rivals is to possess a sizable variety of products. Through differentiations organization can produces products in thousands & can sell them on internet. Company or group can sell out the products both online and offline. When customers find a big variety of products then they feel happy because of higher choice in purchasing products. If any firm will have such a large variety of products then organization can get competitive gain.

Limitations

There are certain restrictions for the organizations. These restrictions can create hindrances for organizations in developing certain strategies.

5. 0 Corporation responds to changes

5. 1 Change must entail individuals change must not be imposed upon the people

to respond changes firm need to entail employees & must talk to with key employees how to deal with the change. so any change of new insurance plan should not be imposed over staff without their consolation. So before applying any coverage or before giving an answer to any change organization need to check with wilt employees whatsoever level. So we can say change must involve folks change must not be imposed upon the people.

5. 2 SWOT ANALYSIS

S=Strength

W=Weakness

O=Opportunity

T=threat

To respond changes corporation have quantity of options. To reply well to environmental changes corporation have option of using SWOT examination, porter five pushes, scenario planning & also the 'the Psychological Contract. To respond changes organization can use SWOT analysis. Because it give information about the durability, weakness, opportunities & risks of the business. So it is the better medium of responding environment & other organizational changes.

As world become global place no country can live individually so nearly every country and their businesses involve running a business on international level. Countries and firms involved in contests so if any firm wants to survive in the market must do SWOT research.

There are two types of surroundings one is inside and other is external. Power and weakness belong to inside environment and menace and opportunity participate in external environment. In case a corporation need to get success and want to stay in market for longer time period they need to do SWOT evaluation of their companies.

5. 3 Circumstance planning

Scenario planning merely explains sources of creating a variety of possible potential cases. Organizations manage to subsequently to do something in response of one or of two do. Foremost or the principal way is, organizations possibly will scrutinize everyone scenario & settle on whether the firms present plan, coverage or strategy will assist organizations stay alive & achieve something in those circumstances. In any other case, organizations can look at a preferred prospect condition & notice what they have to perform to obtain to that end. The reason why of the development is to attempt to comprehend how the fundamental dynamics of any developing or industry have the ability to and how the firm might perfect act in response to a change that might happen or even to make a preferred situation happen. Circumstance planning is dissimilar on or after additional types of strategic planning, like to forecasts and propensity psychoanalysis. Circumstance planning indeed uses together of the techniques, other than as well identifies how these be able to be distress and therefore reason dissimilar results.

5. 3. 1 Example

Most of that time period Toyota, Dell & Standard Electric use scenario planning

(Von Oetinger, Bolko, 2004)

5. 4 The subconscious contract

To respond in a well manner the organization need to determine well relation will employees at al level & also management should seek advice from with employees in giving an answer to any change. So management can use the psychological deal. It make reference to "The Psychological Agreement refers to the relationship between an company and its employees, and specifically concerns common prospects of inputs and final results. "

Just, within a service qualifications, the Psychological Agreement is the evenhandedness or sense of balance. It really is when employees react to this so relating to the two aspects must be there between employees & employers.

It should supply the information about how exactly the employees will be treated by the workplace.

It should also tell about the role & responsibility of employees. (www. businessballs. com)

6. 0 How practical areas help corporation in reaching marketing objectives

Different functional areas assist in achieving organization marketing objectives. You can find number of useful areas of company including production, human resources etc. The targets arranged for marketing functional areas are influenced by costing decision. A couple of four marketing objectives where price play a vital role.

6. 1 Four main objectives effected from prices

6. 1. 1 Profits on return (ROI)

It means that what portion of return will be achieved from investment. This level or degree of return to the distance of with an approximation of sales determination will help to evaluate suitable costing levels wanted to get together the return on investment (ROI) target.

6. 1. 2 Cash Flow

Organizations could try to find to locate prices at a rank that determination provides guarantee with the purpose of sales income will at smallest amount wrap product & also development and marketing costs. That is a big amount probable to come about by means of new products where the managerial objectives allow a fresh product to just gather its operating cost while hard work are created to create the product within industry. This goal allows the marketer to be concerned a reduced amount of on the subject of product success and in its place directs energies to creating a market intended for the product.

6. 1. 3 Market Share

The prices pronouncement might be significant at what time the organization has an reason for beforehand a grasp in a novel market or retaining a particular percent of any obtainable market. designed for novel products beneath this goal the price is set synthetically near to the ground in turn to incarcerate a considerable segment of the market and conviction be greater than previous to as the merchandise becomes supplementary acknowledged through the target market. Designed for obtainable products group might use price decisions to cover they keep your hands on market share for example where there's a far above the ground degree of market rivalry and competitor who are agreeable to contend on the base of price.

6. 1. 4 Maximize Profits

Those products which show Declining trend or which are old to advertise so these elderly products in order to application to market so as to is no longer rising might have a organization goal requiring the price be placed at a elevation that maximize revenue. This is frequently the box at what time the marketing consultancy has small inducement to bring in improvements to the merchandise when the demand for product is declining or reducing. And durability of character keep on to sell the similar product at a cost best designed for provided that a number of in the market is agreeable to pay money for.

(www. knowthis. com/principles-of-marketing-tutorials/pricing-decisions/internal-factors-marketing-objectives/)

Reference Page

[2] Christopher M, Payne A and Ballantyne "Strategic Marketing Management"2005

http://www. lsmbusiness. com/structure-core-modules/business-management/dms-modules/Strategic%20Marketing%20Management. pdf

[8] Fasanghari, Roudsari & Chaharsooghi"Assessing the Impact of Information Technology on Supply Chain Management" World Applied Sciences Journal 4 (1): 87-93, 2008 ISSN 1818-4952 posted by IDOSI, 2008

[1] Robert Winton "CREATE A Product Marketing Strategy"2007

http://www. robertwinton. com/marketing. htm

[4] Sonny Nwankwo, "Marketing Brains & Planning"2009

http://www. emeraldinsight. com/journals. htm?articleid=854494&show=pdf

[5]Von Oetinger, Bolko. "A Plea For Doubt. " Journal of Business Strategy 25, no. 1 (2004

http://www. referenceforbusiness. com/management/Sc-Str/Scenario-Planning. html

[3] Online stopped at billy open fire website on Feb 01 at 2011

Www. billyfire. com/plan. php. com

[6] Online frequented business ball website on Feb 02 at 2011

http://www. businessballs. com/psychological-contracts-theory. htm

[7] Online seen know this website on February 02 at 2011

http://www. knowthis. com/principles-of-marketing-tutorials/pricing-decisions/internal-factors-marketing-objectives/

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