Marketing strategy is a process or model that places the organization to fund the available resources on the best opportunities to raise the sales and in that way achieve sustained gains. Planning a Strong marketing strategy is vital to build a flourishing business and optimise the sales of a business. To get started with the strategy has to be written to accomplish business goals in a well planned way that will help concentrate on: product/service of a business, sales and marketing and savings on expenditures. The strategy is to be such that 'why and the way the plan will work' with regards to all business activities that include clients, research and technology and even business challengers. Strategies are only a couple of guidelines that govern the marketing activities of the business entity.
The strategies have to be carefully framed if it's for a fresh business. There are specific steps to build up the marketing strategy that you need to carefully follow in order to get high returns on investment.
A) MARKETPLACE Research:
Good strategies has to commence with critical evaluation of real time market, business competitors, competitors, customers and size of the market, latest styles and financial investors(companions). For successful marketing, research is vital. It is an activity of studying certain requirements of the mark market. To be able to launch something or service in the market basic study has to be done regarding the potential requirements of the mark product/service in a given demography other wise the investment which the business entity makes goes futile. Among the methods for market research is through online. Through search websites you can use effective online general market trends. Online business sites and private firms could also statistically give information of demand for select product segment in the market. Talking to potential firms and getting their reviews could also verify the demand of the merchandise / service in the market. Taking each one of these into consideration detailed planning needs to be chalked out before reaching out to customers with the product/service. Hence general market trends will give an explicit knowledge of the marketplace needs that drives market strategies to yield good gains.
b) Assess Competition
Three main points needs to be kept in view while evaluating competition of the merchandise. Concentrate on customers, their grievances and competitive alternatives. Who will be the product customers, what are their needs, the account of focus on customers need to be developed. The grievances of customers which are not fixed by other rivals have to be addressed by our company. And the last main point what is the key basic difference between our company and our competitors, what strategies the rivals are implementing that attract the customers.
C) Unique Offering Proposition
In the aforementioned step we've come across the idea 'grievances or pain things of customers'. When those problems can be resolved by the current product/service the organization should articulate its unique offering proposition i. e. it will evidently say in what ways the service/product can solve the pain point of the client, the way the customer can benefit from our company.
D) Define the goals
Business goals should be clear and concise, whether it pertains to increasing of income from existing customers, or access into share market by public concern or any other new potential clients.
E) Define Marketing Mix
Defining marketing combination means finding a strategy for four P's of marketing: Product, Price, Place and Promotion. The business has to make certain that the product should meet target requirements, price should be within the reach of all segments of the marketplace, place should be in a way that the circulation of product becomes easier, and advertising of the merchandise should convey the pain items of the client.
F) Writing Marketing Plan
This is a written record of above steps and it helps to recognize key areas of marketing activities which the organization must implement for achieving the business goals
G) Re-evaluation of Marketing Results and Reconsider the plan
Quarterly financial results reflect the success of the marketing strategies. Predicated on the results, reassessment of the marketing plan is advised and needs to be monitored from time to time according to market requirements.
2. Critically examine a range of tools and techniques used to produce a strategic marketing plan.
For a marketing strategy to reach your goals, effective implementation of the marketing plan is essential. There are a range of tools and approaches for effective delivery of the marketing plan where the objective of the marketing strategy is achieved. Marketing division generally uses these marketing techniques. It will figure the most befitting techniques to be employed to get profits. These techniques can include business promotions, public relations, advertising, literature and newspaper editorials, sales of exclusive materials, text, blogs and communal networking sites, promotional videos in you pipe etc.
A general outline of different phases in marketing gives a picture of three levels of which these marketing techniques may be employed for successful execution of marketing strategies.
In the above figure after general market trends is done it becomes simpler to identify the most deserved marketing combination for the business enterprise. For a good marketing mix, business entity should ensure the availability of right product with acceptable price at right place with most suitable promotional technique. Within the last marketing techniques are requested analysis of the success of marketing activity. For instance to determine which approach to advertising is trying the customers, what services will be the most satisfactory, etc.
Business Behaviour in Marketing:
Business requirements have been altered into a fresh shape with time. Today credited to globalization there is a stiff competition on the market between businesses. Customer has become the most important aspect and every requirement of customer has to be found with personal touch. Recently a multi billion money loan company in India has launched a marketing strategy of personal touch with the clients, this has done good to bank grabbing a bulk percentage of middle income segment. Every worker in the business needs to believe that everyone's excellence donate to the overall success of the entity. Regulating principle is that each employee should be given freedom in decision making and empowerment that provides the employees genuine responsibility and range of initiative to employees of most levels within the business Branding, Advertising, Packaging and Advertising. Advertising, promotion and branding are one most important marketing tools which are most practiced by all business entities to increase sales. But the main aspect is based on just how we present ourselves to the prospective market. Advertising is a form of publicity to inform about the product or service. Advertising of product through the celebrity showing the features of one product over another is one of the several settings of advertising.
Advertising is one way of advertising to the merchandise, promotion may be done by different means such as sponsorship in big events, engaging in open public related activities or through sales rep who promote the product by direct contact to the customer.
Packing is another tool that promotes the business product because now TV's are arriving to market. Technology has barely changed however the design concerns a great deal. Companies like Sony are processing their designs in a profitable and like-at-look manner. Which means this technique issues a lot. Even though we take the case of hospitality sector, the look of the inner and external architecture and arrangements in a hotel will surely leave a long sustained impression on the customers and drive them once more to see.
Next comes Branding, because of this to achieve, a small business entity has to work a great deal with sincere work never to just focus on profits but to concentrate on creating a unique image for themselves over their peers and competitors. Uniqueness only brings the company a brand image. This might come from a mixture of unique advertising, unique packaging and not just that but also the product or service quality issues a lot and the performance of confirmed product and mainly the trust the clients keep in the product brings the brand image. It will require so many years to develop this image.
SWOT means Advantages, Weaknesses, Opportunities and Hazards. We have to analyze what are the main advantages of the company what exactly are the positive characteristics of the product or service which the company can offer. We must analyze what exactly are the weaknesses or what exactly are the negative traits of our service or product. We have to analyze what are the opportunities to company's service or product. We should likewise have understanding of the threats the business's product face or the business face.
These are certain marketing techniques and tools that may bring success to marketing plan of an organization or business entity.
3. Explain with a range of online marketing strategy options available and assess their benefits and limits using supportive samples.
Various options for online marketing strategy available are Porter's common strategies: cost leadership, differentiation and concentrate, competitive advantage, McKinsey matrix-GE matrix, market market, BCG Matrix, and other value based marketing strategies. Below are some of the key marketing strategy options mentioned and their constraints are also evaluated Porter's common strategies suggested by Micheal Porter, the strategies he advised are general and are not stable or industry dependent. Cost control strategy: this strategy calls ask for being a low priced producer for a given quality of the product. The entity markets its products on the average industry prices to gain competitive advantage over the competitors or sells the merchandise below the price price to grab a huge market show. But how do the business get cost advantage is to improve its creation process or process efficiency, getting access to raw materials in a large scale at low priced, and outsourcing some services to countries like India where working and labor costs are less. Limits associated with this type of strategy are: others may also take same strategy of lowering their prices, since technology boosts they may take steps which might completely give competitive benefits in production capacities, companies which follow target strategy may overtake a substantial market talk about.
Differentiation strategy: this plan calls for the product or service to be developed that offers unique traits which can be received and valued by customers who are much better than the normal customers who decide on a generalized service/product. Because the product is a premium quality superior customers come and are ready to pay what ever price the company tags to the product or service. Limitations are if other opponents pirated the product or service and changes in customer preferences and tastes. Businesses following target strategy may even come up with higher differentiation in their market sections.
Focus strategy: this plan calls for an expense management or differentiation benefit in a small market portion. The supposition is the fact that requirements of the group are found by focusing entirely onto it. Companies using concentrate strategy like a great customer commitment and other firms dare to enter the sector. Organizations using only concentrate strategy have lower volumes of consumers with higher earnings, if these firms use emphasis along with differentiation strategy, then higher gains are possible because so many firms cannot enter in the competition. For example, Premium vehicles like Rolls-Royce are making use of this marketing strategy and are generating huge profits. Constraints in this strategy are imitation in the merchandise and change in customer personal preferences.
GE/McKinsey Matrix is a model to perform business portfolio evaluation on the proper sections of an organization. Business portfolio is a collection of strategic sections of a business; strategic business product is a division of a big company that frames its marketing strategies and business strategies other than that of a father or mother corporation. In GE Matrix: Market interest, which includes not only market expansion but also other wide range of factors, and competitive durability, which assesses the strengths of all tactical sections of the organization and it not only include market share but also other wide range of factors by which competitive position of every strategic business device is evaluated Restriction of McKinsey/GE matrix is relationships between SBU's are not considered. Estimating the worthiness of realization of varied factors. And center competencies are not considered.
4. For an discovered organization explain what the implications of environmental changes might be? Analyze how your chose company might respond to these changes.
Environmental change is the most important problem experienced by every single company, especially in today's scenario scheduled to globalization a recession in US may result in collapse of financial sector in Greenland. So it has great result in decision making regarding interior insurance policies of company and performance of companies in preserving standards to sustain competitive benefit of the industry. Latest high technology may provide some answers to mitigate the problems faced by the industry due to these changes. "Regardless of how organizations change their designs and study from their experiences when confronted with environmental changes, whether they can truly be successful in their version to the environmental change may be only judged by their performance (Huber 1991, Weick 1991) (Zhang Lin and Chun Hu, 1997)
In the present situation, I am going to take the circumstance of McDonald Company on the implications of environment change. Flat iron moulds with hard blows like smart for the firms to record success constantly, improvement in high technology and development of excellent marketing strategies are possible when companies try to mitigate and conform on the ever changing exterior environments.
McDonalds has implemented environmental scanning, which is only developing a methodology that targets gathering information and bettering the data of the surroundings in which the business operates. The main purpose of environmental scanning is to identify and monitor the latest fads and methods in the market environment where in the business entity does its operation. The internal policies of the business should be adaptable enough for change to meet the demands of the finish customer from time to time so as to ensure competitive benefit. Although McDonalds has got several internal problems the perfect give attention to the technique to adapt to changes in the market environ has helped them to keep their number 1 fast food chain on the globe.
With the brand image McDonalds got, it do innovate in order to keep carefully the said position. From the implication of environmental change, the company had adopted environmentally friendly scanning strategy by which with the ability to keep its top position. With it, the company can focus on the process of analyzing an equilibrium between the increasing prices of recycleables and customers conception on costs and quality of the finish product.
Globalization is also one of the outcomes of the environmental change, but this has offered the business an opportunity to expand overseas whence increasing their marketplace. Acquisitions, mergers and franchising are other methods the company can decide for diversification. Competition has increased a great deal, breakthrough in improvements and finding for uniqueness in advertising for promotion of the product has led to a extreme price war amongst the top brands as well, to increase their sales and market share for maintaining the existing position.
Nutritional worth are one of the most important basic aspects the company has to concentrate on offering their customers about the calorie details that meet individual health needs.
Hence it is most important for entities to frame different policies that must definitely be considered to make sure that their strategies are achieved with exterior as well as internal environmental changes to be able to achieve success.
7) Specify how a range of functional areas may develop to donate to the achievement of the organization's marketing objectives over a period of at least 3 years.
The Information and Communication Technology revolution, liberalization of trade, environment change, and opening of market segments in tightly managed countries like India and china, globalization, and introduction of new Financial forces like BRIC countries have bought radical changes in the managing of marketing strategies like customer service, distribution channels, sales, characteristics of product/service for organizations about the world. These changes in the economy bring so many questions into picture. Just how do these changes concern the decisions created by managers and in what manner they affect them? What management qualities guess fit the organizational actuality? What factors differentiate unsuccessful director from successful one's in future?
Organizational behaviour and structure:
Organizations need to improve their frame of mind to represent the changes in the environment and should see the change as a chance rather than problem and a highly effective way for starting and putting into action new ideas. Steady experimentation and research is necessary for enhancing its competitive edge. Other challenges include increased output in the client satisfaction and devotion, enhanced employee skill set, effective benefits of most advanced technology and trends.
Organizational adaptability can be regarded as one of the most crucial aspect because the rate at which change is going on is unpredictable and better emphasis of the organization must be on the same speed response to customer preferences and requirements without bargain in quality and price. This is achieved in increased team work and higher reliance on reinventing themselves regularly.
Information and communication:
The need for information and communication technology is very much because the complete move of process from management in the creation area to marketing string up to the finish users or customers. ICT helps each and every organization to maintain their competitive position. Understanding of Technology can be involved with " the cognitive and intellectual skills which as well as understanding of management principles, techniques and analytical framework, will enable professionals to execute competently, transfer performance to a variety of situations, produce new and creative answers to problems and offer with unexpected and unstable situations" ( monk R E 1994). Demands and changes in buying behaviour of customers can be predicted so that company can concentrate on specific requirements and demographics. When information is collected periodically and analyzed, innovations can be done in the pursuits of customers and therefore increased production.
Internet is recognized as one of the most crucial thing that must be taken into account. Online business has increased many a collapse since its advent. Lifestyle has improved customers now want comfort with reliable and reliable service at their door steps. So this is also one of the better used marketing strategies and helps organizations to focus on huge market segment when compared to traditional marketing. Because of IT, organizations are reaching out to customers through text message, blogs and interpersonal network websites and Yahoo etc. The go up of technically skilled labor consumption means the company manager must act as a catalyst for mobilizing the organizations talents and syndication channeling of available expertise for attaining organizations tactical aims. So developing a realistic online marketing strategy is such an important skill that is currently eased with the development of information and communication technology. They are some of the functional areas which contribute to achievement of marketing aims.
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