The importance to a successful marketing strategy is a grasp of the customers and their needs, and the ability to satisfy the customers' needs better than the competition can help build and maintain customer loyalty and increase sales.
Among the factors that should be considered in the development of this strategy are the assets and skills possessed by the organization, the drivers of the particular market, the nature of the competition, the stage of the life cycle of the industry or market, and any strategic windows that affect the organization's ability to successfully compete in the marketplace.
Marketing strategies tend to focus on providing lower cost products or services than or differentiating their offerings from those of their competition, or by focusing on a market niche.
Two examples of industries that have had to change their marketing strategies in response to the changing demands of the marketplace include the automotive industry and the pharmaceutical industry. Further, marketing is much more than getting the world out. Both our snail mail and e-mail boxes tend to overflow with advertisements for products we may or may not want, most of which are unsolicited.
To send out a flyer announcing one's better mousetrap is unlikely to bring one the success desired. In addition, different types of products require different marketing strategies.
For example, an advertisement for a new walker is much more likely to yield positive results if placed in the AARP Magazine which has a target audience of people 50 years of age and older than in Seventeen Magazine.
Similarly, readers of Sports Illustrated are more likely to pay attention to an advertisement for sporting goods than are readers of Ladies Home Journal. In each of these examples, the cited marketing effort is probably doomed to failure because it is not reaching potential buyers. Further, many businesses find that a single approach to marketing is insufficient for attracting customers.
Even if an advertisement is placed in an appropriate magazine, for example, it is unlikely to reach other potential customers who do not read that magazine. Part of successfully marketing a product is to determine the target market that one wishes to reach and then determine the right marketing mix to get the target market to purchase one's goods or services.
To improve the return on investment that an organization receives from its marketing efforts, it needs to develop a marketing strategy.
This is a plan of action to help the organization reach its goals and objectives. A good business strategy is based on the rigorous analysis of empirical data, including market needs and trends, competitor capabilities and offerings, and the organization's resources and abilities.
Factors to Consider when Developing a Marketing Strategy Each organization needs to develop its own marketing plan based on a number of factors. Although there is no such thing as a one-size-fits-all marketing strategy, there are a number of factors that should impact the development of a unique strategy for an organization or product line and the development of a concomitant strategic marketing plan see Figure 1.
First, one needs to consider the assets and skills that the organization already possesses or that it can readily acquire.
For example, if an organization has a significant engineering department, it would be feasible for it to work on new projects that require engineering skills. However, if these personnel are already involved in other work and are not free to work on a new engineering project and the organization cannot afford to hire additional engineers, starting a new hardware line would be inadvisable at best.
In addition, one needs to consider the market drivers when developing a marketing strategy. These are the various political, economic, sociocultural, and technological forces that may influence the wants and needs of the consumer base. For example, a technological force that has influenced the way that many people do business in recent years is information technology.
Advances in this area have led to the need for businesses to be able to handle increasing volumes of information and data and the widespread use of information technology in many industries.heartoftexashop.com Can Really Help You with Any Marketing Term Paper.
heartoftexashop.com is an online marketing essay writing service you need to come up with professionally written custom papers according to your needs. 24/7 assistance, timely delivery are only a few benefits you are to get.
Free essays on Marketing available at heartoftexashop.com, the largest free essay community. Marketing Strategy Marrybrown. Marketing strategy is defined by David Aaker as 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. Marketing strategy includes all basic and long-term activities in the field of marketing that deal with the analysis of the.
Marketing segmentation is more and more vital for business in the modern time. This essay, therefore, tend to introduce the concept of market segmentation first, then and .
The marketing mix in marketing strategy: Product, Price, Place and Promotion The marketing mix is the set of controllable, tactical marketing tools that a company uses to produce a desired response from its target market.
It consists of everything that a company can do to influence demand for its product. HOME Free Essays Marketing Plan for MarryBrown.
Marketing Plan for MarryBrown Essay. A. Pages:9 Words Pricing strategy in marketing combines with other principles which are known as product strategy, place strategy and promotion strategy so that a new set of product can penetrate into market in a short period of time and build.