Preview

Marketing Strategy & Plan Development

Powerful Essays
Open Document
Open Document
13533 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Marketing Strategy & Plan Development
Chapter 1. Marketing strategy and marketing planning
Simply put, customers are no longer a given — the fact that company produces commodity doesn’t mean anyone will buy it. In order to continue to thrive, companies must acquire and keep customers. Because it is the only business function that deals directly with customers, marketing and sales has become an area of increasing focus for companies of all sizes.
Every company conducts strategic planning through the course of its activity. The marketing strategy focuses on markets and customers and is just one part of business strategy. Business strategy takes a broader view that includes other business functions such as manufacturing and operations, finance, quality, purchasing and supply chain, and information and communication technology. For example, a business objective may be to increase sales. Marketing objectives to achieve this would be to reach new customers, promote repeat buying among existing customers and launch new products. [1]

1.1 Marketing strategy definition and purposes
Marketing strategy is 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. [2] Marketing strategy includes all basic and long-term activities in the field of marketing that deal with the analysis of the strategic initial situation of a company and the formulation, evaluation and selection of market-oriented strategies and therefore contribute to the goals of the company and its marketing objectives. [3]
Marketing strategy involves careful scanning of the internal and external environments. Internal environmental factors include the marketing mix, plus performance analysis and strategic constraints. External environmental factors include customer analysis, competitor analysis, target market analysis, as well as evaluation of any elements of the technological, economic, cultural or political/legal

You May Also Find These Documents Helpful

  • Better Essays

    Mkt 421 W2 Marketing Mix

    • 1487 Words
    • 6 Pages

    A marketing strategy is the combination of the target market, or the customers the marketing is intended to reach, and the marketing mix. Product, price, place, and promotion are components of the marketing mix, or the four p’s, which create a value for the customer (Perreault, Cannon, & McCarthy, 2009). For this reason, the customer, who is not part of the marketing mix, is the center of the target, surrounded by the elements of the marketing mix. The ultimate goal of a marketing strategy is to create value for the customer, which allows the organization to increase customer satisfaction and results in repeat customers and additional equity for the organization (Armstrong & Kotler, 2009).…

    • 1487 Words
    • 6 Pages
    Better Essays
  • Good Essays

    Firstly, a marketing strategy is a plan that is used in the long term to achieve a business or organisations objectives. Furthermore, a marketing strategy may also be defined as a plan designed to meet marketing objectives. For example, a company may set the following marketing objective: “To be able to satisfy customers through our products.” The next step is the planning procedure otherwise known as the marketing strategy used to meet the business or organisations objectives. It is important that the terms: “marketing strategy” and “marketing technique” are understood clearly. Likewise, the term “marketing technique” may be defined as an overall plan designed to meet the needs and requirements of customers. A business should ensure…

    • 850 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Mark2051 Notes

    • 4723 Words
    • 19 Pages

    What is marketing strategy? The process of matching the organisation’s strengths to the customer needs, with the aim of achieving a competitive advantage in the market. The combination of product, price, distribution and promotion most suited to a particular group of consumers. • Goal: the create a sustainable competitive advantage in the market • All the elements of the marketing strategy that lead to the development of the competitive advantage require good understanding of consumer behaviour Marketing strategy process: • 1. Segment: understand consumers a. Determine the dimensions (age, geography, subculture) b. Determine the heterogeneity c. Define the needs & goals 2. Target: choose consumers a. Evaluate each segment in relation to organisational strengths and weaknesses b. Choose the segment with the highest potential for strategic match (organisation strength – customer needs) 3. Position: offer utility differentiate prevent copy a. Designing the company’s offering and image so they occupy a meaningful and distinct competitive position in the target customer’s minds Marketing Levers…

    • 4723 Words
    • 19 Pages
    Good Essays
  • Better Essays

    Develop a Marketing Plan

    • 3175 Words
    • 13 Pages

    The Head office of Bounce Fitness located in Cairns, Queensland was established in 2001 by Margaret. Two years later membership increases demanded the small leased centre be expanded and a new facility was built on land purchased by organization. In 2004 a second centre was established in leased premises in Brisbane (Queensland) and then Sydney (New South Wales) and Melbourne (Victoria) in the subsequent two years. An a new intention is to establish a new centre in Perth (Western Australia).…

    • 3175 Words
    • 13 Pages
    Better Essays
  • Powerful Essays

    Unit 3 P1

    • 1803 Words
    • 8 Pages

    A marketing strategy is a detailed plan of the marketing initiatives that a business intends to conduct during a set period of time. When supported by a constant system of evaluation, a marketing strategy will help a business to determine areas that need to be focused or which methods work best. In this information booklet I will be discussing the marketing strategies Tesco and Coca-Cola use to benefit their business.…

    • 1803 Words
    • 8 Pages
    Powerful Essays
  • Better Essays

    Drinks2U Assignment 2

    • 966 Words
    • 4 Pages

    The purpose of a marketing strategy is to help a company make as much profit as they can…

    • 966 Words
    • 4 Pages
    Better Essays
  • Powerful Essays

    Boost Juice

    • 3016 Words
    • 10 Pages

    The marketing strategy (Lusch, 1987) is collected from market research and product mix, in order to maximize the largest profit and maintain the stability of the business. The marketing strategy is basic cornerstone of a marketing plan. The marketing plan (Lusch, 1987) focuses on the idea of innovation by using brand new marketing mix to target the potential customers in the…

    • 3016 Words
    • 10 Pages
    Powerful Essays
  • Satisfactory Essays

    Marketing Plan

    • 813 Words
    • 4 Pages

    Strength + WEAKNESS  Internal Analysis = (resource analysis (financial, human, capital, raw material and products), skill analysis…)…

    • 813 Words
    • 4 Pages
    Satisfactory Essays
  • Good Essays

    Marketing Plan Basics

    • 9912 Words
    • 40 Pages

    The Marketing Plan is a highly detailed, heavily researched and, hopefully, well written report that many inside and possibly outside the organization will evaluate. It is an essential document for both large corporate marketing departments and for startup companies. Essentially the Marketing Plan:…

    • 9912 Words
    • 40 Pages
    Good Essays
  • Powerful Essays

    A marketing strategy stands as the foundation of an organizations success. It should be a dynamic and interactive process that if utilized effectively can allow an organization to focus its resources on the most obtainable opportunities. A good marketing strategy has several key components. These components all lead to accomplishing goals, increasing sales, and grasping a sustainable advantage over competitors. Marketing strategies includes basic and long-term goals in the field of marketing that deal with the analysis of consumers, competitors, and…

    • 2331 Words
    • 10 Pages
    Powerful Essays
  • Better Essays

    A solid marketing strategy provides a roadmap to creating and delivering true value to distinct groups of customers. All successful marketing strategies must begin and end with the customer, they cannot be an afterthought or taken as a given, so marketers must test their assumptions about their customers constantly. These are the thing that goes into a marketing strategy. A cohesive combination of: Targeting—to whom are you going to market your products and services? Positioning—how are you going to differentiate yourself from competitors? Product/Service Attributes—what attributes/features will the product/service have? Marketing Communications—how are you going to reach the target and with what message? Pricing—what price will you charge the target? Distribution—what channels will you use to sell the product or service? Customer Service—how will you manage additional customer needs? Of these components, targeting and positioning are the two most critical elements (Burgemeister, 2003).…

    • 2128 Words
    • 9 Pages
    Better Essays
  • Satisfactory Essays

    Exporting: Developing a Marketing Plan BUSS154 ONL – Spring 2013 Week 1 Developing a Marketing Plan Learning Objectives:    Writing a marketing strategy Researching foreign markets…

    • 526 Words
    • 7 Pages
    Satisfactory Essays
  • Powerful Essays

    Market: A market is any one of a variety of different systems, institutions, procedures, social relations and infrastructures whereby businesses sell their goods, services and labor to people in exchange for money. Goods and services are sold using a legal tender such as fiat money. This activity forms part of the economy. It is an arrangement that allows buyers and sellers to exchange items. Competition is essential in markets, and separates market from trade. Two persons may trade, but it takes at least three persons to have a market, so that there is competition on at least one of its two sides. Markets vary in size, range, geographic scale, location, types and variety of human communities, as well as the types of goods and services traded.…

    • 5014 Words
    • 21 Pages
    Powerful Essays
  • Satisfactory Essays

    Developing Marketing Plan

    • 1634 Words
    • 17 Pages

    Developing Marketing Plan PLANNING • Process to develop a strategy to achieve desired objectives, to solve problems, and to facilitate action. • A systematic process of forecasting the future business environment and deciding on the most appropriate goals, objectives and positions for best exploiting that environment. • Planning is an activity and a process = formalised MARKETING PLANNING “Marketing Planning is the process of developing marketing plan incorporating overall marketing objectives, strategies, and programs of actions designed to achieve these objectives. “ “Provides clear and unambiguous statement [of intent] about the strategies and actions that will be implemented, by whom, when and with what [anticipated/required] outcomes.”…

    • 1634 Words
    • 17 Pages
    Satisfactory Essays
  • Powerful Essays

    The subject of a term paper is actual since for many enterprises marketing strategy is the major strategy as it provides validity of a market orientation of the enterprise.…

    • 6743 Words
    • 24 Pages
    Powerful Essays

Related Topics