Marketing
Marketing is the process of planning and executing the concept, price, promotion, and distribution of ideas, goods, and services to meet individual or customer and organizational objectives. The five important concepts in marketing are production concept, product concept, selling concept, marketing concept, and holistic marketing concept. In the product concept, managers will focus on improving quality, performance, and innovative features, and time is spent purely on making superior and innovative products. In the selling concept, aggressive selling and promotion efforts are undertaken with the view that buyers will not simply buy.
In the marketing concept, managers focus on creating, delivering, and communicating to the customers in an effective way than the competitors do. The holistic concept is based on the development, design and implementing of marketing programs, process, and activities that recognizes their breadth and inter-dependencies. This approach recognizes that “everything matters.” Fur components of holistic marketing are relationship marketing, integrated marketing, internal marketing, and social responsibility marketing.
Marketing is defined by AMA as “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large”. (Definition of Marketing: Marketing 2007).
Marketing Strategy
Marketing Strategy is intended to define business goals and activities to achieve the desired target. Strategic marketing includes all the activities for achieving market growth. Such as it involves activities such as building brand equity; developing brand propositions; identifying marketing opportunities; using marketing to understand, communicate, create and deliver value to the customers. Thus marketing strategy helps to understand how to build and deliver brand equity.
Selected marketing strategy is analyzed and changes will be taken in the required areas and then marketing mix decisions are adopted. Marketing mix involves decisions regarding product, place, price, and promotion.” One of the most important concepts of the marketing planning process is the need to develop a cohesive marketing strategy that guides tactical programs for the marketing decision areas.” (Principles of Marketing: Types of Marketing. 2008, p.4).
Marketing plan
In the marketing strategy development, the first step is to make a strategic marketing plan and identify the challenge and describe the product to be market and set target sales figures and decide strategic goals.” A Marketing Plan is a written policy of a market strategy, how long it is going to take to implement and complete.” (Marketing Plan Template 2006).
Managing the Environment
After the preparation of the detailed marketing plan, the environment analysis must be conducted. The marketing environment surrounds and impacts the organization. There are three key perspectives on the marketing environment, namely the ‘macro-environment,’ the ‘micro-environment, and the ‘internal environment.” (The Marketing Environment: What is Marketing Environment. 2008). It involves Organisation study, customer analysis, competitor analysis, collaborators, and macro-environmental analysis or PEST Analysis. PEST involves political, economical, social, and technological factors affecting the organization.
Political factors consist of government rules and regulations, legal issues, etc. Economic factors include the cost of capital of the company and purchasing power of the prospective customers. For example inflation, exchange and interest rates, national economic growth. Social factors include demographic and cultural aspects. It includes factors such as customer needs and the size of the potential market. For example health and career attitudes, population growth, age distribution, safety-conscious, etc. Techno helps lower in lowering enhancers, enhancing production level and influence in outsourcing decision.
For example: R&D activity, technology automation, technol,ogy incentives and rate of technological changes. After that SWOT analysis is done to know the companies strength, weaknesses, ties, weaknesses, SWOT-analysis SWOT analysis helps to understand the internal attributes such as strength and weakness of the company and external environment analysis help to understand the opportunities and threats of the company.”
Market Segmentation
In the Market, a segmentation company can segment the market based on price sensitivity, the company’s expectation, requirements, percent of sales, etc. Market Segmentation is ”To divide a market by a strategy directed at gaining a major portion of sales to a subgroup in a category, rather than a more limited share of purchases by all category users”. (Lake 2008).
Conclusion
Marketing strategies are developed for the present strategy and will be considered in the required situation. Alternative Strategy is also developed along with present marketing strategy. It will be helpful in the uncertain situation in the market. It may consist of decisions such as re-branding, discontinuing of the product, or positioning as a value product or premium product. Thus it is continuous ongoing process.
Bibliography
Definition of Marketing: Marketing. (2007). American Marketing Association: Marketing Power. Web.
LAKE, Laura. (2008). Marketing Segmentation: Definition. Web.
Marketing Plan Template. (2006). Northern Territory Government: Business. Web.
Principles of Marketing: Types of Marketing. (2008). Know This.com: Knowledge Source of Marketing Since 1998. 4. Web.
The Marketing Environment: What is Marketing Environment. (2008). Marketing Teacher. Web.