...Organizations fail to implement a marketing plan into their business unit strategy because efforts are focused on production, and because marketing is expensive. In many organizations, marketing takes a backseat to innovation and development. Resources are focused on designing and building a product, brand, or service – the “fun stuff.” When that phase is complete, many firms are left scratching their heads, faced with the concept of actually selling the product. The marketing strategy is an afterthought to the production, when the two processes should be working in unison for the overall success of the company. Another reason for the lack of importance placed on marketing in the organizational hierarchy, may be, simply, that marketing is expensive. Half of a product’s overall cost may come from marketing. This is money spent in an area that may not provide results in a timely manner. It takes time to build a customer base, hence, the importance of having a marketing plan functioning alongside the production, financial, and other business plans. A firm that gives little importance to marketing either because of the costs associated with planning and implementing a marketing strategy or due to a lack of ability to see past the design phase, ultimately fails. Marketing helps sell products, which, in turn, generates profit for the company. Marketing also connects an organization to its customers. This is important, given the current business environment in which customers find...
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...What is Marketing Strategy? 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 strategic initial situation of a company and the formulation, evaluation and selection of market-oriented strategies and therefore contributes to the goals of the company and its marketing objectives. Effective marketing starts with a considered, well-informed marketing strategy. A good marketing strategy helps organization define vision, mission and business goals, and outlines the steps need to take to achieve these goals. Marketing strategy affects the way organization run entire business, so it should be planned and developed in consultation with team. It is a wide-reaching and comprehensive strategic planning tool that: * Describes business and its products and services * Explains the position and role of products and services in the market * Profiles customers and your competition * Identifies the marketing tactics will use * Allows building a marketing plan and measuring its effectiveness. A marketing strategy sets the overall direction and goals for organization marketing, and is therefore different from a marketing plan, which outlines the specific actions you will take...
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...Session 2 : Foundations of strategic marketing Can you say what your strategy is? Companies that don’t have a simple and clear statement of strategy are likely to fall into the category of those that have failed to execute their strategy or those that never had one. Often many employees are frustrated that no clear strategy exists for the company. Leaders of firms assume that the initiatives described in the documentation that emerges from an annual budget or a strategic planning process will ensure competitive success; they fail to appreciate the necessity of having simple and clear strategy statement that everyone can internalize and use. A well understood statement of strategy aligns behaviour within the business: it allows everyone in the organization to make individual choices that reinforce one another. With a clear definition an executives know what they’re trying to create and implementation becomes simpler as the strategy can be communicated and easily internalised. Most executives don’t actually know what all the elements of strategy statements are, which make it impossible for them to develop one. Mike Rukstad identified three components (objective, scope and advantage) of a good strategy statement and believed that executives should be forced to be clear about them. Any strategy statement must begin with a definition of the ends that the strategy is designed to achieve; the definition of the objective should include not only an end point but also a time...
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...To fully understand the importance of marketing and organizational success one must understand what marketing is. Marketing and marketing decisions are the key to an organizations success. Without the marketing process and marketing strategies an organization is sure to fail. To me marketing is the communication of products to a specific target market, and marketing plans are based on the four P’s of the marketing mix: product, place, promotion, and price (Perreault, Cannon, & McCarthy, 2011, p. 35). According to the American Marketing Association, “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, 2012). In addition, “marketing is the performance of activities that seek to accomplish an organization’s objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer to client” (Perreault, Cannon, & McCarthy, 2011, p. 6). The marketing process and marketing strategies are important in an organizations success. Without these important elements in marketing organizations are sure to fail. The marketing process consists of three important steps. The first step is planning marketing activities. The second step consists of directing the implementation of the plans, and the third step is controlling these plans (Perreault, Cannon...
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...International Marketing Word Count: 2500 [Name of the Writer] [Name of the Institute] Introduction The advancement in technologies has also enhanced the procedures and methods of marketing. The organizations are now adopting the global integrated marketing communication to reach the greater number of targeted customers. The organizations do not need to design marketing plan for each country rather they could look to adopt a standardized approach or can opt for an adapting strategy in order to meet the cultural, countries, communication and economic differentiations. The purpose of this essay is to understand the significance of global integrated marketing communication and to recognize the factors that should be considered in order to adopt standardization or adaptation approach for communication in international market. Standardization According to Kustin (2004), presenting the similar marketing strategies internationally is said to be the standardization approach. As stated by Vrontis & Thrassou (2007), the needs and wants of the consumer does not fluctuates among many of the countries. Moreover, the globalization has playing a great part in escalating the similarities and reducing the differentiations. However, adopting the standardization approach lower down the costs of the organization. Moreover according to (Lundeteg, 2012), standardzied strategy could also be termed as the one size fits for all strategy. The giant organizations and multinational organizations...
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...A research proposal on The impact of marketing In Consumer Behavior in Apple mobile phone in UK. Course work B Name: SID: WORD COUNT: Name: SID: WORD COUNT: Contents 1.0 Introduction 3 1.1 Research aim and objectives 3 1.2 Research Questions 4 2.0 Literature Review 4 2.1 Marketing Strategy 4 2.2 Marketing Plan 4 2.3 Marketing Mix 5 2.4 Differentiation and Segmentation of market 6 2.5 Generic strategy 6 2.6 Skimming and Penetration 7 2.7 Consumer Behavior 7 2.8 Theoretical Framework 8 3.0 Research Methodology 8 3.1 Framework-Attitude Theory 8 3.2 Research Approach 9 3.3 Data Collection 9 3.4 Sampling Techniques 9 3.5 Accessibility Issues 10 3.6 Ethical Consideration 10 3.7 Data Analysis 10 3.8 Limitations of the Study 11 4.0 Timetables 12 References 13 1.0 Introduction Marketing has a large influence over the consumer buying patterns as marketing motivate people to buy their product so that they can do business. Marketing identify the target market and the potential customer of that target market. It is a key source for customer acquirement as the consumer are whom generate profit for the organization. Apple follow a competitive marketing strategy as they hold a large market share in the world’s mobile phone. Apple become a giant in household technology because of their unique marketing strategy. Apple Inc. follow exclusivity technique in its marketing strategy which make them the giant in mobile phone industry...
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...2.2 MARKETING STRATEGIES Marketing has assisted in building organizational profitability through defining and maintaining customer satisfaction. Its concept has aided firms to achieve success in competitive markets throughout the world. To be successful in marketing in which economic growth has leveled and there exists many competitors and new innovations a well-developed marketing strategy is required. This strategy considers an organization’s mission and vision, parameters of products and anticipated actions of competitors in the targeted markets (McGrath, 2000). Ferrell et al, 2008 postulates that one of the greatest challenges and opportunities in marketing is change and strategies which are successful today will not work tomorrow. As such Steven Stalser, 2004 suggests that a strategy is not just a singular unchanged plan but rather a continual process of assessment, re-assessment and analysis which constantly provides direction to a firm. “Strategy is the direction and scope of an organization over a long term, which achieves advantage in a changing environment through its configuration of resources and competences with the aim of fulfilling stakeholder expectations” (Johnson and Scholes, 2005). A marketing strategy can be defined as “A strategy that integrates an organization's marketing goals into a cohesive whole. Ideally drawn from market research, it focuses on the ideal product mix to achieve maximum profit potential. The marketing strategy is set out in a...
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...nationally and globally. The organization accomplishes this feat by partnering with underserved communities to improve and maintain health care services and build healthier communities. MGH prides itself in being able to provide world-class patient care, conducts the largest hospital-based research program in the US, places an emphasis on teaching, and bases its approach to safety and quality on effectiveness, patient centeredness, timeliness, efficiency and equity. The company is guided by the needs patients and their families. (MGH, 2012) The marketing methods used by MGH create, communicates, and delivers value to the people, communities, and organizations that they target. These methods also create and manage relationships that benefit the firm. Marketing directly impacts the hospital as they establishes brand recognition, creates and retains customers, identifies customers, provides valuable information, saves time, establishes trust, and identifies and address problems with products, services, methods, personnel, or the marketing strategy itself. Marketing imprints the brand of the organization in the minds of customer, creates an awareness of its presence, and appeals to the senses of customers that seek out a particular brand for its services. Marketing differentiates the company, its products and, and its services from competitors, and directly impact the way the quality, image, company brand, and brand loyalty is perceived. Marketing strategies are used by firms in...
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...Strategic marketing in Tesco Plc Executive summary Tesco is one of the biggest names in retail and deals in a wide variety of products and services. By its effective marketing strategies it has been a great success and has been able to maintain its leadership position. The report aims at examining the strategic marketing of Tesco and seeks to find the ways in which it has been able to maintain its leadership position. In order to get suitable and reliable information of the operations of the company, secondary data from the company’s website, scholarly articles, reports, etc have been utilized. The report also uses various strategic analysis tools like PESTLE analysis and SWOT analysis to access the competitive position of the company and its internal as well as external environment. It has a strong leadership position in retail and its low cost strategy has been a great success to attract more number of customers. It has also operations in other countries where it has emerged successful by adapting to localization techniques. It is recommended for the organization to increase its international presence in order to derive more growth and profitability. This report highlights the strategic marketing of Tesco and the ways in which it has created a leadership position in the extremely competitive market and industry in which it operates. The market position of Tesco has also been accessed by the use of different strategic tools like SWOT analysis and PESTLE analysis. ...
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...Impact of marketing strategy on sales performance Introduction There is no doubt that marketing is the only way used in providing the right products or services to the right customer in the right time. Any marketer can’t achieve any sales growth without setting and establishing proper marketing strategies, which enable the company to achieve the highest level of profitability and increase its sales performance more than the other competitors of the same industry. Recently, it has become the most essential managerial process in the organization where it determines the different demands of customers and tries to promote their products or services to the target customers and make them satisfied, so they will increase their sales margins, as well as the net profits after selling the service or the product. According to Page and Baines (2008) marketing is considered a strategy conducted by firms in order to improve both the market share and profitability ratio. Therefore, organizational marketing departments try to employ some of strategies to promote its products whether in the local or the international markets. However, these marketing strategies must be customized according to the geographical areas and the demographics of the target customers in order to attract customers and increase the sales performance of the company. Company Overview United Media Services Company has its own services in publishing and advertising monthly magazines and annual outlets during various occasions...
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...Chapter 2 Chapter Objectives: 1. Explain companywide strategic planning and its four steps. 2. Discuss briefly how to design business portfolios and develop growth strategies. 3. Explain marketing’s role under strategic planning and how marketing works with its partners to create and deliver customer value. 4. Describe the elements of a customer-driven marketing strategy and mix, and the forces that influence it. 5. List the marketing management functions, including the elements of a marketing plan. COMPANYWIDE STRATEGIC PLANNING: DEFINING MARKETING’S ROLE The task of selecting an overall company strategy for long-run survival and growth is called strategic planning. Companies typically prepare annual plans, long-range plans, and strategic plans. Strategic planning is the process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing market opportunities. Refer to Figure 2.1 on pg. 63, which shows the 4 steps in strategic planning. 1. Defining a Market-Oriented Mission Many organizations develop formal mission statements. A mission statement is a statement of the organization’s purpose – what it wants to accomplish in the larger environment. A clear mission statement guides people in the organization. A market-oriented mission statement defines the business in terms of satisfying basic customer needs. See Table 2.1 (pg. 64) for market-oriented vs. product-oriented definitions...
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...Marketing Mix Shaunte Crump Marketing Mix Marketing is an important funcion to any organization. Marketing is defined as “planning and executing the conception, pricing, promotions, and distribution of ideas, goods, services, organizations and events. To create and maintain a relationship that will satisfy individual objective as well as the organizations. (Peters, S., 2005). Marketing is the driving force of any organization. There are four elements of the Marketing Mix product, place, price, and promotion. This paper will describe the four elements of the marketing mix, how each element is implemented in an organization, and how each element impacts the development of the organization’s marketing strategy and tactics. As an example we will use the organization that I work for Manufacturer Direct Sales Inc. Four elements of the marketing mix Four elements of the marketing mix include product, place, price, and promotion. Product is defined as “Bundle of physical, service, and symbolic attributes designed to satisfy a customer’s wants and needs.” (Peters, S., 2005). Place is defined as “Efforts to attract people and organizations to a particular geographic group.” (Peters, S., 2005). Price is defined as the exchange value for services and goods and promotion is defined a link between buyers and sellers that inform, persuade, and influence consumers to make a decisions regarding purchasing (Peters, S., 2005).Organizations use the four elements of the marketing...
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...Assignment #1: Marketing Model Model Marketing Marketing 506 (Intergrated Mkt Communication) Oct 23, 2012 1. Develop an argument regarding the significance of marketing to organizational success in the 21st century. Marketing plays an important role in creating a the solid position in the competitive market. Organizations are also able to build competitive advantage through effective marketing strategy. The importance of marketing for the business to be successful is so that firms can make appropriate strategies to gain advantages. In today’s competitive environment, the success of a business is solely dependent on the type of marketing. Most of the operations and aspects of the business are based on the successful marketing. Marketing covers different components such as personal sales, public relations, sales promotions and advertising. Marketing is the process through which, business firms introduce and promote the product and services to the potential customers. Without marketing, business firms can offer the products within its industry; they cannot sell it to the potential buyers in other countries and industries (Gitman & McDaniel, 2008). It is then very important for the business firms to make effective strategies for marketing of products. In the 21st century...
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