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Developing marketing strategies and plans - Essay Example

To create good marketing strategies that adapt to the realities of the marketplace companies must be flexible. Marketing involves satisfying the needs and wants of the customer.Successful companies are able to deliver customer value while at the same time earning a profit. In the traditional view of marketing a company produces something and then sells it. This view does not consider markets in which consumers have choices. To succeed in such a market companies must design products that adapt to the needs of the customers. Nirmalya Kumar “3V” approach to marketing states: 1) define the value segment or customers; 2) define value proposition; 3) define the value network that will deliver the promised service. The value chain was created by Michael Porter as a tool to identify ways to create more customer value. The value chain has five primary activities and four support activities. The five primary activities of the model are inbound logistics, operations, outbound logistics, marketing and sales, and service. The four support activities are firm infrastructure, human resource management, technology development, procurement. The holistic marketing view integrates the value exploration, value creation, and value delivery activities in order to build long term relationship with all stakeholders. The marketing plan is the central instrument for directing and coordinating the marketing effort. The two levels of the marketing plan are strategic and tactical.

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To create good marketing strategies that adapt to the realities of the marketplace companies must be flexible. Marketing involves satisfying the needs and wants of the customer.Successful companies are able to deliver customer value while at the same time earning a profit…
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