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Successful marketing stories - Essay Example

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Successful marketing stories Name: Institution: Abstract Many organizations seek success. Several factors like excellent information systems, qualified workforce and modern technology all contribute to business success. However, today’s successful companies have one thing in common; they are strongly customer oriented and heavily invest in marketing of their products and services…
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Download file to see previous pages Companies like Apple have attained brand equity through constant innovation and excellent customer service. Apple products like iPod are built on advanced communication technology and additional features like e-mail and messaging capabilities, which have increased the level of customer satisfaction. Apple has been able to segment the market by offering products that meet the different customer needs. Apple has been able to implement technology and innovation in all the marketing mix elements such as the price, promotion, place and product. Successful marketing stories Introduction Marketing is practiced nearly in every business in the world regardless of the size of the business or the nature or industry in which the business operates (Hartline & Ferrell, 2010). The basis of all marketing activities is to create and deliver value to the customer (Hartline & Ferrell, 2010). Customer value can be defined as; the difference between the value the customer gains from owning and using the product and the costs of obtaining the product. The first thing all marketers should remember is that successful marketing starts with identifying the right market for the products and services, and designing the appropriate marketing communication messages which are tailored to the particular market and target customers (Hartline & Ferrell, 2010). The marketer should also choose the right communication media, which can either be audio or print, hence, the channel selected should effectively deliver the message to the target customers (Shimp, 2008). The marketer should also strive to do a follow-up of the effectiveness of the marketing strategies by evaluating either the growth in business revenues or market share. This paper will discuss the marketing principles and strategies which successful organizations have used to gain a leadership position in market share in the industry. Marketing is to most sensitive function of the organization since it deals closely with the customers, hence, creating customer value and establishing good working relationships with the customers is the heart of modern marketing efforts. The paper will discuss the principles of marketing, and how the business can utilize them to gain a competitive edge over the competitors. Thesis statement The success of the business is dependent on the marketing strategies used by the business. Elements of marketing strategy The marketing strategy of a business is composed of various elements which interrelate. The key element is the market selection and the product planning which is choosing the product line and the product offerings for the target market. A firm can either choose a single market strategy or multi market strategy. In a single marketing strategy, the firm will concentrate its efforts in serving a single unique market segment while avoiding competition with the dominant players (Hartline & Ferrell, 2010). In a multi marketing strategy, the firm will serve several distinct markets, hence, the firm should carefully select the target markets which are viable. In a total market strategy, the firm will offer differentiated products to different market segments; hence, it should utilize the marketing variables like the price, promotion, product and distribution strategies in competing effectively in the entire market (Hartline & Ferre ...Download file to see next pagesRead More
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