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Marketing - Assignment Example

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Summary
The world of business is highly competitive in nature. For the purpose of generating and deriving their own competitive advantage companies often engage in a variety of tactics. One of the most common tactics is the SWOT analysis. …
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Marketing

Download file to see previous pages... The SWOT analysis represent the analysis of factors of strength, weakness, opportunities and threats that are existing in the marketplace with regards to the characteristics of the organization. It is highly relevant to say that the strength and weakness can be categorized as internal factors of evaluation for an organization. On the other hand, the issues of opportunities and threats are categorized as external factors and are always analyzed with regards to the happenings and influence coming from the external environment (Pride and Ferell 33).
In very layman terms, marketing can be explained as an activity which comprises of the process of value generation, value communication, value distribution and value delivery to the consumers. Marketing is often represented as the activity which comprises of smooth application and integration of the 4Ps of marketing like product, place, promotion and prices (Pride and Ferell 4). Matching the 4Ps of marketing with the equation of value, it can be said that product represent value generation, place represents value distribution, promotion represents value communication and price represents value delivery and capture. It is very important for a business to implement the various variables of marketing in the right time but in a new and innovative manner so as to leverage the maximum amount of competitive advantage that can be extracted for the business.
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crucial activity in any business, since it plays the lead role in communicating the values of the company or organization’s products or services to the desired set of clients and customers. For the purpose of sustaining in the market, it is very important for a company to focus on its revenue earning strategy and thereby develop a significant competitive edge. It can be said in direct link up that for the purpose of generating a steady cash flow process, it is imperative that the organization’s products and services attain high sales volume in the market place. It can be said that for the purpose of selling a product or service, having a proper and effective STP strategy is highly important. STP which denotes segmentation, targeting and positioning helps the organizations in a market place to focus on the process of aiming the right set of customers. Talking in a more simplistic manner, it can be said that the segmentation of a particular set of population helps the companies to identify the right group of customers who have the needs to buy the particular line of products and services. The method of targeting represents the process of aiming the right set of identified customers by the firms to attain a significant growth in sales of the firm’s products and services. The picture provided below represent various kinds of segmentation strategy employed by the firms. Source: Pride and Ferrell 160 It is highly imperative to mention that in this stage, the strategic decision makers of the company tries to identify the potential buyers for the firm’s products and services, while analyzing their individual consumer behaviour as well as demographic profile and purchasing power capacity. Finally, while discussing on the factor of positioning, it can be highlighted that ...Download file to see next pagesRead More
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