Theories of Marketing Strategies - Research Paper Example

Running Head: Theories of Marketing Strategies Theories of Marketing Strategies Due to globalization and industrialization, the business environment today is very competitive. Many organizations that provide the same products to the market have been established. Therefore, it is essential for organizations to adopt mechanisms that will allow them to concentrate their limited resources on opportunities they come across. This will enable them to attain market control by achieving sustainable competitive advantage over their business counterparts and thus increase their sales. Companies, partnerships, sole proprietorships and other businesses strive to cut for themselves a niche in the market. To achieve this goal they employ marketing strategies to enable them attain customer satisfaction. Today’s business environment is totally different from the traditional one. Technological advancement has completely changed the phase of customer demands. Nowadays customers demand for the supply of sophisticated goods and services which comply with the latest technology in the market. Therefore, to gain market control it is crucial and essential to fully satisfy the needs and desires of customers (Neal & Quester, 2006). Marketing strategies enable organizations to achieve dominance over a targeted market niche thereby increasing their sales. This is because marketing strategies help organizations to focus their resources and energies on activities that will definitely lure the attention of potential customers. Marketing strategies emulate marketing goals stipulated by an organization and portray a mechanism of achieving them within a given time span. Moreover, marketing strategies combine marketing control elements such as product development, distribution, promotion and pricing among others thereby enabling organizations to attain their vision (Neal & Quester, 2006). Furthermore, organizations are able to allocate their resources accordingly. This enables them to identify appropriated target market segments, marketing mix and position. In the process organizations effectively engage with their customers by implementation of efficient corporate strategies, goals and mission thereby competently dealing with the market competition (Neal & Quester, 2006). Therefore, this research paper will elaborate on theories of marketing strategies that enable organizations to achieve market control. The first step of implementing marketing strategies into the culture and structure of an organization comprises of drafting a marketing plan. Marketing plans define mechanisms that can be used to establish a stable and long lasting relationship between the organization and its customers. For instance, use of low cost production methods to lure a wider scope of customers or production of higher-margin products that enhance customer’s interaction with the products thereby creating an opportunity for development of a healthy relationship between the organization and its customers. It is also advisable to formulate business objectives and plans that can be tested, monitored and evaluated to determine their effectiveness (Hunt, 2002). Next, organizations should establish consumer-centric business to enable them center their operations towards benefiting their customers. For instance, Consumer Package Good (CPC) companies utilize most of their time searching for opportunities that will guarantee the growth of their organizations such as identifying the market trend and customer specifications. Therefore, organizations should strive at providing quality services to their customers. This can be achieved by engaging in thorough market research to understand customer needs and figure out how to fulfill them (Hunt, 2002). Furthermore, organizations should identify communication channels that link them to their customers. This will encourage customers to provide their feedback on the products provided thereby enabling organizations to acknowledge their queries and identify appropriate measures that will effectively address them. This can be achieved by establishment of care centers whose main function is to gather customers’ feedback, listen to their queries and device mechanisms of dealing with their complaints (Hunt, 2002). Efficient managers will subject their subordinate staff members to training programs such as customer handling orientation to increase their competence on handling customers for instance providing good after sales services. This will improve the quality of services given to customers because the care centers will be manned by top qualified personnel. Customers are the main stakeholders of a business therefore they need to be served diligently because the future of an organization, for a fact, lies in their hands. According to Bruce (2007), organizations cannot control market competition and business environment. However this is untrue because in one way or another, a business is able to control the kind of competition it faces. If a company for example, offers quality products, good after sale services and generally treats its customers in a fairly good way, then it will be in a better position of controlling the market. This is because customers prefer to deal with organizations that offer tailor made goods or services as this accentuates their satisfaction. In the process the market scope for the organization increases. Well served customers indirectly market the goods and services provided by an organization by introducing their associates to the company products. A continued acquisition of other businesses’ customers as a result ensues. This translates into a superior position in the market ranking because of increase in customer confidence, trust and loyalty to the company’s products. However, this should not be taken as a guarantee because there are customers who are already loyal to certain brands or products. Therefore, organizations should also strive at attaining market dominance. Implementation of marketing strategies ensures organizations attain market dominance. A good treat to customers here is of course that is a must do. But, the chances of success are considerably minimal given the anthill task that would be waiting. It is a fact that people prefer to use products that they are already accustomed to. In the same breath, other companies could equally be engaged in the same services. That is, as of then, almost all companies have serious care centers that focus on how best to handle customers with a view of attaining control of the market and its operations. In light of the above bottleneck, it must not be confused that a company can enter into a very competitive industry and come out on top. If well managed, as time goes, a small business can grow and develop to high levels though it will require time to achieve such success. Huge investments may be called for in terms of advertisement and other requirements like establishment of new plants. Market dominance aims at luring, getting, keeping, and satisfying the customers above their expectations. This plays a big part in ensuring customers gain trust in the brands or products provided by an organization. For instance, in an already competitive industry like the automobile case, the only way is to provide something truly special as regards to customer perceptions. A company is to provide a low cost car that combines all the desirable features mostly dictated by the available technology in the market. This will lure a larger scope of customers thereby increasing the sales of the organization. According to Bunker (50) marketing dominance can be achieved through wrestling its control from an existing dominant entity. As an illustration, in Africa, governments still engage in provision of several services to the public. This presents an affront on the private sector. An emerging business can engage in the provision of quality service and easily dethrone the government. This is especially so due to the inefficiencies underlying government services in the African region. In this case the quality aspect can be useful in taking market control. But this can only happen if, and only if, the government provides room for such ventures. On the other hand Wallace (1997) argues that, market dominance can be achieved through acquisition of patents and copyrights. Use of patents gives organizations perfect opportunities of controlling the market because no other entity can reproduce the works of that business unit. However, the organization should also aspire to provide high quality services/goods because it will be able to set the prices of its products. This ensures that its counterparts can only apply minimal influence in the market competition. From the above, it is quite evident that implementing marketing strategies in the culture and structure of an organization ensures the organization attains market control. Provision of quality services enables organizations to fully satisfy customers demand, needs and desires. Organizations are also able to gain customer confidence, trust and loyalty thereby increasing their sales due to expansion of their market scope. Marketing strategies also enable organizations to gain market dominance and therefore strive in the stiff market competition. Such organizations are thus in a better place of identifying the market trends and appropriate customer targets. Therefore, they are able to achieve sustainable competitive advantage over their business counterparts because of concentrating their limited resources on opportunities they come across. Works Cited Bruce, D. Marketing in the 21st Century: Company and Customer Relations. Linda M. Orr Electronic Journal. 2007. Retrieved December 7, 2009, from http://books.google.co.ke/books?id=yHvdrk6lydkC Bunker, G. Peasants against the State: The Politics of Market Control in Bugisu Uganda. University of Illinois Electronic Press, USA. 1991. Retrieved December 7, 2009, from http://books.google.com/books?id=W8jUn Hunt, S. D. Foundations of Marketing Theory: Toward a General Theory of Marketing. Armonk, NY: M. E. Sharpe. 2002. Neal, C & Quester, P. Consumer Behavior: Implications for Marketing Strategy. 4th Ed. Australia: McGraw-Hill. 2006. Wallace, H. Market Control in the Aluminum Industry (). Cambridge: Ayer Press. 1997. p. 99-110. Read More