Marketing strategy as a concept - Essay Example

Marketing Strategy as a Concept Marketing Strategy as a Concept Concept of Marketing Strategy A marketing strategy defines the plan of the organization with reference to attracting new customers, expanding existing market, or taking market lead. It is a comprehensive and succinct plan by the business that entails key details necessary to market the business. Formulating a marketing plan would realize the goal of creating a strong and desirable product reputation in the market. A marketing strategy provides a detailed description of the business in terms of its services or products in the market. A comprehensive marketing strategy that would ensure the targeted market consists of customers who have the highest demand for it. That helps the business to make a great investment in the market. It explains the market position of the business’ products or services and planned strategies of improvement. It outlines the customer profile and details in regards to factors that may affect the demand and services of the business. It outlines the viable tactics that the business may use to gain market dominance and customer rating. Among the details that may be applicable to a business is the strategy that the business plans to apply in reaching a new or currently dormant customer segment in the market. It outlines the approaches that the business intends to use in creating awareness of the products and services in the targeted or existing market. Strategic planning may be viewed in terms of strategy as design or plan in which the organization deliberate positioning through a process that involves analysis, rational structuring and attaining a directive. The plan is imperative in control and performance monitoring. It helps the organization attain security and logic while promoting its goods and services in the market. Strategy may also be defined form the perspective of ideas in which there is emergence of uniqueness that emanates from variety and diversity in and around the organization. From the perspective of experience, strategy refers to the development of outcome of individual experiences. Strategy serves diverse purposes. First, it presents a structured context within which managers can think and analyze the challenge. It promotes forecasting as well as presents a context for communication and coordination of ideas. The strategy is important in control and performance monitoring. In addition, it provides an assurance of the security and rationality. Objectives of Marketing Strategy To outline the Marketing Goals A workable marketing strategy consists of implementable and workable goals set by the management of the business. The set goals should be specific in regards to what the business intends to achieve. Remarkably, the goal should be measurable through their results. The business should set the goals based on its ability to access resources and implement them effectively. Furthermore, the business should set highly relevant goals of promoting the products in the market. They should be attainable based on the period set by the business. To Conduct Market Research A marketing strategy should be based on detailed and comprehensive market research that ensures the strategy remains applicable. The research should detail all relevant information on the current or targeted market. Relevant aspects of the market that should be detailed in research include social trends. Social trends affect the demand or supply of product or service. It, therefore, constitutes a vital aspect that should form a central aspect of market research. Furthermore, social trends in the market reveal transformations overtime. An investigation of the social trends helps the business attain updated information on the changes that occur in the market and that may influence demand or supply of the good and services of the business. Market research details the size of the targeted or potential market. Research may also reveal the size of the targeted market and possible changes or fluctuations that may affect the product or services. Market growth is equally an important aspect that should form part of research findings. In addition, the market demographics are vital information that should form part of the market research findings. Demographics include statistics and information on particulars such as age or gender of the potential or targeted customers. To Outline the Customers’ Profile A comprehensive marketing strategy should articulate the profile of potential or targeted customers. The profile would help the business identify unique needs and features of the customers. Revenant information on the customers that are useful in marketing includes their buying patterns. Similarly, the profile should reveal the types of products or services that the customers prefer and when. Every marketing strategy should identify new trends in the market and possible opportunities that the business should consider to promote its goods or services in the marketing. That is possible through regular review of the trends identified in the market. In an attempt to identify new customers, the business should consider improving its services to the existing clients or customers. To Outline Competitors’ Profile As part of the strategy, it is indispensable to research on the competing businesses or brands in the market. The strategy should have a comprehensive profile of the potential competitors operating in the market (Shankar & Carpenter 2012, p. 41). It should detail the products of the competitors and pricings. Besides, the strategy should reveal the marketing tactics that potential competitors apply. A competitors’ profile should outline the strengths and weaknesses that the business intends to apply and gain a competitive edge or attain market lead. Related to that is the necessity for the business to identify its competitive advantage or other factors that allow success of the business. To counter the threat of competitors, the business should identify relevant measures to improve performance such as expanding the existing potential market or opening new markets. That forms the essence of having a competitors’ profile. To formulate Strategies to Attain of set Marketing Goals The strategy should outline a set of initiatives that the business intends to apply in attaining set goals. The business may evaluate among several strategies available and choose the right strategy. For instance, it may opt to use advertising or the social media at viable strategies to improve market dominance. The business may also apply initiatives such as offering discounts to customers. In essence, the strategies form the core of making a marketing plan. The plan intends to reach and positively influence target customers in the market. That amounts to increased sales or expanded market reach or population of potential customers. Formulating a Marketing Strategy The first stage is to formulate a working marketing mix. A marketing mix entails the exact activities that must be done to attain marketing the objectives. A marketing mix is vital to the entire strategy and acts as an implementation framework for the entire plan (Shankar & Carpenter 2012, p. 9). Formulating a marketing strategy, therefore, begins by drafting a resourceful marketing mix. The second stage involves evaluating the current product and in the current market. It is imperative to outline the current market. Among the major aims of the process is to find new customers based on information gathered about the existing market. Besides, this stage may entail an evaluation of the current product or service offered. Information gathered is important to set strategies for market penetration. The third stage is to evaluate the current product in a new market in an attempt to attain market development. Notably, market development involves getting new customers for the current product or service offered by the business. The fourth state entails designing strategies to achieve product development. In an attempt to achieve product development, the business intends to get a new product or service range in the current market. It may also involve strategies to improve existing products or services offered. The fifth strategy involves diversification. That entails introducing new products or services offered by the business into new markets. It is a challenge to introduce new products or services to new markets. Based on the intent of the business, the most important aspect is strategic planning. From a practical perspective, an organization would draft a strategic plan document through a chain of processes. It must ensure consultations with all the stakeholders engaged. The stakeholders must design their mission, which is to fit the most viable course of action. An evaluation of the business’ strength and weaknesses is vital. It defines the resources available to the business and identified capabilities. Besides, strategic planning will entail an evaluation of opportunities and threats. During that process, the customers’ needs and that of relevant stakeholders are taken into account. The business documents a profile of its competitors in the market. The final stage is an analysis of social, Economic, political and technological factors that may come into play during the planning. Strategic development process The process involves four levels. The first level entails consultation with the stakeholders. Second, it entails an audit of the organization’s operations and market achievements measured against its targets for the previous instance. Third, there occurs development between top and lower-level strategies. The fourth level entails a synergy between systems to enhance quality and formulation of relevant strategies. Cadbury Schweppes’ marketing strategy An example is Cadbury Schweppes’ marketing strategy. The mission is to have brands that are appealing to customers. Its core objective is to ensure long-term growth of stakeholder values. Cadbury Schweppes has set goals for its strategy including delivering high returns for its stakeholders, generating cash flows, and expanding its earnings per share. Bibliography Shankar, V & Carpenter, G. S 2012, Handbook of Marketing Strategy, Cheltenham, Edward Elgar Pub. Read More