1.1 WHAT IS MARKETING?
“Marketing is
the activity, set of institution, and processes for creating, communicating,
delivering, and exchange offerings have value for customers, clients, partners,
and society at large.”
MARKETING STRATEGY
Marketing
strategy is very important for developing any of the business. Without it, the
effort
of the business to attract customer is very random and very inefficient.
The
main focus of your strategy must make sure that your product should fulfill the
demands of the consumers and as well as it maintains the long term relationship
with those consumers. To achieve this, you will have to initiate flexible
strategy that respondents to change in customer demand and perception. It may
also give brand name to your product which helps you to run your business in
new markets smooth and efficient manner. First of all the main purpose of your
marketing strategy should be to identify the weather the target customer’s are
satisfied with your product and services of your business.
Once
you have created and implemented your strategy, try to identify the feed from
you customer and if any changes or improvement is required apply it for the
maximum satisfaction of customers.
This
helps you to identify that, where your strategy needs to be improved and how it
can be developed, so that it can be implemented for effective action . Before
applying any strategy in the business proper planning programs must be
organized within the members of the organization.
1.2 MEANING OF MARKETING STRATEGY
A
marketing strategy defines and describes the objective or planning through
which you are going to satisfy your consumer needs in the selected target
market. It does not involve written work but, it includes communication between
different departments, manager, executives etc.
In
fact it is a set of strategies that implied by the organization in order to
increase the growth and development of the business. Normally strategy deals
with the manner in which your organization plan to achieve the consumer satisfaction
and maximize the profit.
DEFENATION OF MARKETING STRATEGY
v “ MARKETING STRATEGY is a set of
specific and actions that outline and guide decisions on the best or chosen way
to create, distribute, promote, and price a product or service (manage the
marketing mix variables).”
v “A marketing strategy is a process
that can allow an organization to concentrate its limited resources on the
greatest opportunities to increase sales and achieve a sustainable competitive
advantage.”
v It is a process that can allow an
organization to concentrate its limited resources on the greatest opportunities
to increase sale and achieve a sustainable competitive advantage. A marketing
strategy should be centred on the key concept that customers satisfaction is
the main goal.
1.3 4P’s Of Marketing
The 4P’s are:
·
Product (or service).
·
Place.
·
Price.
·
Promotion.
A
good way to understand the 4P’s is by the questions that you need to ask to
define your marketing mix. Here are some questions that will help you understand
and define each of the four elements:
Ø Product/Service
·
What does the customer want from the product/service? What
needs does it satisfy?
·
What features does it have to meet these needs?
Ø Are there any features you have
missed out?
Ø Are you including costly features
that the customer won’t actually use?
·
How and where will the customer use it ?
·
What does it look like? How will customers experience it?
·
What size(s), color(s), and so on, should it be?
·
How is it to be called?
·
How is it branded?
·
How is differentiate versus your competitors?
·
What is the most it can cost to provide, and still be sold
sufficiently profitability? (see also price, below)
Ø Place
·
Where do buyers look for your product or service?
·
If they look in a store, what kind? A specialist boutique or
in a supermarket, or both? Or online? Or direct, via catalogue?
·
How can you access the right distribution channels?
·
Do you need to use a sales force? Or attend trade fairs? Or
make online submissions? Or send samples to catalogue companies?
·
What do your competitors do, and how can you learn from them
and/or differentiate?
Ø Price
·
What is the value of the product or services to the buyer?
·
Are there established price points for products or services
in this area?
·
Is the customer price sensitive? Will a small decrease in
price gain you extra market share? Or will a small increase indiscernible, and
so gain you extra profit margin?
·
What discount should be offered to trade customers, or to
other specific segments of your market?
·
How will your price compare with your competitors?
Ø Promotion
·
Where and when can you get across your marketing messages to
your target market?
·
Will you reach your audience by advertising in the press, or
on TV, or radio, or on billboards? By using direct marketing mail shot? Through
PR? On the Internet?
·
When is the best time to promote? Is there seasonally in the
market? Are there any wider environmental issues that suggest or dictate the
timing of your market launch, or the timing of subsequent promotions?
·
How do your competitors do their promotions? And how does
that influence your choice of promotional activity?
The 4P’s of marketing is just one of many lists
that have been developed over the year and whilst the questions we have listed
above are key, they are just a subset of the detailed probing that may be
required to optimize your marketing mix.
Amongst the other models that have been
developed over the years is Boom and Bitner’s 7P’s, sometimes called, the
extended marketing mix, which include the first 4P’s plus people process and
physical layout decisions.
Another approach is Lauterborn’s 4C’s which
presents the elements of the marketing mix from the buyer’s, rather than the
seller’s, perspective. It is made up of Customer needs and wants (the
equivalent of the product), Cost (price), Convenience (place) and communication
(promotion). In this article, we focus o the 4P’s model as it is the most well
recognized, and contains the core elements of a good marketing mix.
