In this part of the assignment, I am going to write about key principles of strategic marketing and its relationship with overall corporate strategy. I will also try to find out how it helps an organisation to achieve its prime competitive objective over its immediate rivals.
Marketing Strategy and Mission Statement Planning is an important component of every business. The situational analysis helps the business determine its existing resources, strengths, and capabilities compared to those of its customers.
The situational review also helps the company form its mission, vision, goals, objectives, and strategies in a number of key areas of operations. One of the key areas that the situational review assists in is in designing customer oriented marketing strategies that will help the business to achieve its marketing objectives.
A marketing strategy is therefore an important component of the overall business strategy because it helps the business to gain a competitive advantage by differentiating its products and aligning the marketing activities to the mission of the organization.
The marketing plan is a document that outlines how the business will implement, evaluate, and control its marketing efforts. The marketing plan serves a number of functions. Therefore, the plan serves as a roadmap to help the managers to implement their marketing strategies.
Secondly, the marketing plan outlines the tasks involved in design the marketing strategy as well as the resources to be assigned to each of the tasks. The marketing plan also gives the timing of all the marketing activities Schnaars, According to Schnaarsthe main focus of marketing strategies is manipulate the variables of the marketing mix, that is, the product, price, a place, and the promotion strategies so as to achieve the objectives of the organization.
There are four steps in setting the marketing strategies: Defining the business involves setting the vision of the business. The vision outline the broad goals that the company would like to achieve in future. Secondly, the process of setting the mission tries to define why the business exists and how it will meet the needs of its target market in order to meet its long-term objectives Schnaars, Thirdly, developing functional plans is involved with outlining the tasks that will help the business in achieving its objectives.
Finally, budgeting is concerned with the resources that the marketing department will have to implement the marketing plan. A good strategy must outline the marketing mix objectives that it wants to achieve. The four elements of a marketing mix are the product, price, a place, and the promotion strategies.
Firstly, product strategy is involves deciding the product or services that the business will offer to the customers and the need that this will satisfy. For restaurants, the marketing mix will involve determining the menu mix that the business will offer to its clients.
The product mix should also take into considerations like the customer service and quality to satisfy all the needs of the clients Percy, Electronic Arts - Marketing Concept Essay - MARKETING CONCEPT IN ELECTRONIC ARTS TERMS OF REFERENCE The report will present an implementation of the marketing concept into business strategy of Electronic Arts.
The report will evaluate the benefits and cost of the marketing approach in Electronic Arts. A marketing strategy is therefore an important component of the overall business strategy because it helps the business to gain a competitive advantage by differentiating its products and aligning the marketing activities to the mission of the organization.
Marketing research demands Promotion and distribution of the merchandise to its mark market is really indispensable to the selling mix.
A mark market of monetary value witting clients can be influenced by advertisement runs that places the company in consumers mind as value oriented merchandise. Unrestricted Society’s marketing strategy.
This report will provide an overview of Unrestricted Society’s current marketing strategy and the five year marketing plan for the company.
It will provide an in depth analysis of the Continue reading “Unrestricted Society’s marketing strategy”. Lenovo, one of the successful firms of China, has been a global company. To identity the reasons and factors of success, we handled the report. The plan analyzed the product offering and life cycle, marketing strategy, target market, positioning, marketing mix as well as implementation and control.
It also made use of strategic clock, BCG matrix and Ansoff Matrix to help evaluate the strategic direction of the company and proposed recommendations.