3.2 Role Of Marketing Plan In Corporate Strategy
Corporate Strategy refers to taking all those strategies which are related the profitability analysis, brand extension, market extension. Corporate strategy is also involved with the financial performance of an organization like reducing cost and increasing overall profit for the organization. It focuses on the means and tools of how the business can be increased in several markets. It also depicts how to develop several product lines at a time and extending the product line with the intention of entering new market thus improving the financial performance of an organization (Cravens, 1982).
Marketing strategy refers to building a specific plan for a very …show more content…
Target market can be determined as the market which consists of blue collar workers. So, Hilfiger is going to starts with business in Middle East specifically in Dubai.
So, for starting new operation in Dubai marketing strategy starts from the target market of that particular region. Here, marketing strategy has to identify the underlying needs of the target segment. For example, depending on the weather the need of the target segment of Dubai differs from that of other segments in USA or UK.
After need identification, Hilfiger has to work with the development of particular product for the particular target market.
Depending on the value proposition, Hilfiger has to determine other controllable variables of marketing mix.
Now, Hilfiger should have to go for formulating the other variables of the marketing mix like (promotional strategy, distribution channel, and pricing strategy …show more content…
Here, strong alliance with retailers should have to built in order to make the product available to the target market.
To make the marketing plan undertaken especially for the market of Dubai, sufficient amount of financial resources is needed. As the completion is high in Dubai, huge amount of money will be spent on promotional sector. So, without adequate financial resources nothing will work in that market.
Two types of human resources are needed. One is blue collar workers like workers associated with production unit, distribution channel, and promotional worker etc (Werner, 2014).
The other type of worker is the managerial worker who will be involved with the implementation strategy of the marketing manager and board of memebers of the organization.
Without technological support needed to launch the new product in the market of Dubai, it is like wasting of money leaving with profit below the targeted profit