Marketing: Executive Summary
Marketing is a management process through which the customers’ requirements are fulfilled by selecting and developing a product, supplying it through a distributional channel and involves development and implementation of promotional strategies and price determination. For example, Electronic giants such as Apple and Samsung develop new devices and applications at much quicker pace now and finds a way for it to reach in customers’ hands by promoting and advertising it through web, television and media. Marketing, thus is required in every business to succeed and getting this fulfilled by keeping in mind the customer’s need and satisfaction.
Fig.1 Marketing, leads to sales and growth. Retrieved from http://www.experiamarketing.co.uk/ …show more content…
Identifying competitive market advantage and allocating the resources according to consumer’s demand is a part of accomplishing marketing strategy.
Question 1. Role of Strategic Marketing: Marketing is one of the major aspects of a successful business administration as it affects all the activities in an organisation and coordinates other important factors in achieving growth and maximizing profits (Edmunds, 2015). Processes such as planning, decision making, selecting and pursuing market opportunities which further derives sustainable competitive advantage.
Strategic marketing helps create products and generate services which are providing maximum chances of growth and profit making opportunities. Strategic marketing helps in;
• Product development: Proper marketplace research, target customer and their requirements, what other competitors are doing and establishing ground for product development, is how marketing strategy leads to growth and …show more content…
Marketing strategy allows organisations’ to plan and budget the product advertising, reaching the deadlines for product distribution and create networking opportunities to sell the product by direct marketing or advertising the product on website, television, trade shows and malls.
Various elements of marketing strategy (Fig. 2),
a. Defining the channels for how to reach the distributers and customers.
b. Who is to be targeted, meeting the demands and the requirements of high-end product.
c. Optimal pricing and making an offer that cannot be refused by customers, and
d. How to promote the brand while also focussing on brand image and selling techniques.
Question 3. Stages of strategic marketing planning process:
Strategic marketing has its focus on company’s vision and marketing strategies are planned in accordance with achieving the goals and objectives of the organisation. Strategic marketing planning process have following 6 stages (Chand,