Marketing, A Strategic and Competitive Advantage Mechanism
Marketing strategy research in order to hit consumers with goods or services
Any business has a primary goal of maximizing revenues, but on the other hand, a plan must be created to retain a competitive edge, which includes the marketing strategy is this balancing act. At all time, the organization needs to be on track to achieve its mission, vision, and goals. For this reason, businesses have been interested in the use of such marketing techniques, including strategies such as the Guerilla Marketing Strategy (Gamble and Thompson, 2014). This strategy works best if a company is skeptical of spending a lot of money on commercialization. Therefore, rather than engaging in activities such as giving away company products and branded t-shirts, the company simply utilizes its employees. A company would normally ask its employees to be part of an event such as being ushers or parking attendants. This particular strategy also has the aspect of offering free services so as to people to purchase and create a good impression.
Among marketing strategies, there is also another one referred to as cause marketing. In this case, a company offers to sponsor a given charity event in the process this helps it create customer loyalty. The range of activities is vast and may include paying fees for orphan children, purchasing games kits for a football team among many others. The company may even extend certain offers to its customers. This strategy comes in handy when introducing new products to the market.
Organizations are also known to employ sports marketing whereby, they support a sporting event so as to win the appreciation and affection of fans of those teams. Doing this offers several opportunities to the company and creates a connection between the company and the fans of the various team that has been sponsored by the company. Participants especially thee athletes war branded uniforms with the company’s logo, and the company may also set up a booth and be mentioned during various stages of the competition.
Also, part of the marketing strategies is positioning, in which a company creates a brand name or image that allows it to market its products at no extra cost. For instance, a company may specialize in selling a particular line of products such as female clothes creating the notion that those clothes are specially made just to fit the needs of the ladies or even choosing to sell at a high cost to suggest that it is of high quality.
Description of Strategies of Marketing Management Utilized in Implementing the Marketing Plan
The first step towards implementing a marketing plan is the strategy of understanding all the dynamics involved, which includes; when, where, who and the how. In this step, there needs to be a marketing design in place, the mode of execution and also the scheduling of the various activities. Different groups and individuals are assigned specific tasks, and it must be stated that the overall success is dependent on having an effective leader who is able to effectively communicate with the team players on what needs to be done to achieve the common objective.
Part of the implementation process is the employing of certain critical elements that drive the success of this process. These elements are; trained personnel with a willingness to work towards the success of the company, availability of funds as well as sufficient time for implementation. There is also the need for frequent and efficient communication and proper motivation of the employees with each other and their managers. The final element in the implementation process is learning from mistakes and incorporating them in the reposts so as to learn from them and avoid the same in future (Baker, 2014).
Integrative Strategies Used in Global Environments to Reach Target Markets Today
Any company with a view of succeeding needs to have a good understanding of certain critical strategies important in reaching its target market wherever they maybe, one way to do that is to differentiate between the products that are sold in its local market and those that it ships to its international customers. The reason behind this is that; different people are influenced by their cultures and what works somewhere may not work somewhere else. As a result, the products need to be tailor-made to fit the needs of the particular people that they are being sent to (West, Ford and Ibrahim, 2015). However, this demands that the marketing team be very proactive since marketing trends in the international stage keep shifting. Thus continuous monitoring and adjustment need to be done.
Theoretical Marketing of a Product or service and Why Certain Strategies Would be Best for Target Market
The first step to undertake when marketing a product is to inform the public, ensure that they are aware of whatever commodity is being offered. For this reason, the company would have to be actively involved in specific activities that help market it, such as community events. The greater the publicity, the greater the possibility people will purchase the products. Also, as part of marketing, a wide online campaign should be done, sending emails and links to potential customers with additional information about the product. Other adverts avenues may also be employed such as running adverts on TV and radio and other print medias (Hollensen, 2015).
Baker, M. J. (2014). Marketing strategy and management. Palgrave Macmillan.
Gamble, J. E., & Thompson Jr, A. A. (2014). Essentials of strategic management. Irwin Mcgraw-Hill.
Hollensen, S. (2015). Marketing management: A relationship approach. Pearson Education.
West, D. C., Ford, J., & Ibrahim, E. (2015). Strategic marketing: creating competitive advantage. Oxford University Press.