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MARKETING STRATEGIES
An organisation strategies that combine all of its marketing goals into one comprehensive plan. A good marketing strategy should be drawn from market research and focus on the right product mix in order to achieve the maximum profit potential and the business. marketing strategy is one way to achieve the goal of a company. The destination marketing is the first and best in class in meeting the needs and aspirations of consumers. Besides that, being a key partner for our customers, consumers and communities. Eliminating non-value added activities of the process. However, the aims to increase the target profitable growth and provides benefits above average employees and shareholders. There is an example of marketing strategies that used in Rejoice company. The 4P’s are influence the marketing strategies.
1. PRICE
Price is what a buyer must give up to obtain a product. It is often the most flexible of the four marketing mix element that the price is the quickest element to change. A marketer can raise or lower prices more frequently and easily than they can change other marketing mix
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Product differentiation also can be as the promotion that is the process of distinguishing a product or service from others, to make it more attractive to a particular target market. This involves differentiating it from competitors' products as well as a firm's own products. The example of product differentiation is brand names, strong dealer network, product reliability, image and services. Rejoice use a salon- smooth hair for a “Haba ng hair” (long hair) moment. Image of Rejoice also is different from other product. So, a customer can distinguish from the out looking of Rejoice. They must do the innovation to the product that can attract customer to buy the product. There are many types of Rejoice product that we call the product line and product
A marketing strategy is an objective driven long-term plan which aims at achieving specific marketing goals. Clorox strategic plan aims at growing its sales volume by 3 to 5 percent annually and this means that the marketing team needs to come up with ways through which the required sales volume will be achieved.
Marketing is a process of determining a consumer’s needs, devising a product or service to satisfy those needs, and trying to focus customers on the goods and services you are offering. Marketing is extremely important, and a fundamental building block for business growth. A marketing team is given the task of creating customer awareness through a variety of different marketing techniques. If a business does not pay close attention to their consumer demographic and needs, they will eventually fail over time. Two important aspects of marketing include acquiring new customers, and the preservation and growth of relationships with current customers. Marketing has always been viewed as a creative outlet, which encompassed advertising, distribution, and the selling of goods and services. Marketing staff will also try to anticipate what customers will want in the future, often being accomplished with market research. In summation, a good marketing plan should be able to create a favorable proposition or series of benefits that a customer can value through goods or services. The marketing mix is normally described as the strategic positioning of a product or service in the marketplace, using the specification of the four Ps. During the early 1960’s, Professor E. Jerome McCarthy of Harvard Business School stated that a marketing mix contains four elements. The four key points are product, pricing, promotion, and placement. It is recognized that all these aspects must be present to ensure a successful business model within a given industry. We will now take a thorough look at the four marketing mix points.
There are four key factors in the marketing mix, which includes product, place, promotion and price (Worth). Product, which includes tangible and intangible qualities, is the simplest factor and plays a fundamental role in the marketing mix. Secondly, place, is also a significant variable in the marketing mix because the convenience of the location decides the popularity of the product. Thirdly, promotion influences the visibility of the product. Through advertisements, brochures, and other efforts, promotion helps to raise the public’s awareness on the product. Finally, the price is the most straightforward factor in the marketing mix, which directly relevant to the exchange in the market place. The cost-oriented pricing is the mostly common
Business strategy is the means by which firm’s plans to achieve its goals and objectives. It can also be termed as organization long-term planning. The strategy covers periods between 3-5 years and sometimes longer. Businesses use two major types of strategy, general or generic and competitive strategies. The overall strategy involves strategies of growth, globalization and retrenchment. The competitive advantage includes low pricing, product and customer differentiation. We will look at the business strategy used by Marks and Spenser (Cole, 1997). The company is a British multinational located at Westminster London and specializes in clothes and luxurious food products.
Executing a successful marketing strategy includes developing a budget and brand, determining ways to interact with the target market, and aid the sales team in selling the product. A well-executed product and marketing strategy will successfully combine the demands of the external market place with the company 's corporate
Numerous definitions of strategy exist, in most circumstances strategy can loosely be explained as an overall plan of deployment of resources to ascertain a favourable position within a market (Zablah, Bellenger and Johnston 2004; Grant 1994, p 14). Further, imbedded in many successful organisations are strategies, the importance of which is to remain relevant in the market, and successful in the various attributes of business; profiteering, employee motivation, maintaining sustainable core competencies, effectiveness in operation, or efficiency in the conduction of operations. Therefore challenges involved in the formulation and implementation of a strategy can revolve around the overall external market, as well as internal
Arcading to Sue Pulendran marketing planning technology provides for decision-making that is more comprehensive. Marketing planning is a performance paradoxical that measures strategies for the market segmentation. The most important thing about strategic marketing positioning covers the business strategic positioning choice also each business has a different marketing strategy imposed to so that they can gain a competitive advantage over other business in the same market. Skype
It basically constitutes 4P’s of marketing mix such as price, place, product and promotion. All these 4P’s have similar repercussion for the promotion of products in various organizations. These justifiable elements of marketing mix can be utilized by a business organization to increase its marketing efficiency. With the marketing mix, a company can have access to marketing information so as to determine the outcomes of the marketing activities on its total sales. The company can evaluate the extent of efficiency of its marketing activities using the information gathered from the marketing mix.
Thirdly, Price refers to the product should always be seen as representing good value for money. However, this does not mean that it should be the cheapest available, one of the main tenets of the marketing concept is that customers are usually prepared to pay a little more for something that really works well for them. The price is very important as being determined , it may affect the demands, sales ,the company's profit and hence, survival. Adjusting the price has a profound impact on the marketing strategy. There are 3 basic pricing strategies : market skimming pricing, market penetration pricing and neutral pricing. The 'reference val...
An organization must use a strategic marketing process to distribute its marketing mix resources to reach its target markets. The elements of a proper marketing mix are price, product, place, and promotion. They are the four P’s of the marketing process (Goi, 2009)
This strategy is very much about the business which is carried out as usual. In this strategy the marketer is focusing on both the product and the market opportunity.
The cause of this importance is that where the rest of the elements of the marketing mix are cost generators, price is a source of income and profits. During pricing, the company manages to support the expense of production, the cost of distribution, and the price of promotion.
Price is the values entirety that consumers trade for the advantages of having or utilizing the product or services. Different places and cultural have different spending culture. Therefore the price has to be relevant according to the product offer because it can reflect the image of a
Strategic marketing is a broad and practical subject which included the concept of marketing subjects of previous semesters such as business marketing. The study of this subject has contributed to marketing knowledge in many ways, as well as it has strengthened my skills in application of marketing concepts. My knowledge was increased that I was able to develop a complete strategic marketing plan of not only on the part of marketing analysis or strategy of a product or service, but also the whole corporate plan. My skills and capabilities that were developed and integrated during lectures and tutorials include the analytical skills, coordination skills, presentation skills, organization skills, etc.
Marketing is a vital component in the success of businesses. Smaller businesses rely on business advertising, expenses, knowing if the business is networking with the right people, or joining the best organisations which lead to success (EStartup business blog, 2010). Marketing concentrates on customers and what the customers want. Customers are the source of sales and profits. Many small businesses are faced with remarkable hardships due to not developing the right marketing plan (EStartup business blog, 2010). To help these businesses a more appropriate or better marketing plan needs to be designed. Small business internet marketing services can help businesses develop and thrive in a highly competitive market. For the highest quality internet marketing services, hiring an online marketing company to design a customized internet marketing campaign may be advantageous for some businesses (EStartup business blog and contributors, 2010). Identified will be the role that marketing plays in a successful business demonstrated by use of two examples, the importance of developing a marketing plan, and ethical and legal issues that surround marketing practices (EStartup business blog, 2010).