Marketing Strategy as the Key to Business Success

577 Words2 Pages
bulb-icon

Recommended: Essay On Contributions Of Swot-Analysis To Strategic Management

Marketing Strategy as the Key to Business Success

Marketing strategy helps a company to meet it's objectives by finding

an ideal medium between the company's available resources and

opportunities that present themselves in the market.

A strategy would involve the creation of plans that would enable a

company to achieve its overall objectives. The idea of a strategy

portrays an image of a well thought out plan as it has had careful

evaluation of the market and the company to come up with a suitable

strategy to meet the goals and targets for the company's medium to

long term future.

The purpose of a strategy is to allow management to be aware of what

direction the company is heading in and for them to convey this to the

workforce so that the whole company is pulling in the same direction

so the objectives of the company can be met relatively easily compared

to if there was no sense of cohesion between one department and the

next.

A perfect strategy will take into account company objectives, customer

requirements, the activities of competitors and a well looked into

prediction of future market patterns that will affect the company.

Another integral part of a marketing strategy is that it must be

realistic. There is no point coming up with exaggerated plans that are

impossible to meet within the company's current limitations.

To assist with the development of a successful marketing strategy many

companies will turn to SWOT analysis. This involves a company

performing an internal audit to ascertain what are the strengths (S)

and the weaknesses (W) of the current system that company is using.

Once the company knows how it can improve within itself then the next

move is to perform an external review which will look at external

factors that may present the company with opportunities (O) or threats

(T) in the future, examples of these would be political, economical,

technological, legal, environmental and social factors all of which

can have a profound effect on the performance of a company in any

Show More
Related

  • Capsim Swot Analysis Essay

    461 Words  | 1 Pages

    As a business in a competitive market we must be able to determine what may assist us to accomplish our objectives? What obstacles we must overcome or minimise to achieve our desired results? To achieve this we must carry out a strategic plan, which is a straightforward model known as a SWOT analysis (strengths, weakness, opportunities and threats). This will help us to establish our overall strategic position, based on internal issues (strengths and weakness) and external issues (opportunities and threats).

    Read More

  • Clorox Portfolio Analysis: Marketing Strategy

    946 Words  | 2 Pages

    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.

    Read More

  • Swot Analysis of Timberland LLC

    901 Words  | 2 Pages

    The SWOT analysis (abbreviation for Strengths, Weaknesses, Opportunities and Threats) is an essential tool in marketing for understanding and supporting decision-making in all kinds of situations in business and organisations. In brief, it provides an accurate context for studying strategies, positions and directions of a company proposition. It is used mainly for business planning, competitor evaluation, marketing, business and product development and research reports. SWOT analysis is also a widely recognised method for gathering, structuring, presenting and reviewing extensive planning data within a larger business or project planning process. (Chapman, 2014)

    Read More

  • Marks And Spencer Business Strategy

    1016 Words  | 3 Pages

    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.

    Read More

  • Identify Marks and Spencers market position and determine why they nearly collapsed

    3095 Words  | 7 Pages

    By the end of 1998 though, there was evidence of a crisis occurring. Customers and media pulled together to assist senior management partake in an internal audit to identify the problems and see if they could come to a solution. The purpose of this assignment is to construct a SWOT analysis, highlighting each of the strengths, weaknesses, opportunities and threats that were highlighted in the internal audit. The SWOT analysis is contained within the marketing plan and is the third step in the marketing planning process, coming after the Marketing audit and before any assumptions. (Joisce, Ted (2002), Marketing Planning Lecture Notes – 14/10/02, Mission, Objectives, Strategy, Tactics)

    Read More

  • Marketing Strategy Implementation in Higher Education

    861 Words  | 2 Pages

    The scholarly article which I selected to review addressed the strategic implementation of marketing initiatives within international higher education entities (Naidoo & Woo, 2011). This article was of particular interest to me due to its specific focus on marketing within higher education entities (HEI’s). The authors focused their research on 10 universities which recruit international students; specifically, on 570 questionnaires from mid-level marketing managers responsible for strategic implementation of marketing initiatives. (Naidoo & Woo, 2011, p. 1117) The authors note the disparity in success between HEI’s in addressing the international student market, and raise the implied question of whether differences in successful strategic implementation could be contributory. This study focuses on strategic implementation, as contrasted with strategic formulation, as a driver for marketing success. The premise of the authors is that by focusing on the factors which influence successful strategic implementation, HEI’s can enhance marketing program success. In addition to highlighting strategic implementation as a marketing success factor, they emphasize the value of a higher education focus in their research. Although this business category has achieved prolific growth in recent years, most marketing research has been focused on a general business environment.

    Read More

  • Coca Cola Strategy Essay

    1970 Words  | 4 Pages

    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

    Read More

  • An Overview of Business Strategies

    2251 Words  | 5 Pages

    A successful business strategy will identify changes in the external trends in the market place. Plan out what the company’s future direction is. Set out the goals for the management team. It will identify a vision of where the company wants to be in the future. Keep all employees informed of the direction of the company.

    Read More

  • Marketing in Business

    2002 Words  | 5 Pages

    Marketing is a fundamental aspect of all businesses, whether they are set out to make a profit, or charitable organisations - they will have to carry out marketing research of some description. It has been described as being, “the management process responsible for identifying, anticipating and satisfying customer requirements profitably.” (Chartered Institute of Marketing) This essay will explore the role of marketing in a marketing oriented business and different aspects of the external environment that a smartphone company should be aware of. The points raised throughout will be supported using relevant journals, textbooks and newspaper articles.

    Read More

  • A Competitive Audit of Nestle's Milo

    1507 Words  | 4 Pages

    * Identified opportunities for marketing Identified weaknesses (problems to be addressed). * Identified threats * Structure for analysis Disadvantages May contain biases (If based whole strategy on SWOT information without considering validity of using other marketing tools could cause strategy to fail). Results/Importance/Consequences need to be communicated to everyone in the company to make it successful not just more paperwork. * Prone to human error * Focus could become too diverse and lose main objectives Here is a SWOT analysis on Milo.

    Read More

  • Marketing Planning

    1984 Words  | 4 Pages

    Too often, a marketing function is misunderstood, because many people do not understand what is meant by ‘Marketing’.

    Read More

  • Marketing Strategies: An Example Of Marketing Strategy In Rejoice Company

    1504 Words  | 4 Pages

    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.

    Read More

  • Importance Of Strategic Planning

    1193 Words  | 3 Pages

    The key role in solving strategic tasks belongs to strategic planning, which is the process of developing and maintaining strategic balance between organization’s goals and resources in the changing market environment. The purpose of the strategic planning is to determine the most promising fields of activity providing its growth and prosperity. Strategic planning is a component of a broader concept “strategic management”. All four management functions (planning, organizing, leading and controlling), when talking about strategic management include strategic orientation. When viewing strategic planning from the highest level possible within a company, the planning function is the area that stands out as the most important area which involves a great deal of development and focus.

    Read More

  • Strategic Management and Decision Making

    1872 Words  | 4 Pages

    Strategy formulation is the process of establishing the firm's mission, goals, and choosing among alternative strategies or plans; it involves and implies that preparing the best approach to respond to the circumstances of a firm's environment, whether or not its conditions are known in advance; being strategic and tactical, then, means being clear about the management's aims; being aware of the company's resources, and incorporating both into being consciously responsive to a dynamic environment (SM, 2010). As nearly all businesses have limited resources, top leaders and management must determine which alternative plans or strategies will do well to the organization most; strategic management requires attention to the big picture and the motivation to adapt to circumstances, and consists of the following aspects:

    Read More

  • The Importance Of Strategic Marketing

    1484 Words  | 3 Pages

    By definition, strategic marketing is a firm’s ability to concentrate a limited amount of resource on an opportunity that has deemed to have the highest potential to increase sales, thereby creating a sustainable competitive edge over rivals (Brooksbank & Taylor 2007). Fundamentally, each aspect of marketing has the potential to improve or affect the performance of other marketing facets. Hence, creating a proper coordination of a firm’s activities makes it possible to eliminate unnecessary activities that interfere with efficient profit maximization processes. Strategic marketing explores ways that each of the marketing processes will reinforce each other for the best output. More importantly, strategic marketing makes each department to work

    Read More

More about Marketing Strategy as the Key to Business Success

Open Document