There are different environmental factors that affect a business ability to serve its customers. These marketing environmental factors provide opportunities or threats to a particular business.
This is usually at the expense of other marketing elements that they have failed to consider. Marketing is complex; therefore the marketing plan needs to consider all marketing decisions and plans, which are based on the evaluation of all of the components affecting the product or service, including pricing, distribution and promotion.
This marketing plan requires strategies and decisions on each of these elements. The interaction and interrelationship of all of these four elements must be considered, each factor cannot be treated in isolation. Marketing Plan The information Factors such as market penetration, market share, profit margins, budgets, financial analysis, capital investment, government actions, demographic changes, emerging technology and cultural trends are also addressed.
There are two major components to your marketing strategy: However, in concert with defining the marketing strategy you must also have a well-defined methodology for the day-to-day process of implementing it.
It is of little value to have a strategy if you lack either the resources or the expertise to implement it. In the process of creating a marketing strategy you must consider many factors. Of those many factors, some are more important than others.
However, many are common to all marketing strategies. Some of the more critical are described below. You begin the creation of your strategy by deciding what the overall objective of your enterprise should be.
In general this falls into one of four categories: Otherwise, you should determine the most cost effective way to divest your enterprise of this offering.
Having selected the direction most beneficial for the overall interests of the enterprise, the next step is to choose a strategy for the offering that will be most effective in the market.
These low costs should translate to profit margins that are higher than the industry average.
Some of the conditions that should exist to support a cost leadership strategy include an on-going availability of operating capital, good process engineering skills, close management of labor, products designed for ease of manufacturing and low cost distribution.
The emphasis can be on brand image, proprietary technology, special features, superior service, a strong distributor network or other aspects that might be specific to your industry.
This uniqueness should also translate to profit margins that are higher than the industry average. In addition, some of the conditions that should exist to support a differentiation strategy include strong marketing abilities, effective product engineering, creative personnel, the ability to perform basic research and a good reputation.
It is based on the concept of serving a particular target in such an exceptional manner, that others cannot compete. Usually this means addressing a substantially smaller market segment than others in the industry, but because of minimal competition, profit margins can be very high.
Pricing having defined the overall offering objective and selecting the generic strategy you must then decide on a variety of closely related operational strategies. One of these is how you will price the offering. A pricing strategy is mostly influenced by your requirement for net income and your objectives for long term market control.
There are three basic strategies you can consider.
In this case you can price your offering comparably to those of your competitors. Promotion To sell an offering you must effectively promote and advertise it. This usually requires generous discounts to achieve the objective of giving the channels incentive to promote the offering, thus minimizing your need for advertising.
Use of channels of distribution is minimized during the first stages of promotion and a major commitment to advertising is required. The objective is to "pull" the prospects into the various channel outlets creating a demand the channels cannot ignore.
There are many strategies for advertising an offering. Some of these include: This is especially beneficial when you have introduced a new approach to solving a user need and comparison to the old approaches is inappropriate.
Distribution You must also select the distribution method s you will use to get the offering into the hands of the customer. Solution Summary This solution explains the overall purpose of a marketing plan, how a marketing plan and strategic marketing plan fit together and some legal or ethical issues to consider.
It also describes the components of a strategic marketing plan.Marketing Philosophy and Strategy 2 important these changes be incorporated into the organization's marketing strategy. What are the components of an effective marketing strategy? Marketing management philosophies – Five marketing concepts 4 (80%) 6 votes Marketing is “the science and art of exploring, creating, and delivering value to satisfy the needs of .
Cornell University BeneQual Organizational Assessment Tool —Website, free. BeneQual is a comprehensive and user-friendly online survey (approx. 50 questions) that helps you determine the quality of your Benefits Planning, Assistance, and Outreach (BPA&O) Projects with .
|EU Presidency dlog||Social Marketing Concept Production Concept This concept works on an assumption that consumers prefer a product which is inexpensive and widely available.|
|VeloSano | Annual Report||These strategic tactics used by different companies in order to penetrate a market and after penetration then sustain a strong advantage over the competitions. A company positions itself or its products by the help of its strengths.|
|Founding Partners||Gibson et al found over definitions and argued that no single definition of marketing should be aimed for since it might limit the future development of marketing as an academic discipline.|
|Basics of the Unix Philosophy||Full Answer A marketing philosophy defines the mission of a company using the satisfaction and benefits that using that company offers; it focuses on a two-way system of communication with the customer, so that the marketing department understands the customer needs more clearly.|
|How Marketing Macro Environmental Factors Affect Business Strategy | SLN||For reasons to be discussed later, limitations in their mathematical framework initially made the theory applicable only under special and limited conditions.|
Read this essay on Marketing Philosophy and Strategy. Come browse our large digital warehouse of free sample essays. Get the knowledge you need in order to pass your classes and more.
Only at pfmlures.com". give thy strength unto thy servant, and save the son of thine handmaid. A marketing philosophy is a foundational idea that becomes a part of all of the work that a marketing department accomplishes for a company or organization. In general terms, most marketing philosophies center around finding new customers to view their products and services, so a marketing.