- Analyse marketing strategies in reaching markets with their products or services.
- Continue with a detailed description of marketing management strategies used in the implementation of the marketing plan.
- Conclude with the integrative strategies used in today's global environments to reach targeted markets and maximising marketing dollars spent.
- Consider how you would proceed when marketing a product or service and compare/contrast why certain strategies would be best for the target market.
C16.V.3.1 Principles of Marketing
Assignment 08,
Marketing Plan and Strategies
Marketing strategy means describing a chosen product of a company to identify in one or more target markets for a successful business. A target market is a group of customers or buyers that a company has figured to buy their products. If a person is persuade to buy a product by an advertisement it can persuade other people similar to him to buy a product, because this type of people has similar product needs. Target market focus the specific area or people. When a company identifies the target market, it is very important to create a target market strategy to promote the product, to communicate and reach the group. There are different steps to analyze the target market. The first step is to manage marketing opportunity analysis. In this analysis, an organization investigate the possibility of profit, size of market and measure of competition. The second step of analyzing the target market is to choose the basic target market strategy. A person who drink diet soda, durable electronic products and young children who needs car in reasonable price are good example of basic target market. The next step is to pursuing entire market with one marketing mix. Milk producers are the suitable example of this because they are well known about the large market of their product. Lady Foot Locker is the good example of one single target market. The last step is pursuing multiple market segments with multiple marketing mixes. Disney is the best example of this strategy because its advertisement is pursuing parents who has children, teenagers, honeymoon couples, adults and even senior citizens. Disney promotes different messages to each of this different members very carefully and successfully.
Marketing management means the process of organizing, planning, advertising, promotions, development and sales of a new product. Management department are responsible for a marketing plan to achieve business objectives in a company. Marketing plan can be different from company to company, but commonly includes executive summary, company's mission, situation analysis, forecasting, marketing strategy and implementation choices of the marketing mix. In a market plan, strategy and strategic thinking are the main elements for a successful business. It follows the principles of leading company in a market. Strategic marketing management plan is a written document with guidelines for the company's marketing programs and actions over the period of planning, where marketing managers can learn from their past mistakes. To select a target market and to make an appropriate marketing mix for the target market are the two critical functions of the marketing strategy, which focus on the goal of the company. Marketing mix includes a product, place, price and promotion strategy to make a company profitable. In a marketing strategy, an organization should have a capability of sufficient resources to meet their needs with profit in a competitive market. If a company has full information of a targeted customer, marketing managers can use their own strategic views and can make decisions by developing a marketing strategy to maximize the revenues and profits of a company.
To expand a business in a global environment is the aim of every company. The rapid growth of a development in a technology makes easier, faster and secure to connect the world and it helps in a business marketing. Nowadays, technology is a part of a marketing. Similarly, one of the most effective way where products can be launched to sell in a national or international market is market segmentation. Each and every company has their own way to spread their product in a international market by different types of offers, promotions and special discounts to attract customers. In a market segmentation process, at first company target the place and customers. They want to expand their product worldwide and to create a large number of consumers. Targeted marketing strategy research a size of a market, operating costs, growing companies, competitors, local resources to produce a product and whether it fits for a company's mission and objectives. Secondly, in a multi segment marketing strategy a company provide the information of demographic, fall of economy and related changes in a market. Continuously, where concentrated marketing targets a selected group of consumers, niche marketing is responsible to target a core group of customers. Microtargeting or narrowcasting marketing involves in a "super target" customers and collects available personal informations from different sources. Companies in a global market can take any types of steps and strategies to meet their needs. Other marketing strategies in a global market targets to buy a company or want to run a business in a partnership. In today's global market, companies target is to create low-cost products and capture a large markets of a developing countries like China, Brazil, India and Russia and then selling the products in developed countries.
Target market means the focused group of people to persuade them to buy a product or service by a company. Company aimed to sell them a product or provide them a service. If I am given to marketing a product or service, first I would target the price and place for a product. Then I would collect the information about the targeted consumers and follow marketing strategies, what would be the best for the customers as well as profit for company. In a marketing plan, strategies of marketing, management and global business environment plays a very important role to reach their target market. A successful business has always well planned strategies. A marketing strategy looks all the required and needed areas to sell the product in a market and helps each product supporting the next, when it goes wrong. There is a lot of chances to make a company profitable by establishing new and different marketing strategies. Marketing strategy do research in a marketplace before producing a product and helps what types of product should be produce.It shows the wants, desires and needs about the product of the targeted customers. A company only can target a consumers, if there is good management strategies. A management department gives more priority to the successful strategies from a leading companies, which has a positive impact on a target market. Similarly, integrative strategies shows a possible way to expand the business by connecting the product with people worldwide. Global business environment is the best way to distribute the goods in a whole world and maximize a profit from a target market.
References
Michael Levens (2012). Marketing: Defined, Explained & Applied (2nd Ed.). New Jersey: Pearson.
O.C. Ferrell & Michael Hartline (2012). Marketing Strategy (6th Ed.). Boston: Cengage Learning.
William A. Cohen (2005). The Marketing Plan (5th Ed.). London: Wiley.
Rhonda Abrams (2014). Successful Business Plan: Secrets & Strategies (6th Ed.). California: Planning Shop.
