These components all lead to accomplishing goals, increasing sales, and grasping a sustainable advantage over competitors. Marketing strategies includes basic and long-term goals in the field of racketing that deal with the analysis of consumers, competitors, and of its own organization. In depth amounts of research into the marketplace, target customers, internal and external factors will create a strategy that creates success. The tools involved to market effectively, and the consumers to market to construct a marketing model.
The most important characteristic of marketing from an organizational standpoint is focusing on the needs and wants of the customers Strategic Marketing has always been, and will continue to be the emphasis of any one individual or any organization or firm that offers any type of goods or services to be old to or acquired by a consumer. When a market strategy is utilized effectively it can allow an organization to focus its resources on the most obtainable opportunities.
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Practically every organization or individual with a surplus of anything has to engross the market. Captivate the market to accomplish goals, increase sales, and grasp a sustainable advantage over competitors. A good marketing strategy has several unique components, such as well-defined targets and customer analysis, a deep contextual understanding of targets segments, analysis of competitors, and brand persona. Truth be told, so much time, research, and education go in to strategic marketing because this is how organizations make money.
As researchers Mullions and Walker (2013) have explained, in the financial market it’s a company’s bottom line to be profitable that is most important. In the long run all firms must make a profit to survive (p. 5). Its not a secret, Making money is the name of the game, at least it is for any business in the financial market; fast food, care sales, airlines companies, gardeners, you name it; any one of these previously mentioned examples provides goods and services in exchange for money.
How to continue to remain profitable, and prosperous is learning how to effectively market your product, as well as to develop relationships. As defined by Mullions and Walker (2013), marketing is a social process involving the activities necessary to enable individuals and organizations to obtain what they need and want through exchanges with others and to develop ongoing exchange relationships (p. 5). Marketing strategy relies moderately on information gained through the analysis of customers.
Determining their needs and wants, how they will react to prices, how they will attach value to the reduce or service they purchase, and how to choose between brands to name a few. This information creates guidelines and reference points for managers to work with. The key to effective marketing is to be accurate and precise when analyzing customers, and this doesn’t come easy to marketing managers. The analysis off customer has many distinctive characteristics. Some customers know what they want, while others may not know exactly what they want.
Customer behavior and the entire thought process customers go through before making a purchase is a piece of the guzzle that marketers can sometimes not encrypt. Establishing a constructive means for understanding the needs and wants of a customer doesn’t always fare well for managers due to the complexities behind it. However, once the top layer of the onion is pealed back, coupled with some creative thinking, and the proper research- marketing managers will earn themselves the upper hand.
Marketing managers must have some notion of the mental processes customers go through when making purchase decisions and of the psychological and social factors that influence those processes (Mullions and Walker, 2013 pip). Before an organization decides to market a product, they need to first refer to their market opportunity analysis, also known as the 4 Co’s, company, context, customers, and competition. To understand the customers, like mentioned previously is a procedure that is easier said then done.
Consumer behavior as defined Professor Stutters (2012) is the study of individuals, groups, or organizations and the processes they use to select, secure, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society (p 110). By being a fine tuned marketing master, you must know the inn’s and out of the customers, know them like the back of your hand. Know how they will feel about a new product. For example, lets pretend you’re the marketing manager of a major running shoe company.
The time has come to prepare to release a new running shoe. As the marketing manager, its your duties to research into your customers behaviors of what it is they like about your shoes, what they don’t like, and what they would like to see differently from your company. This can be accomplished though a variety of ways, but lets say direct customer feedback” is the only feasible option at the time. Since the release of your last shoe, customers stated they liked the colors that were used, loved the durability, but really though the soles could have been a little softer.
Take that information and utilize it, relay that information to management so they can determine the possibility of choosing a new sole, then market your new shoes the way you normally would do, but include in your marketing efforts the new-engineered sole that they come equipped with. Your company now is offering a product that they know their current customers wanted. This first and foremost satisfied your current customers and opened the door for a new set of customers that exclusively shop for shoes with “soft soles”.
To be successful, you need think about the market in the eyes of the customer in in a few different ways, “back then” the current, and the future, and determine what has changed, what it is currently, and forecast the future behaviors of the customer. The decision making process involves many stages, and could potentially be threatening for an organization when customers reach the step of evaluating alternatives, the key is to make your product more desirable to the customer then the competitors. And like always, some products are easier to market than others.
After a solid understanding of customer behavior is achieved, marketers strategies the specific target segments they want to market to, and they do this by understanding the tendencies of their specific target segment. A target segment could be defined in a couple of different ways, but Mullions and Walker (2013) explain it as the distinct subsets of people with similar needs, circumstances, and characteristics that lead hem to respond in a similar way to a particular product or service offering or to a particular strategic marketing program (p. 17).
This wraps it up pretty well, if the services you provide for example is Palm tree trimming, you wouldn’t market to homes in Buffalo, NY, but instead market to San Diego, Ca. Mercedes Benz has been known as a high-end exclusive luxury car, that usually comes with a pretty unapproachable price tag, with some models ranging between 75-kick. Recently Mercedes Benz decided to utilize a different target segment that they have never done before. To the average adult person, marketing the all-new Mercedes Benz CAL with a price tag under ask probably made them a little suspicious.
They are targeting to the middle-class, instead of the upper. Mr.. Peter M. De Lorenz (2013) a journalist, and market strategy expert explains, The Mercedes-Benz USA brain trust led by Steve Cannon earnestly believes that the buyers being lured in by the enticingly low sticker price of the CAL will stick with the brand and eventually become Mercedes customers for life (p. L). The manager must decide on an overall markets strategy that appeals to customers, and to gain an advantage.
Based off of research the most weighted factor in customer buying behavior is (cost), so it would be safe assume this is a great approach for the car company. After a new target segment h been established; the end result is to keep them hooked, and a build a solid respectable relationship between the consumer and the organization. Another comprehensively weighing factor of strategic marketing is the analysis of competitors; this step is crucial in the early stages of marketing not only for already successful firms marketing new products, but also for new entrants.
There are numerous different ways that any firm within any market field can gain a competition advantage, however, to gain a competitive advantage, that allows your firm to remain a contender in the specific field over the “long-haul” requires an extensive amount research, flexibility, and a good marketing plan. Three characteristics to gain a competitive edge are to: generate customer value, prove the customer perceives the superior value, and ensure your advantage is difficult for competitors to copy.
Mullions and Walker (2013) state the trick is for the business unit is to develop a nominative strategy that converts one of more of its unique resources or competencies into something of value to its customers (p. 61). When performing a marketing analysis, like previously mentioned investigating competitors is import however a marketing manager should never market strictly based of opposition. Marketers should always remain true to their overall purposes and goals, and not the effects of competitors adversely affect their overall mission.
Yes, it’s true that things may need to change to keep the competitiveness, however if one organization hangers too much, it could negatively affect the customer perceptions of the company. Generating customer values could be as simple as delivering comparable benefits at a lower cost, or as complex as supporting the overall customer value of your product is better than competitors, even though the prices may be higher.
Becoming the superior value, or at least being viewed as the superior value is a eve challenging goal. The market is always changing, and this is simply due to the seven variables in any one market. Customer’s values always change, demographics chain difficult economic positions, Just to name a few. Every quarter or year, there could a new firm in the lead, and the market always fluctuates. Lastly, the advantage you have over your competitors should be very difficult for them to mimic.
This can be accomplished by having patens that cannot be used by other companies, and of course utilizing the organizations resources they already have, to save money, and make more revenue. For example if you produce a similar product that’s already on the market, but you already have an elaborate distribution system, you may not ha to pay a third party to distribute, you can do it yourself, and be able to attach a low rice, due too lower overhead, and the fee’s of delivering a product.
When analyze competitors, you have to assess the strengths and weaknesses of your competition strategically market; this analysis provides both an offensive and defensive strategies perspective to recognize opportunities and threats. Analyzing competitors will red unnecessary risks within the marketing plan, and will portray the information led by Steve Cannon earnestly believes that enticingly low sticker price of the CAL will s Mercedes customers for life (p. L).
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