In this part of the assignment, I am going to write about key principles of strategic marketing and its relationship with overall corporate strategy.
In this part of the assignment, I am going to write about key principles of strategic marketing and its relationship with overall corporate strategy. I will also try to find out how it helps an organisation to achieve its prime competitive objective over its immediate rivals.
This will cover learning outcome of section 1 and 2 and all its respective assessment criteria. According to Kotler et. In fact, strategy is a long term plan of an organisation in order to meet its objectives.
The market is very dynamic. Different products and services are developed by different organisation in order to provide best service to the customer.
Strategic marketing will try to help any organisation or companies in developing product or service according to the changes that are occurring in the market. Customers demand and choices change more often. Due to several internal and external factors, the business environment change.
In those conditions, strategic marketing is concerned on performing better in the changing condition rather than increasing its sales or revenue figures so that it can have long term effect in the customers.
Quality of products or services that is provided to the customers in tough time is the factor that helps to determine the future of the company.
Strategic marketing is focused on establishing a long-term relationship with its customer rather than selling the product for just once.
Customer retention and developing a loyalty with the brand will ultimately help in boosting the revenue and profit of the organisation which ultimately makes the shareholders and other stakeholders happy. Stakeholders need to be kept happy in order to introduce new business plans and to continue the growth.
They often coincide with each other as major focus of marketing includes the strategic planning aspects of developing, pricing and distribution of product.
However, corporate strategy is more concerned with profitability initiatives rather than the product or service development. In general, corporate strategy defines the overall mission of the company. It guides a particular direction for the company in which it should be guided.
Corporate strategies are generally made at the strategic level of the company. As discussed earlier, corporate strategy is focused more on profitability.
It includes creating structure for the organization, reducing the debt and gearing ratio of the organisation and improving the balance sheet of the company. Similarly, corporate strategy deals with diversifying the product line, merger or major takeovers, introducing new technology in the company, diversifying the business, reduction of overhead cost and production cost and increase in the overall profit margin of the company.
However, marketing strategies involves in making plans of making or selling a product. Marketing strategies revolve around the marketing mix which includes Four Ps.
The four Ps of marketing mix are product, price, place and promotion. Considering the marketing mix marketing strategies of the company involves in creating a product which has unique selling benefit.
The product is targeted in a particular geography for a particular group of people. Suitable pricing strategy is developed in order to maximize the profit of the company.
A strategy commonly utilised is the “Marketing Mix”. This tool is made up of four variables known as the “Four P’s” of marketing. The marketing mix blends these variables together to produce the results it wants to achieve in its specific target market. We will write a custom essay sample on Marketing Mix specifically for you. for. The purpose of this essay is to look at the Marketing Communications Mix, clearly define the meaning of each type and show how Coca Cola, one of the biggest brands on the global market, utilises each method. Analysis of Marketing Mix of Cts Essay organization’s. Marketing Mix: Product, Price, Place, Promotion – Essay Sample Home / Essay Examples / Marketing / Marketing Mix: Product, Price, Marketing decisions made by a company when shaping a suitable proposition for the potential customer can be organized into four major groups.
Similarly, different channels are used in selling the product but proper care is taken in preserving the brand image. Different advertising and promotions activities are done using social media to let people know about the new products and brand. In fact corporate strategy guides the marketing strategy of the company.
Let us take an example of high profile clothing chain Burberry which purchases another retail clothing chain Primark in order to capture both high profile customers and price-sensitive customers.
This is the corporate strategy of the company. The marketing department of the company will suggest the management of the company not to merge the two companies but operate separate brands using centralized Administrative services.
If the company merge the two products and sell under the same name, it would confuse both sets of consumers and finally damage the brands. Burberry customers which are usually high profile will hesitate to go back to the store and the Primark customer which are usually price-sensitive assumes that the price has gone up which they cannot afford.
Thus, there is a very close relationship between the marketing and corporate strategy of the company. The formulators will create a guide through this. In this process they examines the market and use the information received in determining the approaches that should be taken in reaching the clients and encourage them to use the product or service.Analysis of the Marketing Communications Process The Marketing Communications Mix Essay Words | 7 Pages.
The Marketing Communications Mix A Consumer Service I have chosen to investigate Vodafone and their marketing campaign of the new 3G service.
With 3G you can send and receive larger pieces of . Your marketing communications mix is the "Promotion" of the marketing P's and covers every method and medium of communicating with your target audience.
If business consists of creating value and creating customers, marketing communication covers exactly how you are going to create customers by taking your value message to the . The Marketing Communications Mix Essays: Over , The Marketing Communications Mix Essays, The Marketing Communications Mix Term Papers, The Marketing Communications Mix Research Paper, Book Reports.
ESSAYS, term and research papers available for UNLIMITED access. Case Study Marketing Mix Marketing Essay. Print Reference this. Disclaimer: the concept of product life cycle, Ansoff matrix, BCG and GE matrix, SWOT-analysis, etc. The same world popular marketing tool became the concept of Marketing Mix that is generally known as the Four P’s.
Thus, it is necessary to describe main elements of the. Toyota Marketing Strategy Marketing Essay. Toyota is a worldwide Japanese automotive corporation headquartered in Aichi, Japan. Toyota was founded in August 28 by founder Kiichiro Toyoda.
Marketing communications, as the promotion factor in marketing mix plays a key role in developing marketing strategies. To getting more customers and compete with their rivals, companies spend a lot of money on promotion.