All three are necessary for the successful completion of marketing activities that help businesses achieve their strategic goals. Implementation The strategy section of a marketing plan describes the market position the business hopes to achieve given the current economic climate and competition. The implementation section outlines the exact steps the business will take to achieve the 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. Pg38'Strategic planning is the process of developing and maintaining a feasible fit between the organization's objectives, skills, and resources and it's changing marketing opportunities'.
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.
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. There should be proper monitoring from the executive level of the company to know whether the company's marketing strategy are moving with the company's corporate strategy.
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.Objectives: This section spells out the financial and marketing objectives to be achieved.
Target and implementation system Factors Influencing Company Marketing Strategy Marketing strategy: This section explains the broad marketing strategy that will be implemented to accomplish the plan’s objectives. Evaluating the marketing plan means looking at the data and examining whether or not the company achieved its strategy objectives from the .
*Identify the appropriate targeting strategy Before the DiGi choose the suitable target market, the DiGi will need to define few things before choose the target market that can appropriate with their organization.
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Digi Com Berhad Organization Chart Marketing Essay (1) - Download as PDF File .pdf), Text File .txt) or read online. Digi Com Berhad Organization Chart Marketing Essay. DiGi is wholly-owned subsidiary by Telenor Group which is a pioneer in mobile Strategy Formulation and Implementation 9. Uploaded by.
sapnanib. SM. DiGi Marketing Strategy and Implementation Beside Digi, still have a few of telecommunication organization in Malaysia. Digi had selected the strategy location as for set up their branches, such as a crowded people location, transportation convenient location, and mostly they will choose the location which are the area's customers are .