Review of marketing and promotional model
Any organization's marketing program must take into perspective its marketing strategy and analysis, the target marketing process, marketing planning program development, and the target market. As a person in charge establishing a marketing campaign for a product in its mature stage of the product life cycle, it is imperative that a marketing strategy is developed. The person establishing the marketing campaign has to determine the product or service area and market in which the product is to compete (Breaugh, 2011). The strategic marketing plan must take into consideration an organization's corporate strategy. The marketing strategic plan should act as a guide to specific marketing programs and policies. The process of development of a strategic marketing plan should be based on situational analysis. There are three steps that have to be followed in the process of developing a marketing strategy. These are opportunity analysis, competitive analysis, and target market selection. Opportunity analysis involves evaluating areas where customer needs are not being satisfied and where the organization can compete effectively (Breaugh, 2011). The process of developing a marketing strategy also involves analyzing the competition your product is likely to face in the market place. Competition can be there in the form of direct brand competition or other products and services consumers use to satisfy their demands. A lot of attention has to be paid on the competitors marketing programs as they adversely affect an organizations marketing strategy. When developing a marketing strategy one has to critically look at the special thing his organization possesses that gives it an edge over its competitors (Breaugh, 2011). Competitive edge can be achieved through product differentiation, provision of superior customer service, lowering the production cost of products, and dominating channels of distribution. An organization can have competitive edge when it also engages in excellent advertising and promotion. The final step in developing a marketing strategy involves selecting a target market of your product. An organization may select one or more target markets where it will develop its marketing program. An organization's marketing efforts are then focused on these target markets.
First forward to target marketing process, there are a lot...
These include identifying markets, market segmentation, market segmentation process, selection of target market, and market positioning. Target marketing has much to do with identifying the needs and wants of specific groups of people (Breaugh, 2011). After this, a group or more is identified as the target market. An organization should then position through marketing strategies. This approach takes into consideration the diversity of consumer needs and increased use of segmentation by competitors. Market segmentation is a process of identifying the person to be targeted. Potential customers are group on basis of whether they have similar needs that can make them respond similarly to marketing actions (Handlin, 2014). The breaking up of the market has five distinct steps namely coming up with ways to group consumers according to their needs and grouping of marketing actions; developing a market-product grid; selecting target segments to direct marketing actions; and executing these actions. Segmentation can be done geographically, demographically, and psychographically. Other way to do segmentation is behavioristic. Segmentation can also be done on the basis of specific benefit offered by the product or service. The process of segmenting a market is done over time. The actual selection of the target market involves determining the number of segments one should enter, which segments offer some potential (Leeflang, 2002). An organization would in this regard engage in undifferentiated, differentiated, and concentrated marketing. Another issue that has to be given credence in strategic marketing is market positioning. There are several approaches to positioning and strategies for developing a position. These are positioning by product attribute, positioning by price/quality, position by use or application, positioning by product class, and positioning by product user to mention but a few approaches and strategies. Market positioning also involves determining the positioning strategy. Five distinct steps are involved here namely: identifying competitors, assessing consumers' perception of competitors, determining competitors' positions, making the positioning decision, and monitoring the decision (Handlin, 2014).
It is imperative that various elements of marketing mix be combined into a cohesive and effective marketing program. The elements of the marketing mix must be consistent with one another. Elements of marketing mix influence and interact with promotion. Organizations offer their customers products, services, or ideas. These…
The company tried breakfast food with little success, and failed at branching out into music as well. Overall, there is little evidence that Starbucks can be anything other than a coffee company. Despite the weaknesses, there are a number of great opportunities in the market. The best is the opportunity that Starbucks is already pursuing in emerging markets. There is a strong focus on Asia and the Middle East. The
There is also the potential to expand the product line beyond the initial Tablet PC to support more advanced and customized configurations through the build-to-order strategy. There is also a very significant upside potential with accessories as well, which could become very high margin in the future. Finally there are significant threats from Apple and others who also are seeking to create a dominant market position for themselves in
This he can do by engaging in extensive advertising, public relations, sales promotion, personal selling, internet marketing, and sponsorship. Depending on the resources available, the client can use any form of mass media that is within his means. He can also go for the services of public relation companies to obtain favorable publicity within the media. The client can also make use of money off coupons or special offers
Marketing communications has expanded immeasurably in importance since the 1950s and a variety of concepts have been developed since then. Their function is to use promotional techniques to underpin and support brand identity and to move products and services forward into the hands of the paying consumer recipients. My essay focuses on the following marketing communications concepts: "Marketing Mix and the 4P's of Marketing" and "Marketing Mix and the 4C's of
Marketing Analysis (1) Describe methods you would use to analyze one of these three different markets: consumer, industrial or international markets. What challenges would you face to ensure accurate data gathering in the market and what recommendations would you make to overcome those challenges? The consumer market is showing rapid change as it moves increasingly to social media, digital multi-channel platforms, and inbound marketing. In response to this change, a key issue
Comprehension Standard marketing follow-up processes will be used to determine whether each target market understood the specific content and context of the marketing communications initiatives directed to them. Surveys will address the extent to which the intended messages managed to communicate the intended messages effectively and whether those audiences made purchasing decisions based on the clarity and effectiveness of those messages. Involvement Standard marketing follow-up processes will be used to determine how well