Discussion questions on academic topics

¶ … Marketing Strategy

Following the Guidelines of the American Psychological Association

In this paper I will refer to the discussion that takes place between four students. Each one of them answers with their perspective. The debate will revolve around the question: what are the key issues in developing the marketing strategy for a company? It will be replied individually with a different dimension. To start with, the basic definition and use of a market strategy will be defined. Next the major components will be analyzed that if proven successful how can a company propel forward. How the framework is required and sometimes models are also consulted to make marketing strategy. There are certain repercussions kept in mind as well while working on a specific policy. Consumer behavior is also counted as one of the challenges discussed here. Along with that how to sustain keeping in view financial conditions is the crux of this work. To alleviate use of internet and non-internet sources have been used. In this paper research work of Joseph P.Guiltinan and Gordon W. Paul' (1994) will be considered. Along with it, William M. Luther's (2011) work will be taken into account as well.

The Key Issues in Developing Marketing Strategy for a Company

A student named Ronald has contributed to the discussion by giving his views. Starting with the introduction he explains that Marketing strategy is something that has commenced since the time the concept of market was present. It's not novel at all every time you switch on your T.V. you come across tons of such advertisements which vigorously flaunt their products. But we hardly ever think how these products are here? How much painstaking steps and carefully formulated policies are behind it. Surely, nothing comes in a flick especially in today's world where every step a precarious competitor is present to dab your work meanwhile promoting theirs. Interestingly, this is the process where 'marketing strategy' is shaped up to fit in the contours of the marketing world. Firstly, we need to have an accurate idea what do we mean by it. Ronald refers to the original definition as: "Marketing strategy is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage" (Baker, Michael, 2008). Now moving onwards to name one of the great strategies generally applied requires step-by-step formulation which is carried out by the top officials. First step usually involved by a company is to analyze its situation, meaning how much it can financially spend and how consequences can affect the company. In simple words the strength and weaknesses should be judged on concrete facts. Second step involves "absolute interest" it only refers to the company's exclusive goals after examining the strength and weaknesses. As done with assessment of goals new strategies are put forth by the strategy makers. These strategies are later put into action by a number of different people who keep in mind the short-term and long-term actions and strategies. The company should make sure that the work or strategies carried out by the staff are adequately oriented (Joseph P.Guiltinan and Gordon W. Paul, 1994).

Consecutively, Sophie another student tries to show the discrepancy among the theory and the practice carried out by a company. She points out before stepping into any precarious affairs one must ask if they are heading the right direction. For instance, do care to know if you are going into the right market? And do I have resources to become a market leader? It's like working with wits and intuition. You got to be sure the path you have chosen pays you well. Market should be moderately big, not so small nor too big as it can make it difficult to score more than 50% share that you can have in it. Plus, competitors should be reasonably less (Luther, 2011). Another factor by Guiltinan and Paul (1994) depicts that the major portion of marketing budget is absorbed in advertisements. Managers should be capable of determining that the effectiveness of advertisements is adequate enough. Advertising managers should be very skilled and objective in their respective field. But at the same time memorable advertisements not all the time increase sales of a product. The author quotes the significant example of Pepsi that how in its "chill out" campaign gained popularity but could not make its sales comparable to Coke (Guiltinan and Paul, 1994).

Similarly, Paula expresses her views regarding competitive trends being something that venerate your business skills. As, discussed in Luther's work "actually it's the competition rather than customer that determines your revenue, market share and profit. IBM a computer company is an example that how many setbacks it had but on the long run a positive aspect is that, it actually prospered considerably. At another place Luther says when a big market shares becomes dangerous when competitors use the experience curve. "The experience curve reflects the fact that you can cut your unit costs the same percentage rate every time you double your output. You accomplish this cost savings by learning through the experience curve, economies of scale and by throwing your weight around." If there are not more than twenty or thirty competitors it means that one can easily understand their business philosophy. Secondly, try to notice if their behavior is aggressive or not if they are aggressive you stand a minuscule hope if they aren't likely to consider you for a long time it might be a win-win situation in the long run. Marketing strategies are quite dynamic and they are always requiring constant pace of work along with vigilance on the market trends.