AN EMPIRICAL STUDY ON COMPETITIVE MARKETING STRATEGIES FOR SKIN CARE COSMETICS OF ORGANIZED RETAIL SECTOR
Strategy can be defined as a firm’s positioning to gain a competitive advantage in the marketplace (Michael E. Porter 1996). A strategy is always to secure organizational effectiveness by performing the right activities at the right time and to .achieves the right fit with the external environment. Building upon this idea, a marketing strategy allows firms to develop a plan that enables them to offer the right product to the right market, with the intent of gaining a competitive advantage. Marketing strategy research has focussed arenas such as marketing strategy formulation and marketing strategy implementation. Marketing strategy formulation research tends to focus on what should be done in practice or the role of marketing strategy in practice (Mintzberg, Henry 1994) . Marketing strategy implementation research treats the strategy as a given and examines the outcomes associated with the successful implementation of the strategy. The focus of this research falls within the marketing strategy formation domain and concentrates on the ability of teams to effectively formulate marketing strategies for new products. Effectiveness of marketing strategy formulation is made up of three components: They are Marketing strategy performance is defined as the extent to which a team is able to develop a comprehensive marketing strategy for their product. Marketing strategy creativity is defined as the extent to which the strategic plan developed by the team in an effort to commercialize a new product represents a meaningful difference from marketing practices within the industry (Andrews and Smith 1996). The process of creativity has been shown to enhance performance through a focus on identifying problems, developing hypotheses, communicating ideas openly with others, and challenging the status quo. Marketing strategy improvisation is defined as the degree of change in the marketing strategy formulation over time and is built around a definition by Brown and Eisenhardt (1997) that describes improvisation as a means of creating while simultaneously adapting to changing markets. Improvisation occurs when an organization (or in this case, a team) faces a situation that it perceives as being unexpected and does not have a preplanned course of action set and yet the situation is perceived as requiring a course of action (Moorman and Miner 1998a, 1998b; Weick 1993, 1998). Thus, improvisation is influenced by both environmental uncertainty and real-time information flows. In uncertain environments, individuals may find improvisation necessary in order to survive. Individuals that maintain access to internal and external information are more likely to be exposed to unexpected real-time information that may trigger improvisation. The objective of this research is to address the following gaps in the marketing strategy literature. More specifically, the objective of this study is to address the following questions: (1) What impact do market and technical network ties have on the effective development of marketing strategies? and (2) Does obtaining market information early on in the commercialization process pay off in terms of the ability to effectively formulate marketing strategies?. The researcher has appropriately answered the questions raised for the reason to conduct the research.
A CONCEPT OF ORGANIZED RETAILING
Retailing involves activities of marketing and selling products or services to end consumers for their own household or personal use. Organized retailing comprises mainly of modern retailing with busy shopping malls, multi storied malls and huge complexes that offer a large variety of products in terms of quality, value for money and makes shopping a memorable experience.
RETAILING SCENARIO IN INDIA – AT A GLANCE
Please join StudyMode to read the full document