Marketing Strategies

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Over the years, there had been a growing concern on business industries in the development of their marketing strategies with regards to the deterioration of some other existing firms. The market concept of building an organization around the profitable satisfaction of customer needs helped firms achieved high-success growth, moderately competitive markets. However, to be successful in the markets in which economic growth has leveled and there exist many competitors who follow the marketing concept, a well-developed marketing strategy is required. Such a strategy considers a portfolio of products and takes into account the anticipated moves of competitors in the market. 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.1 Marketing strategy includes all basic and long-term activities in the field of marketing that deals with the analysis of the strategic initial situation of a company and the formulation, evaluation and selection of market-oriented strategies and therefore contribute to the goals of the company and its marketing objectives.2 Marketing strategies serve as the fundamental underpinning of marketing plans designed to fill market needs and reach marketing objectives.3 Plans and objectives are generally tested for measurable results. Commonly, marketing strategies are developed as multi-year plans, with a tactical plan detailing specific actions to be accomplished in the current year. Time horizons covered by the marketing plan vary by company, by industry, and by nation, however, time horizons are becoming shorter as the speed of change in the environment increases.4 Marketing strategies are dynamic and interactive. They are partially planned and partially unplanned. Marketing strategy involves careful scanning of the internal and external...
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