Marketing Strategy for Chocolate Bar
The marketing strategy or marketing decisions are taken on the basis of internal and external environment of an organization. For the success of the company and its products & services in the marketing environment it is necessary for the business to make some important and effective marketing decisions (Peter & Donnelly, 2002). There are several forces that affect to marketing decisions. This paper would examine the different concepts of the marketing decision or marketing strategy. It would also explain the importance of marketing research and impact of change in environment on the marketing decisions. Environmental Impact on Marketing Decision
The success of the marketing decision completely depends on its internal and external environment. The external environment influences more to the marketing decision as the marketing decisions are taken for the external stakeholders for the profitability of internal stakeholders. The market researcher has to analyze the change in the environment order to make the effective marketing decisions. The change in the demographic environment describes the change in the age structure, shift in geographic population and educated population. It increases diversity that reduces effectiveness of marketing decision. The change in the economic environment brings change in the buying behavior and pattern of the consumers that also affect the marketing decision of an organization (Kotler & Armstrong, 2005). The change in the environment also causes a change in the customer requirement that affects the market researchers’ decision related to the marketing mix. The change in the political environment causes a change in the marketing strategies such as pricing, promotional decisions. The change in technology also affects the marketing variable decision of the marketer. Importance of Marketing Research
Marketing research could be defined as the gathering of the relevant information from the market about the product and services of the company. The marketing research helps to identify the important elements that may affect the effectiveness of the products and services of the company. The marketing research is quite significant to understand the current happenings in the marketplace (Lamb, Hair & McDaniel, 2008). The information about the current happenings in market place helps to establish an effective marketing strategy. The marketing research is also the basis of pricing policies of the organization. The pricing policies of the organization can be determined on the basis of market research and may generate huge amount of profit (Brown & Brown, 2008). The market research helps to identify the demand and consumer behavior pattern of the customers that helps to make the effective marketing policies. The marketing information is also used in the marketing research as inputs that are significant to generate more output for the organization in an effective manner. The market research is carried out in the consumer, product and distribution areas to enhance the effectiveness of marketing decision of marketer. Buying Behavior
The analysis of the buying behavior of the consumer is quite important as it is determined the success and progress of a business. The end users buy a particular product or service from the organization to accomplish its physical and mental requirements. The influence of the distribution channel also affects the buying behavior of the end user (Rolnicki, 1998). There are various several other factors that may affect the buying behavior of the consumer such as product price, quality, channel etc. Marketing Strategy for Chocolate Bar
Market segmentation can be defined as the marketing concept that can be defined as the sub-set of markets. The market segmentation is made up on the basis of people, organization or other characteristics that causes the demand of similar products and services based on...
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