marketing strategy

Topics: Marketing, Market segmentation, Target market Pages: 4 (1350 words) Published: March 31, 2014
Marketing strategy is defined by David Aaker as a process that can allow an organization to concentrate its resources on the optimal opportunities with the goals of increasing sales and achieving a sustainable competitive advantage. Marketing strategy includes all basic and long-term activities in the field of marketing that deal 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. Marketing Mix Modeling is often used to help determine the optimal marketing budget and how to allocate across the marketing mix to achieve these strategic goals. Moreover, such models can help allocate spend across a portfolio of brands and manage brands to create value. The marketing mix is a business tool used in marketing and by marketeers . The marketing mix is often crucial when determining a product or brand's offer, and is often associated with the four P's: price, product, promotion, and place.[1] In service marketing, however, the four Ps are expanded to the seven P's [2] or eight P's to address the different nature of services. Category

Definition
Product
A product is seen as an item that satisfies what a consumer demands. It is a tangible good or an intangible service.Tangible products are those that have an independent physical existence. Typical examples of mass-produced, tangible objects are the motor car and the disposable razor. A less obvious but ubiquitous mass-produced service is a computer operating system. Every product is subject to a life-cycle including a growth phase followed by a maturity phase and finally an eventual period of decline as sales falls. Marketers must do careful research on how long the life cycle of the product they are marketing is likely to be and focus their attention on different challenges that arise as the product move. The marketer must also consider the product...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Customer-Driven Marketing Strategy: Essay
  • Marketing Essay
  • mass marketing Essay
  • Marketing Strategy Essay
  • Marketing Essay
  • Marketing Strategy for Decline Stage Essay
  • Marketing Strategy Report Essay
  • Essay about marketing strategy

Become a StudyMode Member

Sign Up - It's Free