INTRODUCTION OF MARKETING STRATEGY Marketing strategy is very much important for developing any of the business. Without it, the effort of the business to attract customer is random and very inefficient. The main focus of your strategy must make sure that your product should fulfill the demands of the consumers and as well as it maintains the long-term relationship with those consumers. To achieve this, you will have to initiate flexible strategy that responds to change in customer demand and perception. It may also give brand name to your product which will help you to run your business in new markets smooth and efficient manner. First of all the main purpose of your marketing strategy should be to identify the weather the target customer¶s are satisfied with your product and services of your business. Once you have created and implemented your strategy, try to identify the feed from you customer and if any changes or improvement is required apply it for the maximum satisfaction of customers This helps you to identify that, where your strategy needs to be improved and how it can be developed, so that it can be implemented for effective action. Before applying any strategy in the business proper planning programs must be organized within the members of the organization.
WHAT IS MARKETING? ³Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large."
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From the above definition we are able to understand that a successful marketing deals with satisfaction of both the parties. The definition basically explains that there is a simple process i.e. is ³selling something to somebody´ however, the definition conveys that an exchange of goods and services without any barter system and having common currencies, that exchange is called a sale. So while achieving the goals of the marketing by selling, it is not compulsory that both the parties should agreed upon the transaction. Satisfaction of both parties is a hided in the exchange relationship. Marketing must understand the ³product, ideas and services´ along with the "Needs & Wants" of the consumers. Marketing must not only understand this equation but also establish the policy to maintain balance between both the sides, by implementing ³marketing strategy´.
MEANING OF MARKETING STRATEGY A Marketing strategy defines and describes the objectives or planning through which you are going to satisfy your consumer needs in the selected target market. It does not involve written work but, it includes communication between different departments of the business enterprise for example: sales department, managers, executives etc. In fact it is a set of strategies that implied by the organization in order to increase the growth and development of the business. Normally strategy deals with the manner in which your organization plan to achieve the consumer satisfaction and maximize the profit.
DEFINITION OF MARKETING STRATEGY y ³Marketing Strategy is a set of specific ideas and actions that outline and guide decisions on the best or chosen way to create, distribute, promote, and price a product or service (manage the marketing mix variables).´ 2|P a ge
y ³A 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.´ 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. A marketing strategy should be centered on the key concept that customer satisfaction is the main goal. Business Advantages y y y y
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identifies needs and wants of consumers determines demand for product aids in design of products that fulfill consumers needs...
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