Marketing Strategy

Topics: Marketing, Marketing plan, Marketing strategy Pages: 10 (2332 words) Published: May 13, 2014


Marketing Strategy

Randolph McMindes
Strategic Market Management (MGMT 449)
Embry Riddle Aeronautical University
Steve Jessup
February 20, 2014
Abstract
A marketing strategy stands as the foundation of an organizations success. It should be a dynamic and interactive process that if utilized effectively can allow an organization to focus its resources on the most obtainable opportunities. A good marketing strategy has several key components. These components all lead to accomplishing goals, increasing sales, and grasping a sustainable advantage over competitors. Marketing strategies includes basic and long-term goals in the field of marketing that deal with the analysis of consumers, competitors, and of its own organization. In depth amounts of research into the marketplace, target customers, internal and external factors will create a strategy that creates success. The tools involved to market effectively, and the consumers to market to construct a marketing model. The most important characteristic of marketing from an organizational standpoint is focusing on the needs and wants of the customers

Strategic Marketing has always been, and will continue to be the emphasis of any one individual or any organization or firm that offers any type of goods or services to be sold to or acquired by a consumer. When a market strategy is utilized effectively it can allow an organization to focus its resources on the most obtainable opportunities. Practically every organization or individual with a surplus of anything has to engross the market. Captivate the market to accomplish goals, increase sales, and grasp a sustainable advantage over competitors. A good marketing strategy has several unique components, such as well-defined targets and customer analysis, a deep contextual understanding of targets segments, analysis of competitors, and brand persona. Truth be told, so much time, research, and education go in to strategic marketing because this is how organizations make money. As researchers Mullins and Walker (2013) have explained, in the financial market it’s a company’s bottom line to be profitable that is most important. In the long run all firms must make a profit to survive (p.5). Its not a secret, Making money is the name of the game, at least it is for any business in the financial market; fast food, care sales, airlines companies, gardeners, you name it; any one of these previously mentioned examples provides goods and services in exchange for money. How to continue to remain profitable, and prosperous is learning how to effectively market your product, as well as to develop relationships. As defined by Mullins and Walker (2013), marketing is a social process involving the activities necessary to enable individuals and organizations to obtain what they need and want through exchanges with others and to develop ongoing exchange relationships (p. 5). Marketing strategy relies moderately on information gained through the analysis of customers. Determining their needs and wants, how they will react to prices, how they will attach value to the product or service they purchase, and how to choose between brands to name a few. This information creates guidelines and reference points for managers to work with. The key to effective marketing is to be accurate and precise when analyzing customers, and this doesn’t come easy to marketing managers. The analysis of a customer has many distinctive characteristics. Some customers know what they want, while others may not know exactly what they want. Customer behavior and the entire thought process customers go through before making a purchase is a piece of the puzzle that marketers can sometimes not encrypt. Establishing a constructive means for understanding the needs and wants of a customer doesn’t always fare well for managers due to the complexities behind it. However, once the top layer of the onion is pealed...

References: Fleisher, Craig S., and Babette E. Bensoussan. Business and competitive analysis: effective application of new and classic methods. Upper Saddle River, NJ: Financial Times Press, 2007. Print.
Kuester, Sabine (2012): MKT 301: Strategic Marketing & Marketing in Specific Industry Contexts, University of Mannheim, p. 110.
Lorenzo, Peter D. (2013, November) http://www.autoextremist.com/current/2013/11/12/the- democratization-of-luxury-coming-to-a-mercedes-benz-deal.html
Mullins, John W., and Orville C. Walker. Marketing management: a strategic decision- making approach. 8th ed. New York: McGraw-Hill, 2013. Print.
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