Principles of Marketing
Market strategy is the plan formulated by an organization aiming at reaching consumers and converting them into customers of the services or products provided by the firm. Effective marketing strategy requires the correct use of marketing principles that consists of product, promotion, price and place. The challenge for firms’ experts and business owners is to determine the appropriate marketing techniques that will increase sales and revenue. The paper discusses the analysis of market strategies and marketing management strategies used in the marketing plan implementation. Also, integrative approaches used today and analysis of best marketing strategies in reaching the target market is elaborated in the paper.
Analysis of Market Strategies in Reaching Markets with their Products or Services
Analyzing the market leads us to use the correct marketing strategies to be used in the business. The use of market strategies is essential in increasing the sales share and profitability of an organization. According to Duermyer (2019), changes in market condition calls for an organization to evaluate and adjust the market strategy on a timely basis. Before formulating a plan, the market is first analyzed in terms of growth, trends, size, sales potential, and structure. The competitor’s aggregate sale provides an estimate of the market hence enabling the competitor to identify the target market.
Pricing strategy is essential for any business as it has a direct effect on the future of business success. It is an approach that helps in determining the best price for selling a product that maximizes shareholders’ value and increasing profits while considering the market and consumer demand. Pricing strategy considers many factors of a business, for instance, target audience, product attributes, marketing objective, and revenue goal. Pricing of a product is affected by external factors such as economic trends and the pricing of the competitors. Distribution strategy is another significant element in marketing as a cheaper method of distributing the product is essential in increasing business sales and revenue. Distribution ensures the availability of the product in the market, and it involves packaging, transportation, and delivery. For a company to achieve the growth objective, it is essential to know the right channel of distribution to be used. Promotion strategy is another technique used by firms in persuading, informing, and reminding the customers on the specification of the product. Promotional strategies include advertisement, which entails creative messages. Sales promotion, e-commerce, personal selling, and social media are also used in promotion strategies.
Marketing Management Strategies used in the Implementation of a Marketing Plan
Implementing an effective marketing plan of a firm can be upheld by enhancing organizing, monitoring, and interactions in all marketing functions. “Today its important for business owners to have an online presence and for entrepreneurs to understand marketing management team strategies that will set you apart from the competition” (Partner, 2018, P. 1). In managing and planning for marketing strategies, the organization employs the usage of effective information systems and control strategies, which are essential in familiarizing the product to consumers. An effective information system enables an entity to have an advantage in competing for the market. The organization should ensure they employ the right personnel to carry out market management strategies (Partner, 2018). In organizations, leaders use skilled labour and assign them with responsibilities to work in the firm’s design that effectively accomplishes the market strategy for the company.
The strategy performance is influenced by workers deployed in the marketing department; therefore, employing a skilled workforce should be encouraged to maximize the sale of the products. Workplace diversity strategy is essential in the success of any business as workers with different skills pool efforts together to achieve the best organizational goal. The organization uses an integration process for controlling various units of marketing at the management level. The control and implementation of marketing strategy entail three significant management activities, which include: the preparation of the marketing budget, application, and monitoring of the plan. The organization uses the evaluation strategy for performance enhancement, and it is essential in highlighting potential threats and realizing new opportunities in the market.
Integrative Strategies used in Today’s Global Environments to Reach Targeted Markets and Maximize Marketing Dollars Spent
An integrated marketing strategy entails the combination of media and communication tools in conveying the product message. By linking various tools, organizations can reach their target market and can effectively influence multiple instruments. Social media is one of the integrative strategies used in reaching targeted markets. A wide range of communication tools is provided by social media such as Twitter, and Facebook, which connects with several audiences combined with the website, has expanded tremendously in reaching the target consumers. It is free to use social media unless if it is for paid advertisement, which is still budget-friendly.
Creating a goal-oriented Search Engine Optimization (SEO) is another integrative strategy which involves making specific website changes in content and design that makes the organizational site to be attractive and appealing to search engine. “With SEO, not only will you have to outrank thousands of other websites, but you’ll also have to keep your position at the top of the search results” (Sherman, 2019, P. 8). Organizations have enhanced the use of creativity and innovation strategies to reach the targeted market. Although methods such as skywriting are ancient methods, similarly, non-media communications, for instance, street painting and vehicle wrapping, are also very essential in reaching a targeted market. The combination of more traditional media and innovative activities provides messages integration, which can result in the betterment of results.
The concentrated strategy enables a firm to have a substantial market portion by using limited resources without the adoption of mass advertisement and distribution. Blurring lines between public relation and publication is also increasing as more organizations use integrated marketing in the passage of messages to a targeted audience. Traditional media encounter growing competition due to the emergence of options of communicating to consumers with low costs, including media and online communication.
How I Would Proceed When Marketing a Product or Service and Comparison and Contraction of why Certain Strategies Would be Best for the Target Market
When marketing a product, I will first evaluate the target market as knowing the ideal buyers will assist me in developing engaging stories of the product, which will convince them to buy. After evaluating buyers, I will research on the competitors and the methods they use. Analyzing competitors shows the extent of the market and studying techniques that competitors’ uses will help me in knowing which marketing tactics and sales channel works effectively. Developing the story of the product is also essential when marketing a product. I will ensure that the content of the product has emotional persuasion to the targeted customers that convince them to buy the product. Also, I will provide the consistency of the message in all communication tools to enhance clarity and market expansion of the product. Finally, I will emphasize long-term planning by being selective in my channels of distribution for sustainable business.
The objective of every organization involving in marketing is to satisfy the targeted market and to increase sales to maximize the profit. Mass marketing strategy meets the target market best as it ignores market segmentation, and it generates a marketing mix and a single offer for everyone. Mass marketing aims at satisfying the most significant number of audiences possible and maximizes product exposure in the market. Unlike mass marketing, niche marketing targets a few market segments limiting consumer satisfaction. The use of social media in marketing is essential as the organization can reach many consumers. “Social media marketing is one of the most popular and effective types of marketing strategies” (Sherman, 2019, P. 4). Currently, many people are using social media due to advancements in technology; hence the need for an organization to use this platform in marketing arises. In contrast to social media marketing, the use of point-of-purchase reaches few consumers as are promotional messages are used during the purchase of the product. Paid advertisement strategy essential in the marketing of firm products as it covers a wide range of the market. However, using an approach such as email marketing will not be effective as few customers can be reached.
References
Duermyer, R. (2019). How to develop the marketing strategy for your home business. the balance small business. Retrieved 29 April 2020, from https://www.thebalancesmb.com/marketing-strategy-for-home-business-success-1794314.
Partner, C. (2018). Five killer marketing management team strategies that you should implement. Smart Insights. Retrieved 29 April 2020, from https://www.smartinsights.com/content-management/five-killer-marketing-management-team-strategies-that-you-should-implement/.
Sherman. (2019). Types of marketing strategies that actually work for your business. Life marketing. Retrieved 29 April 2020, from https://www.lyfemarketing.com/blog/types-of-marketing-strategies/.