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Marketing
Key concepts

Product / Pricing / Promotion
Distribution / Service / Retail
Brand management
Marketing effectiveness
Market research
Marketing strategy
Marketing management
Market dominance
Promotional content

Advertising / Branding
Direct marketing / Personal Sales
Product placement / Public relations
Publicity / Sales promotion
Underwriting
Promotional media

Printing / Publication / Broadcasting
Out-of-home / Internet marketing
Point of sale / Novelty items
Digital marketing / In-game
Word of mouth
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A marketing strategy[1] [2] 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. In popular usage "marketing" is the promotion of products especially Advertising and Branding However in professional usage the term has a wider meaning of Product marketing deals with the first of the "4P"'s of Marketing, which are Product, Pricing, Place, and Promotion. Pricing is one of the Four p's of the Marketing mix. The other three aspects are product promotion and place. Promotion involves disseminating information about a product, Product line, Brand, or company Distribution (or place) is one of the four elements of Marketing mix. A service is the non-material equivalent of a good. A service provision is an economic activity that does not result in Ownership, and this is what differentiates Brand management is the application of Marketing techniques to a specific product, Product line, or Brand. Marketing effectiveness is the quality of how marketers go to market with the goal of optimizing their spending to achieve good results for both the short-term and long-term Market research is the process of systematically gathering recording and analyzing data and information about Customers, Competitors and the Market Marketing management is a Business discipline focused on the practical application of marketing techniques and the Management of a firm's marketing resources Market dominance is a measure of the strength of a Brand, product, service, or firm, relative to competitive offerings Advertising is a form of Communication that typically attempts to persuade potential Customers to Purchase or to consume more of a particular Brand A brand is a collection of Images and ideas representing an economic producer more specifically it refers to the descriptive verbal attributes and concrete symbols such as a Direct marketing is a sub-discipline and type of Marketing. There are two main definitional characteristics which distinguish it from other types of marketing Product placement, or embedded marketing, is a type of Advertising, in which promotional Advertisements placed by marketers using Public relations (PR is the practice of managing the flow of Information between an Organization and its Publics Public relations - often referred Publicity is the deliberate attempt to manage the public's perception of a subject Sales promotion is one of the four aspects of Promotional mix. An underwriting spot is an announcement made on Public broadcasting outlets especially in the United States in exchange for funding Printing is a process for reproducing text and image typically with ink on Paper using a printing press To publish is to make content Publicly known. The term is most frequently applied to the distribution of text or images on paper or to the placing of content For the band see Broadcast (band Broadcasting is the distribution of audio and/or Video signals which transmit Out-of-home advertising (also referred to as OOH) is essentially any type of Advertising that reaches the consumer while he or she is outside the home (or office Internet marketing, also referred to as web marketing, online marketing, Internet advertising, or eMarketing, is the Marketing A point-of-sale display (POS is a specialized form of Sales promotion that is found near on or next to a checkout counter (the "point of sale" Promotional items or promotional products refers to articles of merchandise that are used in marketing and communication programs Digital Marketing is the practice of promoting products and services using digital distribution channels to reach consumers in a timely relevant personal and cost-effective manner In-game advertising ( IGA) refers to the use of Computer and video games as a medium in which to deliver Advertising. Word of mouth, is a reference to the passing of Information by verbal means especially recommendations but also general information in an informal person-to-person

Contents

Key part of the general corporate strategy

A marketing strategy is most effective when it is an integral component of corporate strategy, defining how the organization will successfully engage customers, prospects, and competitors in the market arena. It is partially derived from broader corporate strategies, corporate missions, and corporate goals. Strategic management is the art science and craft of formulating implementing and evaluating cross-functional decisions that will enable an organization to achieve its objectives As the customer constitutes the source of a company's revenue, marketing strategy is closely linked with sales. A key component of marketing strategy is often to keep marketing in line with a company's overarching mission statement. A mission statement is a brief statement of the purpose of a Company, Organization, or Group.

Basic theory: 1) Target Audience 2) Proposition/Key Element 3) Call to Action

Sectorial tactics and actions

A publishing strategy can serve as the foundation of a marketing plan. A marketing plan is a written document that details the necessary actions to achieve one or more marketing objectives A marketing plan contains a set of specific actions required to successfully implement a marketing strategy. For example: "Use a low cost product to attract consumers. Once our organization, via our low cost product, has established a relationship with consumers, our organization will sell additional, higher-margin products and services that enhance the consumer's interaction with the low-cost product or service. "

A strategy consists of a well thought out series of tactics to make a marketing plan more effective. Marketing strategies serve as the fundamental underpinning of marketing plans designed to fill market needs and reach marketing objectives[3]. In popular usage "marketing" is the promotion of products especially Advertising and Branding However in professional usage the term has a wider meaning of Plans and objectives are generally tested for measurable results.

A marketing strategy often integrates an organization's marketing goals, policies, and action sequences (tactics) into a cohesive whole. Similarly, the various strands of the strategy , which might include advertising, channel marketing, internet marketing, promotion and public relations can be orchestrated. Advertising is a form of Communication that typically attempts to persuade potential Customers to Purchase or to consume more of a particular Brand Distribution (or place) is one of the four elements of Marketing mix. Internet marketing, also referred to as web marketing, online marketing, Internet advertising, or eMarketing, is the Marketing Promotion involves disseminating information about a product, Product line, Brand, or company Public relations (PR is the practice of managing the flow of Information between an Organization and its Publics Public relations - often referred Many companies cascade a strategy throughout an organization, by creating strategy tactics that then become strategy goals for the next level or group. Each one group is expected to take that strategy goal and develop a set of tactics to achieve that goal. This is why it is important to make each strategy goal measurable.

Marketing strategies are dynamic and interactive. They are partially planned and partially unplanned. See strategy dynamics. The word ‘dynamics’ appears frequently in discussions and writing about strategy and is used in two distinct though equally important senses

Types of strategies

Every marketing strategy is unique, but can be reduced into a generic marketing strategy. There are a number of ways of categorizing these generic strategies. A brief description of the most common categorizing schemes is presented below:

A more detailed scheme uses the categories:
  • Prospector
  • Analyzer
  • Defender
  • Reactor

Strategic models

Marketing participants often employ strategic models and tools to analyze marketing decisions. When beginning a strategic analysis, the 3Cs can be employed to get a broad understanding of the strategic environment. The 3C's Model is a strategical look at the factors needed for success An Ansoff Matrix is also often used to convey an organization's strategic positioning of their marketing mix. The Ansoff Product-Market Growth Matrix is a marketing tool created by Igor Ansoff and first published in his article "Strategies for Diversification" in the Harvard The marketing mix is generally accepted as the use and specification of 'the four Ps' describing the strategic position of a product in the Marketplace. The 4Ps can then be utilized to form a marketing plan to pursue a defined strategy. The marketing mix is generally accepted as the use and specification of 'the four Ps' describing the strategic position of a product in the Marketplace.

Marketing in Practice

The Consumer-Centric Business

There are a many companies especially those in the Consumer Package Goods (CPG) market that adopt the theory of running their business centred around Consumer, Shopper & Retailer needs. Their Marketing departments spend quality time looking for "Growth Opportunities" in their categories by identifying relevant insights (both mindsets and behaviours) on their target Consumers, Shoppers and retail partners. These Growth Opportunites emerge from changes in market trends, segment dynamics changing and also internal brand or operational business challenges. The Marketing team can then prioritise these Growth Opportunites and begin to develop strategies to exploit the opportunities that could include new or adapted products, services as well as changes to the 4Ps.

Real-life marketing primarily revolves around the application of a great deal of common-sense; dealing with a limited number of factors, in an environment of imperfect information and limited resources complicated by uncertainty and tight timescales. Use of classical marketing techniques, in these circumstances, is inevitably partial and uneven.

Thus, for example, many new products will emerge from irrational processes and the rational development process may be used (if at all) to screen out the worst non-runners. The design of the advertising, and the packaging, will be the output of the creative minds employed; which management will then screen, often by 'gut-reaction', to ensure that it is reasonable.

For most of their time, marketing managers use intuition and experience to analyze and handle the complex, and unique, situations being faced; without easy reference to theory. This will often be 'flying by the seat of the pants', or 'gut-reaction'; where the overall strategy, coupled with the knowledge of the customer which has been absorbed almost by a process of osmosis, will determine the quality of the marketing employed. This, almost instinctive management, is what is sometimes called 'coarse marketing'; to distinguish it from the refined, aesthetically pleasing, form favored by the theorists.

See also

References

  1. ^ UK govt businesslink marketing strategy guide. A business model is a term used for a broad range of informal and formal descriptions that are used by enterprises to represent various aspects of its business including its purpose offerings Customer engagement refers to the engagement of customers with one another with a company or a brand
  2. ^ Marketing strategy Australian administration small business guide.
  3. ^ Marketing basics Marketing strategy based on market needs, targets and goals.
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