File Name: meaning and definition of marketing strategy .zip
In this article the marketing strategy continuum concept is presented and a number of marketing and management consequences are discussed. It demonstrates the need for a marketing concept which allows a variety of approaches to marketing. The nature of a relationship approach to marketing strategy is analysed in comparison with the nature of a transaction marketing strategy. Relationship marketing and transaction marketing are seen as strategy options at opposite ends of the continuum. Eight marketing and management implications of the two extreme strategies are examined.
Marketing strategy is the comprehensive plan formulated particularly for achieving the marketing objectives of the organization. It provides a blueprint for attaining these marketing objectives. It is the building block of a marketing plan. It is designed after detailed marketing research. Choosing the target market: By target market we mean to whom the organization wants to sell its products. Not all the market segments are fruitful to an organization.
Marketing strategy is a long-term, forward-looking approach and an overall game plan of any organization or any business with the fundamental goal of achieving a sustainable competitive advantage by understanding the needs and wants of customers. Scholars like Philip Kotler continue to debate the precise meaning of marketing strategy. Consequently, the literature offers many different definitions. On close examination, however, these definitions appear to centre around the notion that strategy refers to a broad statement of what is to be achieved. Strategic planning involves an analysis of the company's strategic initial situation prior to the formulation, evaluation and selection of market-oriented competitive position that contributes to the company's goals and marketing objectives.
Everything you need to know about marketing strategies. Stated in simple terms, marketing strategy of a firm is the complete and unbeatable plan or instrument designed specifically for attaining the marketing objectives of the firm.
At the broadest level.
Business executives draw a successful marketing strategy from market research. They also focus on the right product mix so that they can get the most profit. Put simply; a marketing strategy is a strategy designed to promote a good or service and make a profit. A good marketing strategy helps companies identify their best customers. With a good strategy, it is possible to implement the most effective marketing methods.
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This paper proposes a domain statement for strategic marketing as a field of study and delineates certain issues fundamental to the field. It also proposes a definition for marketing strategy, the focal organizational strategy construct of the field, and enumerates a number of foundational premises of marketing strategy. The domain of strategic marketing is viewed as encompassing the study of organizational, inter-organizational and environmental phenomena concerned with 1 the behavior of organizations in the marketplace in their interactions with consumers, customers, competitors and other external constituencies, in the context of creation, communication and delivery of products that offer value to customers in exchanges with organizations, and 2 the general management responsibilities associated with the boundary spanning role of the marketing function in organizations. Chief among the issues that are fundamental to strategic marketing as a field of study are the questions of how the marketing strategy of a business is influenced by demand side factors and supply side factors. This is a preview of subscription content, access via your institution.
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