Overview
The learning objectives for a business are explored within te core attribute of its customer base. According to its goals, its direction determine by the market strategy. Theoretically, a strategy that established within the market with an analytical process enhances market plan implementation. This process is successful when an appropriate customer and market relationships are constructed and it captures the market, which includes the environment and competitors.
Strategy implementation adopts a view of aligned structures, customer economics and the acceptable market presences. Information sharing is by creating an informative concept with strategic components and relational marketing. Market strategy planning involves resource matching, opportunity creation and established competitive advantage. Innovation, management and purchase features of the business enhance profits. Market segmentation creates adequate process that establishes a manageable, focused segment and develops procedures for all marketer approaches to marketing budgets and strategies.
Lesson learnt
Marketing involves several approaches and influenced by three elements, namely formulation, implementation and evaluation. These factors are indicators of integrated management, which include marketing, production, financing and accounting, and information systems that enable the organization maintain its objectives.
Strategic planning involves developing organizational values, resources and coordinating resources. These situations are relevant in explaining the impact of the company’s competitive strength, coordinated decision-making processes and explored competitive forces. The line of production and its planning encompasses developed competitors strategy and the relative aspects indicate that the structure of strategic planning and policy is to achieve a competitive advantage.
The implication of learning the organizational focus and process provides a roadmap for creating a customer oriented marketing model. These concepts suggest that the matching features involve both the internal and external environments.
Focus factor learnt within the market include essential market planning and the processes established through a focus on common practices, deeper understanding of focused marketing and critical steps of managing information relevant to real-world application of marketing processes. The content factors establish challenges that are relative to the market attributes.
Other factors learnt include the traditional marketing concept found from initial marketing approaches in changing market perceptions. Theoretical application of relevant data factor included in communication, economic variance and power shift, which occur, based on new market trends. The key indicators of product quality and respective supplier reliability indicate specific purchase feature established through critical work of information management, human and social needs and relation between customers and sellers.
Outcomes
Marketing strategies include:
- Market functions with organizational capabilities established through a considerable trend of product value, exchange, market and marketing construct.
- Explored planning which investigates how planning factors would enhance internal and external environment.
- Transactions, segmentation, positioning and targeting characteristics establishes better analytical framework. The marketing component classification is through distinct consumer desires and improved output development. This concept achievement is through integrating existing market tools.
- The accomplishment of core techniques classified as the marketing mix, product design composition and impressive product identification.
- The learning component, evaluated image branding and the competitive advantage gained form an established product positioning.
Therefore, from the core objectives, strategies learnt are divisible into five major streams namely:
- Market penetration strategy - developed in order to increase the cumulative market share,
- Market development strategy – aimed at incorporating new product into the market,
- Product development strategy- provides the necessary approach to develop the products that are in the market already,
- Growth diversification strategy,
- Growth integrated strategies.
