Different business organizations utilize varying marketing strategies the help them win in the competitive business environment and make profits. The type of marketing strategy adopted by any firm depends on the industry where the firm operates, the location, the size, and long-term and short-term goals of the firm. In the present digital age, organizations need to use sophisticated and advanced marketing strategies to help them win both local and global competitive advantage. An effective marketing strategy composes of many elements that together assist the firm to achieve its goals. The following paper provides an overview of strategic marketing process using elements such as brand equity and positioning, the discovery of integrated marketing channels, distribution and communication strategies, and global marketing management.
Strategic marketing
Brand equity and positioning
Many firms achieve a high competitive advantage because they have an established brand name that allows them to market their products and services to different pools of customers. Brand equity represents the value of the company name in the market that goes beyond the company's sales and profit levels. On the other hand, positioning is the application of marketing in projecting different methods of offering goods and services to the target market. Brand equity and brand positioning have a lot of influence in the marketing of an organization’s products and services at any level of marketing. Many organizations utilize these elements to sell their products in the local and international markets by following strategic marketing processes. Fila Holdings is a globally recognized organization in the manufacture, distribution, and sales of sports brands. The company commits itself towards creating and marketing products capable of achieving the person's pursuit of sports by promoting personal fulfillment. Fila can apply brand equity and positioning strategies to improve its marketing potential and expand its market.
Fila can easily win the competitive advantage in the sports industry by adopting the differentiation and positioning brand strategy. Product differentiation allows the firm to gain a competitive advantage that is primary to survival in the present turbulent business environment (Saxena 2010). Brand differentiation plays a significant role in creating a new brand image in the customer’s mind that offers a unique advantage. Sports' men and women love unique products that fit their sporting needs. The company could introduce sports brands in different colors, shapes, and logos to fit different events, activities, and consumer needs. Moreover, an effective brand positioning strategy gives consumers a better opportunity to see and appreciate the value added to the product. Using the strategy helps Fila Holdings attract more customers and expand the company's brand name.
Integrated marketing channels and communications
Organizations utilize integrated marketing channels and communications in the strategic marketing approach to help acquire more customers and make huge sales; hence, achieve more profits. Most organizations have tasted the challenge of the changing market environment that makes them use the integrated marketing distribution and communication approach. Organizations use different forms of promotions, advertisements, and other forms to make consumers aware of their products. Breaking communication barrier between the firm and the client acts as the first step towards creating a strategic integrated marketing and communication channel (Ang 15).
Apple Inc. came up with an idea to introduce the Apple Car to the market. The organization needs to develop effective distribution and communication strategies to succeed in the plan. Apple Inc. already enjoys a brand name that makes it easier to reach a big number of potential customers. The distribution and communications strategy for Apple should utilize modern technologies such as the social media, emails, and the internet to create awareness to consumers and promote close interaction between the marketing team and the consumer. Any firm introducing a new product to the market should ensure it is brand-oriented, socially oriented, pre-purchased purchased-oriented, and category-oriented. Achievement of these requirements require a distribution and communications strategy that increases brand awareness, stimulated social engagement, generates inquiries, encourages trials, and activates the consumers' needs respectively (Ang 15).
Global economy
Every organization aims at joining the global economy by becoming more competitive and investing in different economies. The rate at which the world population increases creates a significant effect on the growth of the global economy. Moreover, advancements in technology and globalization bring new challenges each day that organizations must overcome to enter the global economy. On the other hand, multinational corporations hire marketing professionals annually from different market regions across the world to help establish the best marketing strategy for investing in the global market (Gillespiem and Hennessey 9). However, the use of a strategic marketing approach allows the firm to enter the global market and achieve a high competitive advantage. The global market strategic plan allows companies to develop competencies in global marketing that will determine the firm's success in the future.
Google Inc. is a globally recognized company. However, the company should consider adopting a global marketing strategy to allow it feature in the global market in future. Emerging firms are following at a very high speed calling upon established companies like Google to create unique strategies to avoid losing the global competitive advantage. The main factors influencing Google’s success in the global market include understanding the global marketing environment, the presence of global opportunities, participation in global marketing challenges, and managing global marketing effects and challenges. Organizations should increase their understanding of the global market and develop programs to overcome global challenges (Gillespiem and Hennessey, 11). Managers at Google should learn and develop global marketing skills to enable the firm perform better in the global marketplace and overcome competitors.
Works Cited
Ang, Lawrence. Principles of integrated marketing communications. New York: Cambridge
Gillespiem Kate., and Hennessey, David. Global marketing. (4th Ed.). New York: Taylor and
Francis. 2016.
Saxena, Rajan. Marketing Management. New Delhi: Tata McGraw-Hill, 2009. Print.
