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Marketing Strategy

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Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of goods.  A marketing strategy is composed of several interrelated components called the marketing mix.  The Marketing mix consists of data to a series of product and customer related matters.

  • The segments of customers
  • Products  to  be designed for the selected customers
  • Product features uniquely targeting this market
  • Packaging of l the products

Pricing is a quantitative expression of the value of the product to the customer.

Pricing should be designed like a feature consistent with the use of the product.

  • Price of the product
  • Payment method                    
  • Channel –  direct, wholesale or retail channels best moves and delivers the product and its benefits to the selected market.
  • The message that states the purpose and benefits of the product in the market and how it competes
  • Direct,   indirect or through others
  • Product, showing customers  how it can be useful, and persuading them to buy

The actual selling process breaks down into two components called the decision making unit (DMU) and the decision making process (DMP). The DMU) consists of all of the people who will play a role in the decision to purchase a product. The marketing mix program must understand the needs of each of these individuals and find a way to communicate the marketing message to each of them.  These people are typically identified as:

Buyer – the person who actually pays.

Decider – the person or group that actually says this is the product we want.

Influencer – who helps the decider decide – example the press. 

The people included in the decision making unit (DMU) interact to make the purchasing decision. The (DMP) is a description of this interaction.  By understanding this process a salesperson can best understand who, how, and when to work on getting the customer order.

Competitiveness in Business

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Businesses exist in a competitive environment at present.  Companies  are in fierce competition with each other to provide the best possible value for money   and to offer the most suitable range of products or services  for their customers. Businesses compete in different ways. One of the most clear ways is over price. Companies  on the Internet compete to supply the same goods at the cheapest price to customers. However, in addition there are many  other   competitions, e.g. location – being at the most convenient location for customers, customer service – giving the best personal attention to the needs of customers, customization of products – providing additional features to products to cater for particular customer groups. Organizations  are faced by direct competitors. These are firms that produce the same or very similar goods  or services. On the other hand, most products are differentiated in some way. In addition to direct competition, businesses also face indirect competition. For example, in the leisure industry cinemas are faced by indirect competition from other providers of leisure activities such as discotheques. A direct competitor is a business that produces or sells a product or service that is identical or highly similar to another. Indirect competition occurs when organizations   compete for the same  expenditure, although they might be in different sectors of the same market, or in apparently different markets. As such it is apparent that we are living in a hyper competitive business environment where things are changing rapidly. In this business environment being competitive is vital for  survival and growth for an origination and individuals working for those organizations.