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marketing strategy is the one of the important object of marketing management
It dictates the direction of purposeful activities that would lead to attainment of marketing goals. It is required to build up a suitable marketing-mix to accomplish the objectives of the business. It is accountable for planning, organizing, directing and controlling the marketing activities.
1. Marketing is customer oriented: Marketing begins and ends with the customer.
Marketing concerns itself not only with the satisfaction of the customer but also
objects to delight him/her. All the organizational activities must be targeted and
focused towards the customer. Customers must be allowed to decree product
specifications and standards regarding quality. And for this, customer’s needs
must be examined continuously.
2. Marketing is the delivery of value: When a customer is satisfied from a
particular product based on its overall performance, then the satisfaction that he
has received is known as customer value. Customers consider the product’s value
and price before making a decision and make a trade-off between cost and
benefit of the product. They will choose a product that gives them more value per
rupee. According to De Rose, “Value is the satisfaction of customer requirements
at the lowest possible cost of acquisition, ownership and use”. Thus, the
organization must aim to deliver greater customer value than that of their
competitors.
3. Marketing is network of relationships: The focal point of all marketing
activities is the customer. The term relationships marketing came into light
in1990’s. According to Philip Kotler, “Relationship Marketing is the practice of
building long-term satisfying relations with key parties like customers, suppliers
and distributors in order to retain their long term preference and business.” So the
marketers should aim at maintaining long term relationships by delivering high
quality products, better services and fair prices than their competitors.4. Marketing is business: All activities start
from marketing i.e. through knowing
customer’s needs and wants and ends on the customer i.e. providing after sales
service and knowing customer dissonance. The entire business revolves around
marketing. 5. Marketing is dynamic: The word dynamic means ever changing. The needs and
wants of the customer are changing constantly. Since the goal of marketing is to
meet customer’s needs and wants by furnishing them with the products they want
to buy, therefore, marketing must also change constantly to meet those needs and
wants.
1. Marketing Research: Market Research is a tool used for decision making about the marketing mix’s elements. Research has to be carried out in order to identify the customer’s needs, their tastes and preferences, their interests, economic position, their paying capacity and effectiveness of certain advertisements. For this purpose, data is collected, tabulated, codified, analyzed, and presented through knowledgeable techniques crafted to reveal what customers will buy, why they will buy it, and how much they will pay for it. Market research aims at adapting products to the desires of buyers. Often a questionnaire is used to obtain feedback from the customers. Marketing managers must play an active role in the research process if the input is to be useful to them. 2. Pricing: Pricing is extremely important since it directly affects an organization’s sales and profits. While deciding the price of the product a number of factors have to be kept in mind like the cost of production, paying capacity of the customer, industry demand, competitor’s prices and the target profit margin. Price knits together the elements of the
17 Mar, 2018
NIMS offers a diverse and vibrant community where students can not only excel academically but also grow personally through engaging experiences and supportive networks. Help other students by share your experiences at NIMS.