Monday, August 26, 2019

Enhancing Competitiveness through Strategic Marketing Term Paper

Enhancing Competitiveness through Strategic Marketing - Term Paper Example In the same vein, the organization will accomplish nothing if it spends less on the marketing of a product that requires more. The specific considerations include the newness or uniqueness of the product. If the product represents a market innovation or it is different from other products available in the target market, such a product has a built-in advantage, according to the so-called Porter generic strategy as posited by market analyst Michael Porter. Central to strategic marketing is the research data on how customers buy, what they buy, where they buy, how they buy. This elaborates the principle of the 4 Ps in marketing which are a product, price, place, and promotion. In the target market, the organization decides if it wants to be the industry leader, follower, challenger or niche-maker. Does it want to dominate this market or simply snag a share in it The scope and coverage of the market strategy depend on these choices based on conditions reflected in the market research? The company also determines if it wants to fast-track its sales effort by using aggressive methods or warfare-based tactics, which refer to defensive or offensive, flanking or guerrilla maneuvers.Before the actual market launch, a company prepares for the big event with its mind already made up on the mix of methods it will use. The marketing, promotion and advertising methods are already specified, along with the product packaging and physical distribution. Cost projections for sales and related activities are in place, while prices have been determined based on the end user's perspective. Also, the company must have determined the appropriate pricing and credit schemes as t o where introductory discounts would be offered. Equally important is the availability of plans to deal with competitors and some fallback measures in case the sales target is not reached.  Ã‚   Cost projections should be developed on the short-term, medium-term and long-term basis and drawn at least one year ahead of the product launch for good measure. This should be updated monthly at first and then quarterly or annually afterward.  

No comments:

Post a Comment