8 Steps to Create a Complete Marketing Strategy in 2023

Kayla Carmicheal

Published: October 26, 2023

Creating a marketing strategy is essential to effectively nurture your customers, improve your business’s bottom line, and increase the ROI of your efforts.

Marketing strategy graphic with a woman with a bullhorn and chess pieces for strategy.

A marketing strategy is especially critical if you want to use the highest ROI trends for 2023 : short video, influencer marketing, and branded social media. To get powerful results, you must carefully weave both emerging trends and proven strategies into your plan.

Let's dive into the critical components of a complete marketing strategy in 2023, followed by some examples for inspiration.

Marketing Strategy

A marketing strategy covers a company’s overall approach for promoting its brand to a target audience. The process involves research, goal-setting, and positioning.

A completed marketing strategy typically includes brand objectives, target audience personas, marketing channels, key performance indicators, and more.

A marketing strategy will:

  • Align your team to specific goals.
  • Help you tie your efforts to business objectives.
  • Allow you to identify and test what resonates with your target audience.
  • Empower you to capitalize on emerging trends.

The last one is especially important. Keeping up with marketing trends is important for your strategy, but could be a full-time job.

Why? Because almost 80% of marketers say this industry changed more in the last three years than it has in the past five decades. In short, what worked for your marketing strategy in the past might not fly today.

Marketing Strategy vs. Marketing Plan

A marketing strategy outlines the long-term goals and overall approach, while a marketing plan covers the specific actions and tactics to achieve those goals.

Phrased another way, marketing strategy guides the overall marketing efforts of a business. It includes goal-setting, market and competitor research, as well as messaging and positioning for a brand.

For example, say you're creating a marketing strategy for a new fashion brand. Your strategy might target young urban professionals and position the brand as trendy and affordable.

But a marketing plan is a detailed tactical roadmap. It outlines the specific actions and tactics that should achieve the marketing strategy's goals.

For example, the marketing plan for the fashion brand mentioned above might include:

  • Targeted social media campaigns
  • Influencer partnerships
  • Online advertising timeline

Both a marketing strategy and a marketing plan are essential for a business's success.

essay marketing strategy

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To succeed in the fast-paced marketing world — and maintain a sense of relevance with your audience — it's vital to stay ahead of the curve.

To help ease some of that uncertainty, we're going to show you step-by-step how to create a comprehensive marketing strategy. But first, let’s go over the individual components that make up a strong marketing strategy.

Marketing Strategy Components

  • Marketing Mix (4 Ps of Marketing)
  • Marketing Objectives
  • Marketing Budget
  • Competitive Analysis
  • Segmentation, Targeting, & Positioning
  • Content Creation (Including Trending Content)
  • Metrics & Key Performance Indicators

1. Marketing Mix

marketing strategy components: marketing mix

Image Source

The marketing mix, also known as the 4 Ps of marketing, is the preliminary document you must create to understand what you will be marketing, where you’ll be marketing it, and how you’ll be marketing it. The following P’s make up this framework:

  • Product : What are you selling?
  • Price : What is the price?
  • Place : Where will you be selling the product?
  • Promotion : Where will you be promoting the product?

You can then extrapolate this information into a full-fledged marketing plan for each promotional channel. It’s important to lay out the information in broad strokes so that you understand the overall direction of your marketing strategy.

2. Marketing Objectives

marketing strategy components: marketing objectives

You can set your marketing objectives in conjunction with your 4 Ps, or right after. Either way, you should outline your marketing goals before building upon your strategy. Why? Because your goals will inform other components of the plan, including the budget and content creation process.

With every objective, you should aim to be as specific as possible. Try to create SMART marketing goals divided by channel or promotional tactic, and don’t forget that you can always come back and revise your goals as your priorities change.

3. Marketing Budget

marketing strategy components: marketing budget

A marketing budget is an essential element of your strategy. Without allocating funds to hiring the right talent, using the right software, advertising on the right channels, and creating the right content, your marketing strategy won’t have a powerful impact. To get a high return on investment, you must first invest.

Remember that you can always start small — hyper-focusing your budget on one or two efforts — and build upon them once you generate an ROI.

4. Competitive Analysis

Knowing your competition is key when creating a marketing strategy. Otherwise, you risk "yelling into the void" without measurable results. Worse, you won’t know whether you’re differentiating yourself enough from the competition and effectively drawing the attention of your intended audience.

You might already have an idea of who your competitors are, but it’s still essential to sit down and find them. You might end up uncovering a surprise competitor who’s vying for your target buyer’s attention and engagement.

5. Segmentation, Targeting, and Positioning

marketing strategy components: audience segmentation, targeting, and positioning

Segmentation, targeting, and positioning (STP) refers to the process of delivering "more relevant, personalized messages to target audiences." In other words, rather than publishing posts and advertisements on a whim, you’ll go through a methodical process for creating content that resonates with your target buyer.

During the segmentation, targeting, and positioning process, you’ll take three steps:

  • Identify your target audience . This process not only entails interviewing your current customers, but carrying out market research and creating buyer personas .
  • Target a segment of your target audience . It’s best to speak to a narrow group of highly qualified buyers than to send your message out to everyone.
  • Position your brand alongside other brands . What do you do better than your competitors? It’s essential to map this information when creating a marketing strategy.

6. Content Creation

marketing strategy components: content creation

Once you have your budget, competitive outlook, and STP information, it’s time to create your marketing content . But it’s essential to be strategic. For one, you don’t want to publish random content that doesn’t solve for the customer, and for two, you must aim to capitalize on emerging trends so that your brand enjoys high visibility in the marketplace.

The competition is fierce across all formats. According to HubSpot Research , "half of marketers are using videos, with 47% leveraging images, followed by 33% posting blogs articles, infographics (30%) and podcasts or other audio content (28%)." Of these, video has the highest ROI.

marketing strategy components: content strategy data

It’s even more essential to invest in trends that have a high ROI, such as short-form video, influencer marketing, and social media DMs.

That doesn’t mean you shouldn’t invest in blogging , one of the most proven content marketing techniques. It’s simply important to know where to allot the most resources, especially if you have a limited budget.

7. Metrics & Key Performance Indicators (KPIs)

marketing strategy components: metrics and kpis

Last, but certainly not least, your marketing strategy must include metrics and key performance indicators to understand how well your strategies are working. The KPIs you choose will vary depending on your business type and preferred customer acquisition channels . Examples of KPIs include:

  • Customer Acquisition Cost (CAC)
  • Organic Traffic
  • Conversion Rate
  • Marketing Qualified Leads (MQLs)

Now, let’s dive into why it’s important to follow the steps of a marketing strategy.

Why is a marketing strategy important?

Without a defined strategy, you’ll essentially be throwing things at the wall to see what sticks. And that process will cost you money, time, and resources.

But a robust marketing strategy will reach your target audience. It has the power to turn people who've never heard of your brand into loyal repeat customers.

Here are just a few of the top reasons a marketing strategy is essential:

Offers Direction

A marketing strategy outlines clear goals and defines the path to achieve them. It pulls together all marketing efforts within an organization for optimal effects.

Targets the Right Audience

A well-defined marketing strategy helps you find and understand your target audience. This helps your business tailor your messaging and positioning to reach the right people at the right time.

Builds Brand Identity

A marketing strategy helps you create a consistent and cohesive brand identity. This makes it easier to align all marketing initiatives for increased brand recognition and loyalty.

Maximizes ROI

With analysis of market trends, competition, and customer behavior, marketing strategies help businesses find the most effective marketing channels and tactics to invest in. This helps businesses get the maximum return on investment.

Evaluates Performance

A marketing strategy defines key metrics and performance indicators. This makes it easier for your business to measure and track the success of marketing initiatives. It also gives you what you need to make data-driven decisions and optimize future campaigns for better results.

Marketing Strategy Process

  • Conduct market research.
  • Define your goals.
  • Identify your target audience and create buyer personas.
  • Conduct competitive analysis.
  • Develop key messaging.
  • Choose your marketing channels.
  • Create, track, and analyze KPIs.
  • Present your marketing strategy.

1. Conduct market research.

Before you can begin creating your marketing strategy, you need to gather useful data for making informed decisions. Market research is like playing detective, but instead of solving crimes, you're uncovering juicy details about your customers.

Market research will help your businesses make data-driven decisions for your marketing strategy. It also makes it easier to understand your target market, find gaps, and make the most of your resources.

This process is essential for understanding your customers and adapting to changing trends. If you're new to this process, this complete market research guide and template can help.

Once you have the data you need, you’ll be ready to set some marketing goals.

2. Define your goals.

What do you want to achieve through your marketing efforts?

Whether it's increasing brand awareness, driving sales, or diversifying your customer base, well-defined goals will guide your marketing strategy.

Your marketing strategy goals should reflect your business goals. They should also offer clear direction for marketing efforts.

For example, say one of your business goals is to increase market share by 20% within a year. Your goal as a marketer could include expanding into new target markets, updating your brand, or driving customer acquisition.

Other marketing goals might be to increase brand awareness or generate high-quality leads. You might also want to grow or maintain thought leadership in your industry or increase customer value.

Defining clear goals provides direction and clarity, guiding marketing efforts toward desired outcomes. It helps with resource allocation, decision-making, and measuring the success of marketing initiatives.

This SMART goal guide can help you with more effective goal-setting.

3. Identify your target audience and create buyer personas.

To create an effective marketing strategy, you need to understand who your ideal customers are. Take a look at your market research to understand your target audience and market landscape. Accurate customer data is especially important for this step.

But it's not enough to know who your audience is. Once you've figured out who they are, you need to understand what they want. This isn't just their needs and pain points, it's how your product or service can solve their problems.

So, if you can't define who your audience is in one sentence, now's your chance to do it. Create a buyer persona that's a snapshot of your ideal customer.

For example, a store like Macy's could define a buyer persona as Budgeting Belinda, a stylish working-class woman in her 30s living in a suburb, looking to fill her closet with designer deals at low prices.

With this description, Macy's Marketing department can picture Budgeting Belinda and work with a clear definition in mind.

Buyer personas have critical demographic and psychographic information, including age, job title, income, location, interests, and challenges. Notice how Belinda has all those attributes in her description.

You don't have to create your buyer persona with a pen and paper. In fact, HubSpot offers a free template you can use to make your own (and it's really fun).

You can also use a platform like Versium , which helps you identify, understand, and reach your target audience through data and artificial intelligence.

Buyer personas should be at the core of your strategy.

4. Conduct competitive analysis.

Now that you have an understanding of your customers, it's time to see who you're competing with to get their attention.

To begin your competitive analysis, start with your top competitors. Reviewing their websites, content, ads, and pricing can help you understand how to differentiate your brand. It's also a useful way to find opportunities for growth.

But how do you know which competitors are most important? This competitive analysis kit with templates will walk you through the process. It will help you choose and evaluate the strengths, weaknesses, and strategies of your competitors.

This process will help you find market gaps, spot trends, and figure out which marketing tactics will be most effective. Competitive analysis can also offer valuable insights on pricing, positioning, and marketing channels.

5. Develop key messaging.

You've figured out who you're talking to, what they've already heard, and what they want to hear. Now, it's time to share your brand's unique value proposition .

In this step, you'll craft key messaging that shows the benefits of your product or service and resonates with your target audience. This process should show off the research and work you have done up to this point. It should also incorporate your creativity, inventiveness, and willingness to experiment.

Well-crafted key messaging:

  • Sets businesses apart from the competition
  • Resonates with the target audience
  • Is flexible enough to be consistent across all marketing channels
  • Builds brand credibility
  • Creates an emotional connection with customers
  • Influences buying decisions

The key messaging in your marketing strategy is critical to driving engagement, loyalty, and business growth. These value proposition templates can help if you're not sure how to draft this important messaging.

6. Choose your marketing channels.

You know what you have to say, now decide on the best marketing channels for your message. Your top goal for this stage of your strategy is to align your channel choices with your target persona's media consumption habits.

Start with media channels you're already using. Then, consider a mix of traditional and digital channels such as social media, TV, email marketing, podcast ads, SEO, content marketing, and influencer partnerships.

To streamline this process, think of your assets in three categories — paid, owned, and earned media.

Marketing strategy, paid media example, Apple billboard

Paid media is any channel you spend money on to attract your target audience. Most of this spending is advertising . This includes online and offline channels like:

  • Direct mail
  • Social media ads
  • SEM (Search engine marketing)
  • Podcast advertising

Owned Media

Marketing strategy, owned media example, blog

Owned media refers to (mostly) online channels your brand owns, including:

  • Organic social media

It also refers to the media your marketing team creates such as

  • Infographics

Earned media

Another way to say earned media is user-generated content . Earned media includes:

  • Shares on social media
  • Posts about your business on X or Threads
  • Reels posted on Instagram mentioning your brand

To decide which marketing channels are best for your marketing strategy, look carefully at each channel. Think about which channels are best for reaching your audience, staying within budget, and meeting your goals.

For example, a business targeting a younger demographic might consider using TikTok or Reddit to reach its audience.

Don't forget to take a look at emerging platforms and trends as you complete this review. You may also want to look at the content you've already created. Gather your materials in each media type in one location. Then, look at your content as a whole to get a clear vision of how you can integrate them into your strategy.

For example, say you already have a blog that's rolling out weekly content in your niche (owned media). You might consider promoting your blog posts on Threads (owned media), which customers might then repost (earned media). Ultimately, that will help you create a better, more well-rounded marketing strategy.

If you have resources that don't fit into your goals, nix them. This is also a great time to clean house and find gaps in your materials.

7. Create, track, and analyze KPIs.

Once you have a clear outline of your marketing strategy, you'll need to think about how you'll measure whether it's working.

At this stage, you'll shift from marketing detective to numbers nerd. With a little planning and prep, your analytics can unveil the mysteries of marketing performance and unlock super insights.

Review your strategy and choose measurable KPIs to track the effectiveness of your strategy. Create a system that works for your team to collect and measure your data.

Then, plan to check and analyze the performance of your strategy over time. This can help you refine your approach based on results and feedback.

Analyzing KPIs helps businesses stay agile, refine their strategies, and adapt to evolving customer needs.

8. Present your marketing strategy.

A finished marketing strategy will pull together the sections and components above. It may also include:

Executive Summary

A concise overview that outlines the marketing goals, target audience, and key marketing tactics.

Brand Identity

You may want to create a brand identity as part of your strategy. Brand positioning, voice, and visual identity may also be helpful additions to your marketing strategy.

Marketing Plan and Tactics

Your marketing plan is the specific actions you'll take to achieve the goals in your marketing strategy. Your plan may cover campaigns, channel-specific tactics, and more.

Not sure where to start? This free marketing plan template can help.

marketing-strategy-template-free

Download for Free

Budget Allocation

Defining a budget for your marketing strategy helps you show that your planned resource allocation aligns with business goals.

Timeline and Milestones

Marketing strategies can be complex and difficult for stakeholders to understand. Creating a timeline that outlines the different tactics, milestones, and deadlines can help.

Your marketing strategy is a living document. It will need constant reviews, revisions, and optimizations to meet your long-term goals. Prepare to revise your marketing strategy at least once a year to address market trends, customer feedback, and changing business objectives.

Recommended Resources

Here are a few tools that can help you track and measure the success of your marketing goals:

1. HubSpot Marketing Hub

The Marketing Hub allows you to connect all your marketing tools into one centralized platform.

hubspot marketing hub dashboard

Too often, you’ll find a tool that’s powerful but not easy to use. With this tool, you can attract users with blogs, SEO, and live chat tools. You can then convert and nurture those leads through marketing automation, the website and landing page builder, and lead tracking features.

With custom reporting and built-in analytics, you can analyze your data and plan out your next move. Plus, HubSpot Marketing Hub integrates with over 700 tools .

Pricing : Free; Starter, $20/month; Professional, $890/month; Enterprise, $3,600/month.

trello-for-marketing-planning

Trello keeps your marketing team on track and openly communicating about the projects they're working on. Create boards for individual campaigns, editorial calendars, or quarterly goals.

Built-in workflows and automation capabilities keep communication streamlined, and simplicity keeps your marketing team focused on the work that matters.

Pricing : Free; Standard Class, $5/month; Premium Class, $10/month for 100 users; Enterprise, $17.50/month for 250 users.

3. TrueNorth

truenorth-software

TrueNorth is a marketing management platform built to help you hit your marketing goals. Built specifically for marketing teams, TrueNorth turns your marketing strategy into a visual projection of your growth, which is used to create monthly milestones that help you stay on track.

One of the key benefits of TrueNorth is that it centralizes all your ideas, campaigns, and results in one place, with everything tied back to your goal.

Pricing : $99/month (free for 14 days).

4. Monday.com

monday.com hubspot integration

Everything on Monday.com starts with a board or visually driven table. Create and customize workflows for your team and keep groups, items, sub-items, and updates synced in real time.

You can also transform data pulled from timeline and Gantt views to track your projects on Monday.com to make sure you're meeting your deadlines. Plus, with more than 40 integrations — from SurveyMonkey to Mailchimp and, of course, HubSpot — you can visualize your data and make sure your whole company is collaborating.

Pricing : Basic, $8/month/seat; Standard, $10/month/seat; Pro, $16/month/seat; Enterprise, contact for pricing.

semrush dashboard

SEO continues to be a huge factor in the successful ranking of your website.

SEMrush allows you to run a technical SEO audit, track daily rankings, analyze your competitor's SEO strategy, research millions of keywords, and even source ideas for earning more organic traffic.

But the benefits don't stop at SEO. Use SEMRush for PPC, building and measuring an effective social media strategy, content planning, and even market research.

Pricing : Pro, $129/month; Guru, $249/month; Business, $499/month.

6. Buzzsumo

buzzsumo marketing strategy tool

BuzzSumo allows you to analyze data to enhance and lead your marketing strategy, all while exploring high-performing content in your industry.

Use the platform to find influencers who may help your brand reach, track comments, and find trends to make the most of every turn.

As your needs evolve, you can also use their crisis management and video marketing tools.

Pricing : Content Creation, $199/month; PR&Comms, $299/month; Suite, $499/month; Enterprise, $999/month.

7. Crazy Egg

crazyegg website optimization

Need to optimize your website this year? Consider getting started with Crazy Egg. You'll be able to identify "attention hotspots" on your product pages, track ad campaign traffic on your site, and understand if shoppers are clicking where you want them to.

You can even make sure your "Buy Now" buttons are in the best place.

Crazy Egg also offers recordings, A/B testing, and more to help make sure your website is offering the best user experience.

Pricing : Basic, $29/month; Standard, $49/month; Plus, $99/month; Pro, $249/month; Enterprise, contact for pricing.

Examples of Successful Marketing Strategies

1. regal movies, digital strategy: owned media.

This "Guess the Monday Movie" question is a fun, interactive way to get followers invested in Regal's content:

owned media example, Regal Cinemas

Regal's Instagram post is an example of owned media because the company was in full control of the answers followers gave (and, apparently, they’re hoping for fewer horror movies).

Regal kept true to their brand by asking viewers to guess the secret movie. And this is a popular type of post for this brand. In only two hours, it has over 800 likes and 64 comments.

2. La Croix

Digital strategy: user-generated content, earned media.

User-generated content is one of the best ways to gain traction in your strategy.

It demonstrates your appreciation for loyal customers, builds community, and incentivizes other users to promote your products for the chance at a similar shout-out.

Plus, sometimes the content your brand loyalists create is really, really good.

User-generated content, earned media, La Croix

In this case, the consumer is creating a handmade needlepoint featuring the brand’s product.

3. Small Girls PR

Owned media, Small Girls PR

Small Girls PR is a boutique PR company based in New York, and one of the company's talents is connecting with amazing clients. This post on Instagram is an effective marketing example, as it boosts awareness for your brand and offers social proof by featuring high-profile clients.

4. Superside

Digital strategy: paid media.

Design agency Superside launched an Instagram ad to promote a lead magnet: Their digital ad design guide. While the brand may have created the guide specifically for paid promotions, it’s also possible that they repurposed a high-performing blog post into a downloadable ebook.

marketing strategy paid media example

In this case, all they had to do was repackage their current content, build an ad around it with creative assets, and run it.

In previous sections, we discussed the power of leveraging multiple forms of media in your marketing strategy. This is a great example of it.

Digital Strategy: Owned Media, Influencer Partnership

If you've got the time for influencer partnerships, take full advantage of it.

Influencer marketing is when you partner with influencers, to promote your content on their site. By doing this, your content reaches new audiences you might not be able to reach organically:

Influencer marketing, target

This post from Target highlights new apparel from a trusted partner. More social channels are offering ways for shoppers to purchase in-app or close to it, driving sales and boosting exposure for brands.

What to Expect After Following Your Marketing Process Steps

Ultimately, creating a complete marketing strategy isn't something that can happen overnight. It takes time, hard work, and dedication to confirm you're reaching your ideal audience, whenever and wherever they want to be reached.

Stick with it (and use some of the resources we've included in this post), and over time, research and customer feedback will help you refine your strategy to make sure you're spending most of your time on the marketing channels your audience cares most about.

Editor's note: This post was originally published in October 2019. It has been updated for freshness and accuracy.

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100+ Marketing Essay Topics

MARKETING ESSAY TOPICS

Crafting an outstanding marketing essay is a journey that often begins with selecting a compelling topic. At WriteOnDeadline, we understand the importance of this initial step. That’s why we’ve dedicated this post to sharing inspiring marketing essay topics that will not only ignite your passion but also appeal to your professors.

Table of Contents

What is a Marketing Essay?

A marketing essay is a unique academic document that delves into various facets of marketing analysis, strategies, concepts, and applications. It requires students to explore, critically analyze, and present arguments on marketing theories, market strategies, consumer behavior, product promotion, or other related themes. These essays not only test your knowledge of marketing principles but also your ability to research, analyze trends, and convey complex ideas succinctly.

Choosing the Right Marketing Essay Topic: A Mini Guide

Selecting a topic for your marketing essay should be a strategic process. Here’s a quick guide on how to do it:

Start by understanding the requirements for your assignment, as these will narrow down your scope. Then, brainstorm areas of interest within marketing, considering current trends, controversial issues, or gaps in research that intrigue you. Always opt for a topic that resonates with your passions but also challenges you—this balance will make your writing process enjoyable and academically rewarding. Validate your chosen topic by researching initial literature, ensuring there’s enough information available. Finally, seek feedback from peers or instructors before finalizing your topic, ensuring it’s compelling and feasible.

Exciting Marketing Essay Topics to Consider

Choosing a topic can be daunting, so we’ve compiled a diverse list of 30 engaging areas you could explore in your marketing essay.

Understanding Consumer Behavior

  • The psychological triggers behind impulsive buying
  • How cultural differences influence purchasing decisions
  • The impact of social media on consumer behavior

Digital Marketing Strategies

  • The effectiveness of influencer marketing
  • SEO tactics that dominate current digital marketing
  • Evaluating the success of email marketing

Branding and Brand Management

  • The journey of building a resilient brand image
  • Celebrity endorsements and their impact on brand perception
  • Crisis management: Reviving a tarnished brand

Ethical Considerations in Marketing

  • Exploring the effects of deceptive advertising
  • Ethical marketing: Is honesty more profitable?
  • The societal impact of marketing unhealthy food to children

Innovation in Marketing

  • How virtual reality is reshaping marketing experiences
  • The role of artificial intelligence in personalized marketing
  • Sustainable marketing: Shifting towards eco-friendly practices

Global Marketing

  • Overcoming cultural barriers in international marketing
  • Strategies for Successful Global Brand Expansion
  • Localizing products in foreign markets: Best practices

Content Marketing

  • The power of storytelling in content marketing
  • Strategies for Effective Content Marketing
  • Measuring the impact of content marketing

Challenges in Marketing

  • Combating digital ad fraud: Strategies and practices
  • Navigating marketing strategies during political unrest
  • The future of marketing in post-pandemic retail

Foundations of Marketing

  • Evolution and transformation of marketing through the ages
  • The core principles of marketing and why they matter
  • A comparative analysis of the marketing mix: 4Ps vs. 7Ps

Consumer Behavior Insights

  • Analyzing the role of emotions in buying decisions
  • Generational marketing: How baby boomers and millennials differ in their purchase behaviors
  • The increasing role of social proof in the digital age

Trends in Digital Marketing

  • The rise and implications of voice search marketing
  • Augmented reality: The next big thing in online marketing?
  • Chatbots and their effectiveness in customer engagement

Branding Dynamics

  • The science behind memorable logos and brand colors
  • Merging brands: Challenges and rewards of brand consolidation after M&As
  • The anatomy of a successful brand launch

Social Media Marketing

  • TikTok and its revolutionary impact on digital marketing strategies
  • The ongoing battle for organic reach on Facebook
  • Strategies to optimize user engagement on Instagram

Ethics and Morality in Marketing

  • The thin line between persuasion and manipulation in advertising
  • Greenwashing: Deceptive eco-friendly marketing and its consequences
  • Marketing to vulnerable populations: Ethical implications and safeguards

Marketing in the Age of Technology

  • Internet of Things (IoT) and its implications for marketers
  • Predictive analytics: Harnessing big data for targeted marketing campaigns
  • Blockchain technology and its potential uses in marketing

Relationship Marketing

  • Building brand loyalty in the era of instant gratification
  • Customer relationship management (CRM) tools and their efficacy in retaining consumers
  • The art and science of customer journey mapping

Integrated Marketing Communications

  • The role of public relations in holistic marketing strategies
  • Offline and online marketing synergy: Best practices
  • Crafting compelling brand narratives through transmedia storytelling

Niche and Guerrilla Marketing

  • The rise of pet influencers: Analyzing niche marketing strategies
  • Effective guerrilla marketing campaigns of the last decade: A case study approach
  • The balance between risk and reward in ambush marketing

Future of Marketing

  • Preparing for the metaverse: Next-generation digital marketing strategies
  • The role of biometrics in personalized marketing campaigns
  • Adapting to the post-cookie era: New strategies for online ad targeting

Retail and E-commerce Marketing

  • The resurgence of pop-up shops in the e-commerce era
  • Omnichannel marketing: Bridging the gap between offline and online retail
  • Consumer psychology behind free shipping and its impact on online sales

B2B Marketing

  • The unique challenges and rewards of B2B influencer marketing
  • Crafting compelling case studies as a B2B marketing tool
  • Account-based marketing (ABM): Tailored strategies for high-value clients

Marketing and Psychology

  • The power of color in influencing consumer choices
  • Understanding the anchoring effect in pricing strategies
  • Decoding the paradox of choice: Does more variety deter buyers?

Emerging Markets

  • Strategies for introducing a product in a newly developing market
  • Navigating marketing challenges in BRICS countries
  • The role of cultural sensitivity in marketing to emerging economies

Marketing in Healthcare

  • Ethical considerations in direct-to-consumer pharmaceutical advertising
  • Marketing strategies for telemedicine in a post-pandemic world
  • The role of content marketing in healthcare: Educating and promoting

Non-Profit Marketing

  • Challenges and strategies for marketing without a profit motive
  • The power of storytelling in non-profit marketing campaigns
  • Mobilizing social media influencers for charitable causes

Experiential Marketing

  • Crafting unforgettable brand experiences for consumers
  • Measuring the return on investment (ROI) of experiential marketing campaigns
  • The shift from product marketing to experience marketing

Marketing Analytics

  • The promise and pitfalls of marketing attribution models
  • Utilizing machine learning for predictive marketing analytics
  • Integrating qualitative insights into a data-driven marketing strategy

Sustainability in Marketing

  • Strategies for marketing eco-friendly products to skeptical consumers
  • The long-term benefits of sustainable supply chain marketing
  • Authenticity in green marketing: Beyond the buzzwords

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Marketing Strategies, Essay Example

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Business firms use different marketing strategies depending on the size, time, and the types of products they deal in. Marketing strategies may focus on product (product marketing strategy) or on business itself (business marketing strategy) (Honeywell, 1999). The commonly used product marketing strategies include value pricing, penetration pricing, and price skimming.

Value pricing involves selling high value product or service at a low, value price (but the selling price is not below cost) ( Bovay , 2008). The price is what the customers would perceive to be low, and the customers’ perceptions are influenced by the attributes of the product and service, and the price comparison among related products and services. This strategy is applicable to products or services in their mature or declining life cycle stage. The reason is that, at this stage, the products and services have already built a strong brand identity. For example, the price of electricity is normally set relatively lower compared to other forms of energy because the cost of production is fairly lower, and its consumption is popular with customers.

Penetration pricing involves setting exceptionally low prices for new product (s)or service (s) with a bid to gain popularity within the market (Chantal, 2012). It is also known as “Special introductory offer” because it is only used as a strategy to gain significant market share for new products and services. Business organizations that use penetration pricing strategy normally advertise that the low price is a limited time offer to allow alert the customers about the future increment in price. This strategy suits market where many companies are offering similar products and services. Therefore, it is used in such a situation where the cost of switching to a competitor is high.

Price skimming is a strategy where a business organization raises the price above the current market price in order to earn quick profit by covering costs promptly (Copyscape, 2013). As the product becomes more extensively distributed and competition intensifies, the price is gradually lowered over time to match the market price. This is the most popular product marketing strategy, which appropriately suits product in high demands or those with few or weak competitors.

In conclusion, marketing is essential as it creates an enabling environment, where business can thrive well. It helps business organizations to eliminate threats such as competition, and as a result, it popularizes new products and services in the market. The key idea about business is to realize profit; therefore product marketing helps increase the volume of sales, thus maximizing profit.

Bovay , K. (2008, July 19). When to Use Value Pricing Or Perceived Value Pricing – 2 Pricing Strategies . Retrieved August 22, 2013, from ezinearticles.com: http://ezinearticles.com/?When-to-Use-Value-Pricing-Or-Perceived-Value-Pricing—2-Pricing-Strategies&id=1341499

Chantal. (2012, June 24). When Is Market Penetration Pricing A Good Idea? Retrieved August 22, 2013, from ordoro.com: https://www.ordoro.com/blog/2012/06/24/market-penetration/

Copyscape. (2013). Price Skimming or Market Skimming: Product Pricing Strategies Need to Fit Your Marketing Mix Plan . Retrieved August 22, 2013, from more-for-small-business.com: http://www.more-for-small-business.com/price-skimming.html

Honeywell. (1999, March 15). Marketing’s Strategic Role in The Organization. Retrieved August 22, 2013, from honeywell.com: http://www.google.co.ke/url?sa=t&rct=j&q=&esrc=s&source=web&cd=6&ved=0CFIQFjAF&url=http%3A%2F%2Fwww.mhhe.com%2Fbusiness%2Fmarketing%2Fbearden01%2Fgraphics%2Fcommon%2Fch03.pdf&ei=ySwVUoLDNMOJtQbqk4AY&usg=AFQjCNGSkyjgLUse5-sUEPYMRMYcMgSMoA&bvm=bv.51156542,d

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Marketing Strategy Essay Examples for Free

A marketing strategy is a general plan of branding and promoting a product or service. Put simply, an effective marketing strategy is the shortest way to reach the product’s target audience.

When writing essays on marketing strategy, students often look at the factors of consumer behavior. Another idea is to analyze the market segmentation processes and plan a proper target marketing strategy. Finally, a good option is to develop a case study of a successful internet marketing campaign.

Keep reading to see an extensive collection of marketing strategy essay samples written by A+ students. They will help you generate new ideas and get inspired to write your paper.

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Essay on Marketing: Top 9 Essays on Marketing

essay marketing strategy

Essay on‘Marketing’. Find paragraphs, long and short term papers on ‘Marketing’ especially written for school and college students.

Essay on Marketing

Term Paper Contents:

  • Essay on the Challenges and Opportunities of Marketing

Essay # 1. Introduction to Marketing:

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Marketing is everywhere. Everything from presenting yourself for a job interview to selling your products includes marketing. Main objective of any company is to gain profits which can be achieved only through marketing of the products. Marketing enables the companies to create demand and earn profits. If these two aspects are not taken care of, then the company will not survive in the market.

“Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers, and for managing customer relationships in ways that benefit the organization and its stakeholders.” – (American Marketing Association)

“Marketing is a social process by which individuals and groups obtain what they need and want through creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.” – (Philip Kotler)

Thus it can be safely said that a company reaches its customer through marketing and communicates to them about the products and services offered by the company.

ADVERTISEMENTS: (adsbygoogle = window.adsbygoogle || []).push({}); Essay # 2. Evolution of Marketing :

In earlier days, an organization was mainly concerned with production of goods. It used to believe on mass production and paid less or negligible attention on quality of the product and the customer’s demand.

After some time, the focus of organization shifted from production of the product to the sale of the product. The concept of marketing emerged gradually in 1970’s after the production and sales era. It took many years for organizations to realize that a customer is the key for making profits in the long run. The marketing concept is evolved through various stages.

These stages are explained below:

1. Production Era :

The production era began with the Industrial Revolution in the 17th century and continued till 1920s. Say’s law – Supply creates its own demand – was applicable in this era. The demand for products was more than the supply in the market; thus, it was a seller’s market. In the production era, the main aim of an organization was to manufacture products faster and at low prices. In this era, customers were concerned only about the availability of products and no importance was given to features and quality of products.

2. Sales Era :

The sales era came into existence in 1920s and continued till the mid of 1950s. This era was marked by the great depression of 1923. The depression proved that manufacturing products was not everything because the sale of the products was also important for organizations to earn profit.

Thus, the need for developing promotion and distribution strategies emerged to sell products. The organizations started advertising their products to increase their sales. Many organizations created specialized market research departments to collect and analyze the prevailing market data.

3. Marketing Era :

The sales era merely focused on selling the goods and ignored the consumers’ needs and demands. The year 1970 marked the advent of marketing era. In the marketing era, organizations realized the importance of customers and started designing the products as per customers’ needs.

Therefore, the marketing era led to the development of customer-centered activities over the production and selling activities. Organizations came up with different techniques, such as customer survey, to collect and analyze data for understanding the customer’s expectations, needs, and wants.

ADVERTISEMENTS: (adsbygoogle = window.adsbygoogle || []).push({}); Essay # 3. Approaches to the Study of Marketing:

The meaning of marketing is different to different people. In common parlance, marketing is the process of selling something at a market place. To a salesman it means selling whereas to an advertising manager it means advertising. To some it means the study of individual commodities and their movement in the market place, to some others marketing means the study of institutions and persons who move their products or study of the economic contributions.

Thus, there are different approaches to the study of marketing:

1. Commodity Approach:

The commodity approach focuses a specific commodity and includes the sources and conditions of supply, nature and extent of demand, the distribution channels used and the functions, such as buying, selling, financing, advertising storage etc. various agencies perform. Prof. Paul Mazur defined as “the delivery of a standard of living to society. Prof. Malcolm McNair expanded the definition to “the creation and delivery of a standard of living”.

2. Institutional Approach:

The institutional approach focuses on the study of various middlemen and facilitating agencies.

3. Functional Approach:

The functional approach considers different kinds of functions recognized for their repetitive occurrences and necessarily performed to consummate market transactions. Converse, Huegy and Mitchell define marketing as the “business of buying and selling and as including those business activities involved in the flow of goods and services between producers and consumers.” American Marketing Association, perhaps, gives more factual or descriptive definition. It defined marketing as the performance of business activities that direct the flow of goods and services from producer to consumer or user.

4. Managerial Approach:

The managerial approach concentrates on the decision making process involved in the performance of marketing functions at the level of a firm. Howard, Phelps and Westing and Lazo and Corbin are the pioneers of the managerial approach.

5. Societal Approach:

The societal approach consider the interactions between the various environmental factors (socio-logical, cultural, political, legal) and marketing decisions and their impact on the well- being of society. Kotler, Feldman and Gist, were the main proponents of the societal approach.

6. Systems Approach:

The systems’ approach is based on Von Bartalanffy’s general systems theory. He defined system as a “set of objects together with the relationships among them and their attributes”. This approach recognizes the inter-relations and inter-connections among the components of a marketing system in which products, services, money, and equipment and information flow from marketers to consumers that largely determine the survival and growth capacities of a firm.

7. Modern Concept:

The new managerial awareness and desire reflected in the consumer orientation for all all-out commitment to the market consideration and to connect all marketing operations to the consumer needs has given birth to a new operational concept. Felton views the marketing concept as “a corporate state of mind that insists on the integration and coordination of all marketing functions that, in turn, are welded with all other corporate functions, for the basic objective of producing maximum long-range corporate profits.

According to Kotler, the marketing concept is a customer orientation backed by integrated marketing aimed at generating customer satisfaction as the key to satisfying organizational goals. According to McNamara,” marketing concept is … a philosophy of business management, based upon a company- wide acceptance of the need for customer orientation, profit orientation, and recognition of the important role of marketing in communicating the needs of the market to all major corporate departments”.

Lazo and Cobin describe marketing concept as ” the recognition on the part of management that all business decisions of a firm must be made in the light of customer needs and wants; hence, that all marketing activities must be under one supervision and that all activities of a firm must be coordinated at the top, in the light of market requirements”. King has given one of the most comprehensive descriptions of the marketing concept. He defined it as, “a managerial philosophy concerned with the mobilization, utilization and control of total corporate effort for the purpose of helping consumers solve selected problems in ways compatible with planned enhancement of the profit position of the firm”.

These definitions suggest that marketing is only concerned with the movement of goods and services from the plant to the consumer. This is thus a production-oriented definition more appropriate for a sellers’ market and dangers in case of buyers’ market. In fact, marketing is related with the sophisticated strategy of attempting to offer what the consumer may want and at a profit.

ADVERTISEMENTS: (adsbygoogle = window.adsbygoogle || []).push({}); Essay  # 4. Objectives of Marketing:

According to Peter F. Drucker, “Marketing means such a perfect understanding of the customer that the product fits him totally and sells itself. Marketing would result in a customer who is ready to buy all that, what should be needed then is to make the product available.”

Organization’s marketing strategies are designed in tune with various marketing objectives.

The objectives of marketing aim at:

1. Creating demand for the products by identifying the needs and wants of customers. The consumers get familiar with the usage of products through different promotional programs, such as advertising and personal selling. This helps in creating demand for the products by the customers.

2. Increasing the market share of the organization. The marketing efforts, such as promotion, create the product awareness in the market. The product awareness helps in capturing the reasonable share in the market by organization.

3. Building the goodwill of the organization in the market. Every organization tries to earn reputation in the market by providing quality goods to the customers. It builds its goodwill by popularizing products supported by advertising, reasonable prices, and high quality.

4. Increasing profits and achieving long-term goals through customer satisfaction. All the marketing activities revolve around the customer. These activities fulfill the organization’s long-term goal of profitability, growth, and stability by satisfying the customer’s demands. All the departments, such as production, finance, human resource, and marketing, coordinate with each other to fulfill the customer’s expectations keeping the maximization of profit as the focus.

Essay # 5. Marketing Process:

Marketing Process —– The marketing process is one that invol­ves the following chain of business activities:

1. Identification and study of the desires, needs, and requirements of the^ consumers;

2. Testing the validity of the consumers’ reaction in respect of product features, price, distribution outlets, new product concepts, and new product introduction;

3. Matching the consumers’ needs with the firm’s offerings and capa­bilities;

4. Creating effective marketing communications and programmes with emphasis on lower price, mass distribution channels and mass advertising to reach numerous market segments so that the consumers know about the product’s availability; and

5. Establishment of resource allocation procedures among the various marketing components like sales promotion, advertisement, distribution, product design, etc. 

Outline of functions in the Marketing Process : In order to place the goods in the hands of the consumers, an integrated group of activities is involved in marketing. Marketing functions cover all those activi­ties which are required for the journey of goods from the producer to the consumer. Goods require some preparations, undergo many operations and pass several hands before they reach the final consumer.

In consideration of the above factors, Clark has divided the modem marketing process into three broad categories as under:

(i) Concentration

(ii) Dispersion

(iii) Equalisation.

These are explained below.

1. Concentration – In a marketing process, concentration is that business activity in which the goods flow from many manufacturers/producers toward a central point or market. If we think of international trade, we find that the customers of a particular corporation or firm world reputation are scattered in different countries and even located thousands of miles, away, and the products are transhipped to points accessible to than. Similar scene is found even in the case of national trade. With the development of trade and commerce, the efforts in the direction of concentration acti­vity have to place more stress on the functions like collection, storage, transportation and inventory of goods in the central markets, and processing of customer’s orders. In addition, the aspects of financing and risk-bearing are also to be taken into consideration.

In India, the concentration activity is undertaken by the Governments at the Central and State levels. Food example, The Food Corporation of India undertakes this activity in case of grains, rice, sugar, etc.

2. Dispersion – In a marketing process, dispersion is that busi­ness activity in which the goods flow from the central locations to the final consumers. The wholesalers and retailers play a great role in this activity. This activity involves many other supporting activities like classification, gradation, storage and transportation of goods. The func­tional aspects of finance and risk-bearing need important considerations.

In India, the agencies like The State Trading Corporation of India, The Minerals and Metals Trading Corporation of India, and The Food Corpora­tion of India undertake this dispersion or distribution activity in respect of certain specified goods. Sane large scale manufacturing companies have, of late, undertaken this activity as a part of their marketing activities.

3. Equalisation – In a marketing process, equalisation refers to the adjustment of supply to demand on the basis of tint, quality, and quantity. This process helps to maintain the state of equilibrium between the forces of demand and supply. The primary responsibility of a business unit towards the consumers and customers is to make available the right products of right qualities at the right tine, in right quantity, at the right place and at the right price. The equalisation activity can serve these objectives.

Essay # 6. Integrated Marketing Communication Process:

Marketers operate is a very dynamic environment characterised by changing customer needs and wants, severe competition, changing process technology, advancements in information technology, government regulations, etc. That is why, they are adopting Integrated Marketing Communication (IMC).

Integrated Marketing Communication (IMC) involves integration of company’s various communication channels to deliver a clear, consistent and compelling message about the company and its products and brands. Most of the companies communicate with target customers by using promotion tools like advertising, personal selling, sales promotion, public relations and direct marketing. Through each of these tools, some message is transmitted to the target customers. IMC calls for careful blending of these promotional tools to ensure effective communication.

Integrated Marketing Communication (IMC) requires developing a total marketing communication strategy that recognises that all of a firm’s marketing activities (not just promotion) communicate with its customers. Everything a marketer does sends a message to the target market.

The EMC approach is an improvement over the traditional approach of treating various promotional activities as totally separate. It helps to develop the most suitable and effective method to contact customers and other stakeholders.

Often different tools play different roles in attracting, informing and persuading target customers. These tools are carefully coordinated under IMC so that they provide the same clear and consistent information about the company and its products/brands.

IMC leads to a total marketing communication strategy aimed at building strong customer relationships by showing how the company and its products can help customers solve their problems. It ties together all of the company’s messages and images.

The company’s television and print advertisements have the same message, look, and feel as its e-mail and personal selling communications. And its public relations materials project the same image as its Website or social network presence.

Communication Process:

Definition of Communication:

The term ‘communication’ is derived from the Latin word ‘communis’ which means common. That means if a person communicates with another, he establishes a common group of understanding. According to Newman, Summer and Warren, “Communication is an exchange of facts, ideas, opinions or emotions by two or more persons”.

Communication does not mean merely sending or receiving message. It involves understanding also. It is, in fact, a bridge of meaning and understanding between two or more people. Thus, communication is a two- way process.

The salient features of communication are as follows:

(i) Communication involves at least two persons—one who sends the message and the second who receives the message.

(ii) Communication is a two-way traffic. The process of communication is not completed until the message has been understood by the receiver. Understanding is an essential part of communication, but it does not imply agreement.

(iii) The basic purpose of communication is to create an understanding in the mind of the receiver of information.

(iv) Communication may take several forms, e.g., order, instruction, report, suggestion grievance, observation, etc. The message may be conveyed through words spoken or written, or gestures.

Elements of Communication:

Communication is a process involving exchange of facts, viewpoints and ideas between persons placed in different positions in the organisation to achieve mutual understanding as shown in Fig. 11.5. The communication process starts when the sender or communicator has a message communicate to some other person known as receiver. It will be completed when the receiver gets the information and sends feedback to the communicator.  

The essential elements of communication are described below:

(i) Sender or Communicator:

The person who conveys the message is known as communicator or sender. By initiating the message, the communicator attempts to achieve understanding and change in the behaviour of the receiver. In case of marketing it is the marketer (sender) who starts the communication process.

(ii) Message:

It is the subject-matter of any communication. It may involve any fact, opinion or information. It must exist in the mind of the communicator if communication process is to be initiated. In marketing, the marketer’s message relates to product, price and place.

(iii) Encoding:

The sender of information organises his idea into a series of symbols (words, signs, etc.) which, he feels, will communicate to the intended receiver or receivers. This is called encoding of message. Communication may take place through physical gestures also.

(iv) Media or Communication Channel:

The communicator has to choose the channel for sending the information. Communication channels are the media through which the message passes. It may be either formal or informal. In marketing, media may be salespersons, advertisement and publicity.

(v) Receiver:

The person who receives the message is called receiver. The communication process is incomplete without the existence of receiver of the message. It is the receiver who receives and tries to understand the message. The receiver in case of marketing is the prospective or present customer.

(vi) Decoding:

After the appropriate channel or channels are selected, the message enters the decoding stage of the communication process. Decoding is done by the receiver. Once the message is received and examined, the stimulus is sent to the brain for interpreting, in order to assign some type of meaning to it. It is this processing stage that constitutes decoding. The receiver begins to interpret the symbols sent by the sender, translating the message to his own set of experiences in order to make the symbols meaningful.

(vii) Response:

Response refers to the set of reactions that the receiver has after being exposed to the message. In case of advertising, a response may mean developing a favourable attitude towards the product as a result of an advertising campaign. However, in many cases, measuring such responses is not easy.

(viii) Feedback:

Communication is completed when the communicator receives feedback information from the receiver. The feedback may reveal that the receiver has understood the message. It may also contain information about the action taken by the receiver on the basis of message sent by the communicator. Thus, feedback is the backbone of effective communication.

(ix) Noise:

Noise is a very common thing we observe in our day-to-day interaction with others. At times it affects adversely the effectiveness of communication. For example, if a person is talking over the phone to another and there is a noise around him, he will feel great difficulty in listening to the person at the other end of the phone. Even the noise can affect the voice of the sender of the message.

Hurdles or Difficulties in Marketing Communication:

There are four factors which might create hurdles or problems in communication between the marketer and the target customer.

These hurdles include noise, selective attention, selective distortion and selective retention as discussed below:

Noise is a sort of interfering sound in the communication process anywhere along the way from the sender to the receiver and vice versa. It can be sound of running bus, two persons talking close at hand or someone shouting around. Noise of any kind has the potential of creating disruption or barrier to effective communication. The sources of noise can be both internal and external. Noise within the office can be controlled, but it is very difficult to control the external noise.

Noise is one of the biggest obstacles in marketing communication. For example, a driver’s need to provide safety to the traffic sidetracks the role of billboards, banners, etc. during disturbed weather conditions —wind, dust storm, rain, etc. Similarly, too much advertisement exposure during the day of purchase of tyre for a car, would disturb the planned purchasing.

These constitute noise in the communication process. The level of noise may not allow a customer to receive the message as intended. The effectiveness of communication depends upon the level of congruity and compatibility between different elements of the communication.

(ii) Selective Attention:

A person may be exposed to hundreds or thousands of ads or brand communications in a day. Because a person cannot possibly attend to all of these, most stimuli will be screened out. This process is called selective attention. Because of this, the marketers have to work hard to attract consumer’s notice. Generally, people are more likely to notice stimuli that relate to a current need.

Thus, a person who is motivated to buy a car is most likely to notice car ads. The process of selective attention explains why advertisers make extra efforts to grab the audience’s attention through fear, music, or bold headlines.

(iii) Selective Distortion:

Selective distortion is the tendency to interpret information in a way that fit one’s perception. Consumers often distort information to be consistent with prior brand and product beliefs. Thus, the target audience will hear what fits into their belief systems.

As a result, receivers often add things to the message that are not there and do not notice other things that are there. The advertiser’s task is to strive for simplicity, clarity, interest and repetition to get the main points across.

(iv) Selective Retention:

People retain in their long-term memory only a small fraction of the messages that reach them. If the receiver’s initial attitude towards the brand is positive and he rehearses support arguments (that is, tells himself things such as the product is in fashion or that it is reasonably priced or that it delivers good value, etc.), the message is likely to be accepted and have high recall.

If the initial attitude towards the brand is negative and the person rehearses counter arguments (that is, tells himself that the product is highly overpriced or that the competing products offer more value to customers or that the brand is not doing well in the market, etc.) the message is likely to be rejected but to stay in long-term memory.

Thus, the advertiser’s task is two-fold here. He not only has to create an initial favourable attitude towards the brands but also through his ads communicate to the audience strong points about the brands so that the customers can rehearse the same and the brand is positively placed in the long-term memory of the customers.

Essay # 7. Role of Marketing in Economic Development :

In today’s era of globalization role of marketing is increasing to fulfill different needs and requirements of people. Due to increase in scale of production and expansions of markets, producers need support of marketing tools to distribute their goods and services to the real customer.

High competition in market and product diversification has increased the marketing activities like advertising, storage, sales promotion, salesmanship etc. Now high profits can be attained by high sales volume and good quality of products and services. Marketing has acquired an important place for the economic development of the whole country. It has also become a necessity for attaining the objective of social welfare and high quality of life.

The importance of marketing can be explained as under:

(a) Importance of Marketing to a Firm:

Marketing is considered to be the prime activity among all the business activities. Success of any business depends on success of marketing. Peter F. Drucker has rightly said that, “Marketing is the business.” Objective and goals of any organization can be achieved through efficient and effective marketing polices. The success of an enterprise depends to a large extent upon the success of its marketing activities.

The importance of marketing to the firm can be explained as under:

1. Marketing in Business Planning and Decision Making:

Marketing research is helpful in searching opportunities and potential in market. It is necessary for an organization to decide what can be sold before deciding that what can be produced. Unless and until these key decisions are taken, it is not practical to take the decisions regarding production, quality of product, type of product and quantity of production etc.

Marketing is very helpful in taking all such decisions therefore its plays an important role in business planning. Marketing provides valuable information regarding production policies, pricing policies, advertisement and sales promotion policies of competitors, so that a suitable policy may be formulated by the top management.

2. Increase in the Profits:

The main objective of every firm is to increase the profitability by successful operations of its activities. Maximization of profits can be possible only through the successful operations of its activities. Marketing department need the help of other departments as well for discharging its duties successfully, marketing department coordinate with other departments like finance, production, to fulfill the needs of customers and regular supply according to market demand.

3. Flow of Marketing Communication:

Integrated marketing communication makes it possible to flow marketing information to intermediaries, publics and customers. Marketing acts as a medium of communication between the society and the firm. Various information regarding trends, needs, attitudes, fashions, taste preferences etc., are collected by marketing department.

(b) Importance of Marketing to the Society:

1. To Uplift Standard of Living:

Ultimate objective of marketing is to produce goods and services for the society according to their needs and tastes at reasonable prices. Marketing discovers the needs and wants of the society, produces the goods and services according to their needs, creates demand for these goods and services encourages consumers to consume them and thus improves the standard of living of the society. By advertising utility and importance of products and services are communicated to the people.

2. To Decreases the Total Marketing Cost:

Next important responsibility of marketing is to control the cost of marketing. Distribution cost and production cost can be decreased by creation of high demand in market. Decrease in cost of production will have two impacts, firstly the high profitability of organization and secondly to increase in the market share of the firm.

3. Increase in the Employment Opportunities:

Marketing provides direct and indirect employment in society. Employment opportunities are directly related with the development of marketing. Successful operation of marketing activities requires the services of different enterprises and organizations such logistics, warehousing, transportation, retailing finance, etc.

4. In controlling Business Fluctuations:

Business fluctuations like recession and depression causes unemployment, and deflation. Marketing helps in protecting society against all these problems. Marketing helps in innovation and discovery of new markets for the goods, modifications and alterations in the quality of the product and development of alternative uses of the product. It reduces the cost of production and protects the business enterprise against the problem of recession.

5. Increase Per Capita Income:

Marketing operations create, maintain and increase the demand for goods and service. Marketing activities flow money from one part of economic system to other. By generation of new employment opportunities it helps to increases income of people.

(c) Importance of Marketing in Economic Development:

Marketing plays an important role in the development of a country. Most of developed countries like USA, Japan, and Germany are having strong marketing system, they are moving towards global marketing. Industrial growth and development need support of marketing, large scale of production requires new markets. In these countries, the production exceeds the demand it need marketing system to be much more effective so that the produced goods and services can be sold.

Marketing has a vital role to play in the development of an underdeveloped and developing economy. In developing economies the industrialization and urbanization is increasing at a faster rate and so the importance of marketing is also increasing as it is required for selling the produced goods and services. A rapid development of underdeveloped economy is possible only if the modern techniques of marketing are used in these countries marketing activities are increasing at a fast rate in developing countries.

Essay # 8. Importance of Marketing :

Role of Marketing in a Firm :

Efficient marketing management is a pre-requisite for the successful operation of any business enterprise. A business organisation is differentiated from other organisations by the fact that it produces and sells products.

The importance of marketing in modern business is discussed below:

Marketing is the beating heart of the business organisation. The chief executive of a business cannot plan, the production manager cannot produce, the purchase manager cannot purchase, and the financial controller cannot budget until the basic marketing decisions have been taken. Many departments in a business enterprise are essential for its growth, but marketing is still the sole revenue producing activity. Marketing function is rightly considered the most important function of management.

Marketing gives top priority to the needs of customers. Quality of goods, storage, display, advertisement, packaging, etc. are all directed towards the satisfaction of customer.

Marketing helps in the creation of place, time and possession utilities. Place utility is created by transporting the goods from the place of production to consumption centres. Time utility is created by storing the goods in warehouses until they are demanded by customers. Possession or ownership utility is created through sale of goods. The significance of marketing lies in the creation of these utilities to satisfy the needs of the customers and thereby earn profit. It a firm is able to satisfy its customers, it will have better chances of survival and growth even in the fast changing environment.

Marketing generates revenue for the business firm. Marketing is an important activity these days, particularly in the competitive economies. Marketing generates revenue for the business enterprises. No firm can survive in the long-run unless it is able to market its products. In fact, marketing has become the nerve-centre of all human activities.

Role of Marketing in the Economy :

Marketing plays a significant role in the growth and development of an economy. It acts as a catalyst in the economic development of a country by ensuring better utilisation of the scarce resources of the nation. Since a business firm generates revenues and earns profits by its marketing efforts, it will engage in better utilisation of resources of the nation to earn higher profits.

Marketing determines the needs of the customers and sets out the pattern of production of goods and services necessary to satisfy their needs. Marketing also helps to explore the export markets.

Marketing helps in improving the standards of living of people. It does so by offering a wide variety of goods and services with freedom of choice. Marketing treats the customer as the king around whom all business activities revolve. Besides product development, pricing, promotion, and physical distribution of products are carried out to satisfy the customer.

Marketing generates employment for people. A large number of people are employed by modern business houses to carry out the functions of marketing. Marketing also gives an impetus to further employment facilities. In order to ensure that the finished product reaches the customer, it passes through wholesalers and retailers and in order to perform numerous jobs, many people are employed.

On the whole, marketing leads to economic development of a nation. It increases the national income by bringing about rise in consumption, production and investment. It mobilises unknown and untapped resources and also facilitates full utilisation of production capacity and other assets. It helps in the integration of industry, agriculture and other sectors of the economy. It also contributes to the development of entrepreneurial and managerial talent in the country.

Essay # 9. Challenges and Opportunities of Marketing:

A large number of changes have taken place in the recent years which have influenced the field of marketing as discussed below:

1. Globalisation :

The term ‘globalisation’ means the process of integration of the world economy into one huge market through the removal of all trade barriers or restrictions among countries. In India, restrictions on imports and exports and inflow and outflow of capital and technology have been lifted by the Central Government so that Indian business may become globally competitive.

The broad features of globalisation are as follows:

(i) Free flow of goods and services across national frontiers through removal or reduction of trade barriers.

(ii) Free flow of capital across nations.

(iii) Free flow of technology across nations.

(iv) Free movement of human resources across nations.

(v) Global mechanism for the settlement of economic disputes.

The aim of globalisation is to look upon the world as a ‘global village’ which would allow free flow of goods, capital, technology and labour between different countries. Because of globalisation, there has been a tremendous impact on marketing strategies of business firms, particularly engaged in international marketing. They have to design product, price, promotion, place or distribution strategies to meet the challenges of global marketing.

2. Information Technology (IT) :

Information technology has enabled real-time access and sharing of digital information through digital networks, information database, and computer graphics. It has brought about many changes in the business landscape.

Electronic technology has facilitated purchase and sale of goods and services electronically. E-Commerce can be used not only to market product, but also to build better customer relationships. Thus, marketers are facing new challenges as regards booking of e-orders, e-deliveries of intangible products, receiving e-payments and Customer Relation Management (CRM).

3. Increased Leisure Time :

As a result of shorter working week, vacations, and labour-saving devices available for domestic use, most wage-earners now enjoy more leisure time. So there has grown a market for articles used for recreational purposes to enjoy the leisure time. In the developing countries also, cinema shows, holiday trips, sports and games have come into importance.

4. Changing Role of Women :

Throughout the world more and more women are taking up jobs and have gained economic independence to a large extent. They accept even challenging jobs. They also exert greater influence on buying decisions of their families. It may happen that husband buys a commodity according to the decision of the wife. This has necessitated special study of the buying motives of the working women.

5. Demand for Services :

Over the years, consumers’ demand for services is on the rise as in case of tour and travel, educational, medical, repair and maintenance services, etc. Due to growing complexity, business firms also need expert services like accounting, taxation, advertising, customer care, etc.

6. Increased Competition :

Business has become more competitive these days and this has brought about many changes in the field of marketing, e.g., product differentiation, competitive pricing, competitive advertising, customer support services, etc.

7. Social Emphasis :

Marketing is now concerned with the long-term health and happiness of consumers and well-being of society. Marketers in are getting involved in improving the quality of life of consumers and preventing or minimising the evil effects of environmental pollution on the society by practising green marketing.

Emerging Concepts in Marketing :

1. Social Marketing:

It refers to the design, implementation, and control of programs seeking to increase the acceptability of a social idea, cause, or practice among a target group. For instance, a recent publicity campaign for prohibition of smoking in Delhi explained the place where one can and can’t smoke in Delhi.

2. Relationship Marketing:

It is the process of creating, maintaining, and enhancing strong value-laden relationships with customers and other stakeholders. For example, British Airways offers special lounges with showers at many airports for frequent flyers. Thus, providing special benefits to valuable the customers to strengthen bonds will go a long way in building relationships.

To achieve relationship marketing, a marketer has to keep in touch with the regular customers, identify most loyal customers to provide additional services to them, design special recognition and reward schemes, and use them for building long-term relationships.

3. Direct Marketing:

It means marketing through various advertising media that interact directly with consumers, generally calling for the consumer to make a direct response. Direct marketing includes Catalogue Selling, Mail Order, Tele computing, Electronic Marketing, Selling, and TV Shopping.

4. Service Marketing:

It is applying the concepts, tools, and techniques, of marketing to services. Service is any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything. Services may be financial, insurance, transportation, banking, savings, retailing, educational or utilities.

5. Non-Business Marketing:

Marketing is applied not only to business firms but also to non-business organisations. Voluntary institutions are adopting principles and practices of marketing to promote their ideologies, schemes and programs among the target groups.

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International Marketing Strategy Essay

Introduction, italian market overview, uk market analysis, market entry strategy, international marketing mix strategy, information to be availed, conclusion and recommendations.

Brimi is an Italian-based food company specializing in the supply of dairy products to its Italian market (Brimi 2010, p. 1). The company started its operations in the late 1960, when two companies merged to form a cooperative, aimed at supplying dairy products to its primary markets.

For a long time, Brimi only operated in two locations across Europe, but in the late 70s the company opened more branches, starting with its 1977 Vahrn plant (Brimi 2010, p. 1). This region was chosen because it was home to high quality cattle breeds which supported the company’s supply of fresh dairy produce. In fact, most of the company’s operations were directed from this region.

Brimi initially specialized in only a few brands, but in 1978, a board meeting resolution saw the company, expand into producing new products such as Mozzarella products (Brimi 2010, p. 1).

This change of strategy was supported by other strategies bordering on the production of their dairy products such as the substitution of dairy milk with buffalo milk. This change of production process acted as a boosting element to the company’s sales because the company’s products bore a new taste which enabled it cut a niche above its competitors.

The Mozzarella product is the company’s most popular product, with more traditional products and processes such as cheese production eventually discontinued. In the Northern part of Italy, Brimi had its Mozzarella product strategically positioned in consumers’ lifestyles, such that, there was very minimal competition from other companies (Brimi 2010, p. 1). In the South of Italy, the company’s Cheese products also had a strong consumer base, and in the same manner, there was very minimal competition from rival products.

However, after several years of enjoying a strong market share, Brimi’s competitors caught up with the company’s sales record by imitating the company’s production strategies (this move limited the company’s growth and expansion prospects) (Brimi 2010, p. 1). Since the company was primarily formed by two companies from different countries (Germany and Italy), there was an internal pressure to explore international markets (emanating from its hybrid composition).

During the early years of the 90s, Brimi started its global expansion plans which saw the company command a global presence in several nations across the globe (Brimi 2010, p. 1). This move was further complemented by the company’s international certification in the production of high quality mozzarella, which added to the company’s product acceptance in the international market.

In line with the global expansionary plans, this study undertakes a case study of the company (Brimi) launching its products to the United Kingdom (UK) market. With such plans in the offing, a thorough analysis of the UK and Italian markets ought to be done to establish the company’s expansion feasibility and product success in the UK market.

These analyses will be aimed at formulating an international marketing strategy for the company to ensure product success. To come up with the best outcome, this study incorporates a market overview of the UK dairy product market sector to evaluate the substitute and complementary products that affect the launch of Brimi’s products in the same market. Afterwards, a market entry strategy will be formulated and an international marketing mix developed to complement the initial marketing entry strategy.

As mentioned in earlier sections of this study, Brimi moved from specializing in exclusive dairy products to a diversified field of production. Among its most popular product is the Mozzarella cheese which is a favorite Italian Cheese. It is estimated that more than 60% of Italians consume this product on a regular basis (Associazione Italiana di Sociologia 2010, p. 67).

The Italian consumer market has a high regard for fresh produce. Products considered to have stayed on the shelf for long do not share the same value as those which are less than a day old (Mooij 2010, p. 32). In fact, it is said that, goods which are more than a day old are not usually considered fresh produce by Italian consumers (Hassan 1994).

This fact has a significant impact in the supply of perishable goods to Italy because there is an increased emphasis on fresh produce which creates an increased demand for efficiency in a company’s supply chain. Moreover, there is a higher standard set in the production of such perishable goods.

The Italian food market also operates within the confines of a family culture whereby, food is normally perceived to be a family issue whereby people sit together and eat (Heyer 2002, p. 109). Food is therefore usually served in events where family members seat, relax and talk about whatever is going on in their lives. During food serving, food is served in small amounts to preserve the taste of various food delicacies. Foods with a rich array of ingredients are preferred to those which have poor ingredient content (McCullough 2003).

PEST Analysis

The political environment in the UK allows for a free trade economy (Tribe 2005). In this type of market, there are very minimal trade barriers among states willing to trade with one another. There is also a very liberal trade policy which allows for the transaction of business with very minimal government interference. However, there are several regulations in place to ensure the standard of imported food is of high quality.

These standards are defined by the European law for food standards, which guarantee the quality of food to be imported or exported in any participating European country (Dvořák 2005, p. 5). Nonetheless, Brimi seems to have satisfied this requirement, because it has in the past been awarded two quality management standards and one hygiene certificate; meaning that, it is a leader in the production of quality foods, and almost by default, it meets the EU food quality standards.

The UK is considered by the World Bank as a high income country (Tribe 2005). The country has excellent infrastructure, a wide industrial base, established service sector and a huge consumer purchasing power (Great Britain: Department for Environment, Food and Rural Affairs 2011, p. 5).

The strong consumer purchasing power is beneficial in the sustainability of the demand for Brimi’s products. Moreover, the company can adopt a high-end marketing strategy in the UK market and it will succeed. This means that the company can still be able to make huge profits from little sales because it will still be able to sustain product demand due to high prices.

Brimi has a close association with the UK, because they are both part of the wider European Union economic block (Panke 2010, p. 1). This economic provision has a significant economic implication, because there is no trade barrier, or restriction for companies within the two countries to trade with one another.

This economic provision is also advantageous to Brimi because it can easily operate within UK. without much interference from the UK government. In the UK, taxation is favorable to international companies because taxation is normally done in the currency of the home country (where the international company hails from) (Panke 2010, p. 1).

This economic provision means that, Brimi will have to pay tax using the Euro (which is its home currency). However, UK uses the pound for local trading and if currency is converted, there is a fee of 5% to 10% charged in such transactions (McKernan 2005). This is a disadvantage to Brimi because it may have to incur such transaction costs if it operates in the UK.

Its profitability in this market is therefore likely to be significantly dented. To maintain a high profit level, the company may have to increase its product costs, but this may have a resultant effect on the demand of its products (like competitors gaining a competitive advantage, based on the price differentials). Alternatively, the company may decide to retain its profits in pounds to avoid incurring any currency conversion costs.

The UK exchange rates (when converting the Euro to pounds) have also shown some strong tendencies of being unstable, especially with the motions of the global economic crunch and the speculative debt burden in the European Union (McNair 2009). This unstable exchange rate poses as a disadvantage to Brimi because it is difficult to undertake proper financial planning due to the unstable exchange rates.

More so, this is one economic factor it has no control over. However, the unstable UK currency poses a small advantage to Brimi, because, with a decrease in the value of the Euro, exporting becomes very easy for the company and Brimi can lower its costs to make its products more attractive to UK consumers. However, if it still maintains its current prices, it can easily realize increased profit margins.

The nature of UK’s economy is highly characteristic of an import-dependent nation, considering much of its food is imported from other countries (Panke 2010, p. 1). This fact supports the acceptance of Brimi’s food products, considering it is a foreign company with foreign products.

The acceptability of UK’s consumers to Brimi’s products are therefore bound to be favorable to the company. However, due to the economic crisis prevailing in the country, and decreased consumer spending, there is an eminent threat on the demand of high quality foods (which Brimi’s products fall under) because there is a stronger focus on prices as opposed to quality. This factor poses a threat to the long-term sustainability of high premium purchases, hence decreasing the chances of Brimi realizing increased profits.

Though Italy and the UK are both European countries, there is a slight difference in culture and other social elements. For example, there is a language difference in both countries, because Italian language is spoken in Italy while English is spoken in the UK. This language difference has a profound impact on the launch of Brimi’s products in the UK because it will imply that, the company has to repackage its products in English, to be appealing to the UK consumers.

The product packaging styles between the two countries however show elements of similarities in consumer adaptation and acceptance. For instance, most of Brimi’s products are packaged in blocks, and UK consumers are known to accept such packaged goods (Blythe 2008).

It will be evidenced in subsequent sections of this study that the international marketing strategy to be adopted by Brimi can be supported by a product packing and distribution strategy (from one location) because UK consumers are not known to demand excessively fresh products (when comparatively analyzed with Italian consumers). Therefore, an export strategy may easily work (Moschandreas 2000).

Compared to Italy, the UK is not known to be health-conscience when it comes to the purchase of consumable goods (Moschandreas 2000). However, in the recent past, there have been increased campaigns to make more UK consumers aware of the benefits of a healthy diet, and this trend is likely to pick up soon.

As a result, there are more UK consumers buying food products which have lower calorie content, highly organic and highly functional (Moschandreas 2000). Nonetheless, these products are sold at a premium. Since Brimi’s products are healthy foods, it may be easy for the company to enjoy a higher sales margin because it can highlight the “low calorie” content of its food and the high organic nature of its products to command higher prices.

UK consumers have also adopted a trend whereby any consumable goods in the country (especially imports) ought to have a label indicating the origin of the product. This consumer demand has been necessitated by the increased awareness in global economic practices which were necessitated by the increase in child slavery practices and unfair labor policies (Moschandreas 2000). Consumers in the UK are therefore more aware of such economic practices and would not want to encourage the consumption of such goods.

This increased consumer demand is likely to boost the sales of Brimi’s products because they originate from Italy and the labor practices of the country is largely acceptable. Moreover, high quality raw materials, especially regarding dairy products, are known to originate from the same place. In fact, since Italy is known to produce high quality goods, it is easy for the company to demand a higher price for its goods because they are justified to do so.

The UK is known to have a strong use of technology in most of its operations (Havard 2002, p. 4). With regards to the production and distribution of Brimi’s products across its UK market, technology will have a strong impact on such a strategy because Brimi engages in the production and sale of perishable goods.

UK’s infrastructure and technological advancement is deemed among the highest in the world, and therefore, high-tech technology can be easily used in the sale and distribution of the company’s products across the UK (Kensett 1990). Since subsequent sections of this study explores the strategy of direct exporting as a viable alternative for Brimi in its venture into the UK market, it is important to note that, technology will greatly reduce the distance of distribution and sale of Brimi’s products from Italy to the UK.

Furthermore, since both countries are not very far from one other (geographically), high technological advancement (including airport and transport infrastructure and equipment) can make it possible to transport goods from Italy to the UK within a day, ready for sale.

Entry into foreign markets can be a tricky issue. This is true because many researchers have established that, various entry strategies vary with different circumstances (Agarwal 1992, p. 1). The choice of entry strategy greatly affects the success of a new product in a new market.

Though a company may achieve tremendous levels of success in a home market, the same level of success is not guaranteed in a new market because the company has to deal with new factors such as culture and similar socioeconomic factors. For instance, though Walt Disney had achieved exemplary success in its Florida, California and Tokyo establishments, it found it difficult trying to expand into the European market because it had to deal with new cultural and nationalistic elements (Hollensen 2010).

Brimi’s situation is not any different because it is venturing into a new market and though it has achieved tremendous levels of success in its primary markets, the same level of success is not guaranteed in the UK. Nonetheless, the country is faced with four market entry strategies: exporting, joint venture, licensing and foreign direct investments (Hollensen 2010).

According to the normative decision theory, the choice of a market entry strategy is normally influenced by the trade-off between the risks of undertaking the foreign venture and the expected returns (Rapoport 1989, p. 7). In other words, it is very important for a company to choose a market entry strategy which poses the lowest risk and yet poses the highest returns.

Also, a firm’s resources in undertaking a specific market entry strategy is also to be factored before choosing a specific market entry strategy (but another factor of an almost similar importance is a firm’s willingness to control its operations in the foreign market). These factors withstanding, it is important to acknowledge that, the correct choice of a market entry strategy is subject to the best compromise to be obtained if a firm’s resources and its desire for control are established (Evans 1999).

Analyzing the existing international market entry options for Brimi, we can establish that, the sole venture market entry strategy is characterized by high risk and high returns, but it also gives the company a high degree of control over the firm’s activities in the UK market. A joint venture strategy would depend on a firm’s investment in the venture because it can be a high risk, high return venture if Brimi’s investment in the UK is characterized by high equity.

The opposite can also be true, whereby, Brimi’s investment in the UK market is characterized by low equity investments and therefore, the company receives low returns. The licensing strategy is however a low risk, low return investment where the company lacks a strong control over its foreign market activities.

Considering the dynamics of the UK market, this study proposes an export market strategy. Exporting is the production of goods from Italy and selling them to the UK market (DIANE Publishing Company 1994, p. 1). Though this market entry strategy is traditional, it is possibly the best way Brimi can venture into the UK market.

This market entry strategy is justified by the fact that, Brimi enjoys immense ownership advantages over it new market (UK) in the sense that, the company has important assets and skills in the production of its Mozerella brand, such that, the economic benefits of its UK venture is highly likely to surpass the economic cost of venturing into the new market.

Brimi’s market power is further reflected by its strength in overseas operations and its history of dealing with competitors in the Italian market. The company’s products have been sold in several locations across Europe and indeed the world. This multinational experience is bound to be invaluable in its UK expansion plans.

Moreover, the company has managed to create a strong strategic product differentiation strategy that has seen the company receive global acclamation in the production of its products (in reference to the ISO certifications). Considering the company has this strong asset power, research has affirmed that, it is not advisable for such a company to share this knowledge in a new market because it will lose its competitive advantage (Hird 1986, p. 151).

In other words, it may be easy for competitors to steal the company’s production formula and use it to run a parallel company to provide the same services as Brimi, thereby jeopardizing its long-term prospects of profitability.

In reference to this claim, Van de Ven and Poole (1989) affirm that, “This risk is especially relevant for international transactions because inter-organizational infrastructures are often poorly developed, likely to change frequently and likely to change across international boundaries” (p. 31). These scholars therefore affirm that, if a company has such high-caliber skills, it is important to safeguard them.

Other research studies done by Anderson and Coughlan (1987) also affirm that, if a company has achieved a higher level of product differentiation, it is highly recommended that they safeguard their secret. Since Brimi falls in the category of such companies, it is important for the company to safeguard its product differentiation secret, and there is no better way to do so than through a direct export strategy.

Moreover, exporting is the most economical way Brimi can venture into the UK market, considering it does not have to make any direct investments to the European nation (Craig and Douglas 2005). Considering Italy and the UK operate within the UE economic block, it becomes very easy for Brimi to export its goods from Italy to the UK because there are no customer barriers (which are normally deemed to be a barrier to direct exporting by increasing the cost of imports) (Agusti 2008, p. 10).

The direct export strategy is supported by the comparative advantage theory which acknowledges that, countries can derive a lot of benefits by trading with one another, without any trade restrictions (Maneschi 1998).

The theory further states that, it is possible for two countries to gain from one another through international trade, even though one country maybe less efficient than the other in the production of export goods (Madura 2008, p. 6). In the context of this study, there is an obvious difference in the production of Mozarella in Italy and the UK because Italy already has a well established infrastructure for the production of such a product. However, the UK does not have this advantage.

Nonetheless, the comparative advantage theory identifies that, both countries can easily benefit from one another through direct exports (Samli 2001). Since the comparative advantage theory proposes that, countries can effectively gain from one another through direct exports, it however also notes that, barriers to trade such as trade costs (like custom duties, heavy taxation and the likes) can easily erode the benefits derived from foreign direct investments (Daly 2010, p. 355).

However, factoring the nature of the trading infrastructure between Italy and the UK, there are no trade barriers, and therefore both countries can sufficiently enjoy the benefits of free trade.In this regard, only marketing costs will be realized with the direct export strategy.

However, the practicality of this strategy involves the input of four parties in the supply chain system: exporters, importers, transport agents and the government (Doole 2008).

There are two types of export strategies: direct and indirect exports. However, for Brimi company, the best strategy to use will be the direct exports strategy because the company’s expansion into the UK market is primarily motivated by its international expansion strategy, aimed at conquering new markets, considering the limited expansion opportunities characteristic of its local Italian market (as mentioned in earlier sections of this study, the Italian market is flooded by substitute products which have been developed by replicating Brimi’s strategy, therefore offering very minimal opportunities for growth).

With such slim expansion opportunities, it is prudent for the company to capitalize on its economies of scale, from Italy and then export the produce to its new markets. This strategy will give the company a strong sense of control over its distribution strategy and therefore the operations or supply of its products will be firmly within its control.

Through this strategy, the UK market will be regarded as an extension of existing Brimi markets. Since the UK and Italy are part of the European Union economic block, it becomes feasible to produce goods in large quantities because protectionist policies cannot be introduced because of the liberalization of the UK market and its free trade policies.

The export strategy is applicable to Brimi’s case because it poses a trade advantage (after factoring the benefits of currency valuation between the Euro and the pound). Considering there is a significant decline of the Euro (in value), Brimi is bound to increase its profitability because it will be paid in pounds, while its expenses will be quantified in Euros.

It would however be an unwise decision to adopt another foreign market entry strategy, like foreign direct investments, because this would mean the company has to set up new investments in the host nation (to be incurred in pounds), thereby significantly increasing the costs of investments or new operations.

The strategy of directly exporting goods to the host country will be a feasible idea because Brimi will have control over the entire operations of the expansion strategy (from the selection of company representatives to the selection of new foreign markets). In this manner, they can easily retract from the UK market if their products fail, simply by decreasing the production of the products from the original market (Italy).

In this regard, the company will not suffer heavy financial losses (when compared to a case where the company set up a new plant in UK for the manufacture of its products). The foreign direct investment strategy will also be useful in obtaining feedback from the new customers because the strategy will be primarily based on sales and marketing, which is a good contact point between the company and the consumers.

Moreover, since the company has endured periods where its food processing formula was stolen by rival companies in Italy, it may be easy for the company to protect its trademark and patents if it engages in direct exportation because it is easy for the company to have control over these intangible properties.

Also, since the direct export strategy will be primarily based on a marketing strategy, it will be easier for the company to make more profits because a lot of emphasis will be based on sales, which dictate the company’s revenues, hence increased profitability.

When launching a new product in a foreign market, it is often a common company dilemma, if to retain its home market international mix or alter the market mix strategy (Learn Marketing 2010).

Researchers have often proposed that, for a company to develop a successful marketing mix strategy, it ought to factor the cultural make up of the host population; the target consumer behavior; purchasing power and the likes (Ghauri and Cateora 2005). This fact is reinforced by previous assertions made by other scholars, proposing that a company is bound to sell more products if it factors the dynamics of the target market.

Often, global companies have adopted the “think global act local strategy” but for Brimi, this study proposes a “think global act global strategy” (Keegan and Green 2005).

This strategy is motivated by the fact that, Europe is quickly becoming one social block, emanating from the formation of the European Union block, and therefore there is bound to be no significant differences in consumer tastes and preferences between Italy and UK.

Though there may be some substantial differences in consumer spending habits and dietary patterns, tailoring Brimi’s products to suit the local UK market is not bound to add much value to the company’s products, but it definitely increases the costs of production, thereby reducing the company’s profit levels. Redesigning the product is therefore bound to weaken the global brand.

There are companies which have over the years adopted a global strategy over almost all their target markets and have successfully achieved their desired objectives (and still enjoy good sales). Such brands include Coca Cola, MTV, Nike (and the likes), and they share appalling similarities with Brimi’s Mozzarella brand because the company’s brand has received global commendation regarding its quality and value content (as evidenced by the ISO certifications).

Changing the product’s design or make-up for the UK market is therefore likely to weaken this product strength, and equally likely to affect the strength of the brand’s product differentiation strategy.

Moreover, the nature of today’s global market is that, consumers are increasingly adapting to a common culture inspired by the internet, globalization, television (and the likes) and therefore, the gap between consumers’ tastes and preferences among various nations (and more so, Italy and UK) are increasingly narrowing.

The launch of Brimi’s products in the UK market will therefore be aimed at targeting the same type of consumers as those evidenced in Italy. Since this target market selection is in effect, it would be fruitless trying to change the company’s product components to suit the local UK market.

From the above analyses, this study proposes that, Brimi should adopt a standardized international marketing mix strategy because the Mozarella brand already commands a strong brand following across Europe. Modifying the product would act against the company’s interest especially if it intends to conquer new markets.

However, the product differentiation strategy is most preferable because the launch of Brimi’s products will be undertaken through a direct export strategy. This fact implies that, products will be manufactured in one location and distributed to several others. The standardization strategy will therefore be complementary to this strategy because it is easy to standardize a product if it is produced in one location as opposed to if it is produced in several locations (Transtutors 2011, p. 1).

Though the international marketing mix to be adopted by Brimi will be a standardized marketing mix, the promotional strategy to be adopted will not be of a standardized nature. An adapted promotional strategy will be preferable for Brimi because of the differences in language between the UK and Italian markets.

Italians speaks Italian while UK consumers speak English. Promotional materials for UK consumers will therefore be designed using English language. The common mediums of product promotion will be television and online media. The two communication mediums have a strong penetration in the UK, with television and online communications having a penetration rate of more than 90% (Ghauri and Cateora 2005).

Determining a pricing strategy for a foreign market is not a simple thing. Several factors such as fixed costs, variable costs, competition, company objectives, positioning strategies and willingness of target group to pay for the desired price have to be factored in the pricing strategy. Brimi’s pricing strategy should however be similar to its pricing strategy in Italy, except for a substantial increment in product pricing, emanating from the transport and distribution costs associated with availing its products in the UK market.

Brimi’s place strategy will be designed to cater for the needs of the distribution and sales of the company’s products (Obringer 2011). Brimi’s place strategy will be a dual strategy where its products will be availed in every high-end restaurant or any market deemed viable for the company’s products.

The second strategy will be centered on creating a demand for the product because it was not available in the UK market. This strategy will however need to be implemented with the assistance of strategic partnerships with existing restaurants. The latter strategy will ensure the company increases its profit margins because it allows for a high price strategy. Since Brimi’s products are of high quality, they will be majorly availed in high-end restaurants to preserve its image.

With regards to the product strategies of the marketing mix, Brimi should maintain all aspects of its product’s strategy, such as, quality, design, features and branding; like that evidenced in its Italian market. In this manner, it will be able to remain authentic to its brand differentiation qualities, so that, it does not weaken its brand in any manner (Learn Marketing 2011).

These factors withstanding, the Brimi product brand will be aimed at high-end UK consumers, and the core benefit will be exemplary product quality. The brand will be positioned in the high-end market by offering quality products to the UK consumers and its main differentiating factor will be the high product quality and exemplary exotic taste (when compared to competitor products).

There is supposed to be more information to be availed in the formulation of a comprehensive marketing plan, based on Dunning’s (cited Letto-Gillies 2005) assertion that, the international entry strategy for a foreign firm ought to be based on its ownership advantages, location advantages and international advantages.

Though some of these elements have already been discussed in this study, it is however difficult to determine how these elements interact with one another for Brimi (in the formulation of an international market entry strategy). It is very important to determine the relationship between these elements because it is not only enough to analyze these elements in isolation because an interaction of these elements may possibly expose a different motivational factor of the company’s international marketing strategy.

For instance, research studies have established that, companies which have a low level of firm ownership, are bound to refrain from adopting any international expansionary plans or undertake low-risk market entry strategies, such as, direct exports (which has been identified as the preferable market strategy for Brim) (Czinkota 2007, p. 300). Nonetheless, these companies are known to be highly attracted to lucrative markets, but often they adopt the joint venture or licensing strategies (Rialp 2006).

From this analysis, we see that, it is very important to understand a firms’ ownership and location advantages because collectively, these factors are bound to affect a firm’s behavior and more so, its international market entry strategy. The relationship among the three elements described above should therefore be further studied to develop the best international market strategy for Brimi.

More information should also be sought in determining Brimi’s financial capabilities and its resource base to determine its capability of undertaking other market entry strategies like acquiring an existing food processing firm in the UK as a market entry strategy (Mühlbacher 2006).

The direct export strategy has been chosen because it poses the lowest risk in international market ventures, while providing the highest returns (but such a strategy has been chosen under the assumption that, Brimi lacks adequate resources to undertake a riskier strategy).

Another factor of an almost similar magnitude is Brimi’s desire to control its foreign market activities because the direct export strategy has been chosen under the assumption that, it would be more beneficial for the company to adopt an international market strategy that gives the company immense control over its foreign operations.

This study recommends a direct export strategy to be adopted by Brimi because the company enjoys a strong brand following of its core brands in most of its primary markets. Moreover, the company has a strong brand differentiation strategy which should be safeguarded at all levels of the production process.

The best way to protect the company’s brand secret is to adopt a direct export strategy because the risk of company secrets in producing the best Mozarella will be safeguarded in this manner. This strategy is complemented by the minimal distance in geographical distance between Italy and UK, which can be further decreased by technological input. In this regard, it is possible to avail fresh produce to the UK market, thereby preserving the product’s taste.

This study also acknowledges that, the direct export strategy will be of high benefit to Brimi because Italy and the UK are part of the European Union economic block and therefore, there is no possibility of the company incurring import or export tariffs which will further erode their profit margins.

This economic union greatly complements the direct export strategy. With regards to the company’s international mix strategy, the product, place, and pricing strategies will significantly resemble the original marketing mix strategy used in Italy, but the promotional strategy will be different, considering the language differences between Italy and the UK. These international marketing strategies pose the best prospects for Brimi to succeed in the UK market.

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Essay: Essay on strategic marketing

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Strategic Marketing is that which takes to the process by which organizations, groups and individuals get what their desire and want by identifying value and delivering the thing to others. The nucleus concepts of marketing are customers desires related to products, exchanging things, communications and relationships. Marketing is strategically referred with the way and scope of the long-term activities executed by the company to gain a competitive benefits. Organizational Strategic Planning Strategic planning for multi business happens at every organizational level. Strategic planning of higher organizational levels provide direction for strategic plans at lower levels. We can say, lower-level plans are evolved to fulfil higher-level plans. Strategic planning necessary to integrate and consistent throughout in levels, because of this relationship. Organization plan about their product and price also plan about their business as their business need. Mostly, firms prepare formal strategic plans at the corporate, different functional managers participate in planning process like, sales managers, product managers, marketing researchers, production managers, and financial managers. Companies have to plan about activities and customer desires. The Strategic Planning Process Every organisations have a different ways and their approach of strategic Planning. This planning process implement at every level. It easy to understand strategic planning if we show it step by step. In the business world, in many organizations lot of stages so they do not to follow such a step-by-step approach. Marketing functions are also very important component of business strategies and approach of marketing should be communicated in planning of marketing. Strategic mix that supply the enterprise market. Competitive Advantage Competitive advantage concerns to the way that how organisations get consumers to buy their products than those which are offered by competitors. There are two basic strategies which are possible. Mostly, business can find a way to compete by offering same products and services as competitors. Business can also compete by offering something different to the customers better than competitors’ products. If it is successful in achieving the target with the help of this strategy then the business can charge higher prices than its competitors do. 1. Explain the term marketing strategy in terms of how such a strategy helps a business unit achieve its marketing objectives. Answer: Marketing strategy is a procedure that can grant to organization to focus its resources on the possibilities to incline the sales and get a competitive benefits. Managers should establish main objectives for the organisation, business and marketing. The objectives should base on the analysis of the situation which is current and the environment of marketing. Strategic Market Objectives The main motive of marketing is to build goals and functions of the organisation and examine the strategies of competitors in the markets. The objectives focus on the company’s desire to improve the organization’s competitive strength and long-term market position through the customer value. It mainly focus on winning market share, customer service or product innovation, achieving lower costs, increasing the company’s reputation with customers and capturing attractive growth opportunities. The following are the examples of strategic market objectives: ‘ Higher product quality ‘ Quicker design-to-market times than rivals ‘ A bigger market share ‘ Strong reputation with customers than rivals ‘ customer service ‘ customer satisfaction at higher level   2. Explain, identify and describe the sixstages of the strategic marketing planning process. Answer: An actual marketing plan is strategic mixtures of actions that should valuable for decisions. The following steps are beneficial for effective marketing strategy that will permit the marketing team to emphasis on the purpose and objectives of the organization. Analyse target market: Market research is the efficient plan to make a analysis of rental aid to known opportunities to gain market share and a gap that may survive in the product and services which organisation provide, equate to those sought for membership base. Set marketing objectives: If an organisation need to increase market share around a branch and particular rise its share of the bill market then setting goals is the 1st step should be in the area. Tactics: Classify and complete by target market and setting goals, designing a specific tactic to do tasks theses. For example, if the market search exposed that a-was-a small percentage of the portfolio or loans from current members in a demographic ambitious by credit, a loan re-conquest movement would be appropriate tactics years to assistance surge penetration in the loan process. Selecting appropriate markets: Suitable marketing channels are obligatory for each target market. With marketing materials essential to explore ways to ensure the usage of new and non-traditional marketing. These days the Internet and communicating Web-based Web sites and social media pages are lists longer used. Consumers who have substantial amounts accept new Internet technologies and smart phones. Requires effectual market to find new ways to involve and interact with communications marketing consumers. Monitoring feedback: Planners should make sure they exist to analyse the results of the marketing exertion. In particular, keep track recommendation sources, social networks are authoritative and reasonable tool for marketing know about the appraisals or in other words, we can say that they are happy from our products and services. Then social media marketing plan for customer comment steps, they can yield the preferred results. 3. Define and evaluate with examples the links between strategic marketing and corporate strategy. Links to corporate strategy are: a) Mission statement b) Organisational structure c) Corporate responsibility and ethics d) Dynamic strategy (carpenter and sanders) e) Knowledge management systems Answer: A strategy is a basic archetype of the current object and planned placement of resources, and communication of an organization of markets, competitors and other environmental factors. According to Mullins, JW & Walker, OC, it stated strategic functions First (1) What (goal), (2) where (is all industries and product-market and development), and (3) How (All resources and activities assigned to each market products to meet environmental and terrorist threats and opportunities for competitive advantage). a) Mission statement: A mission statement is a statement of the determination of a company, organization or person, its cause for existing. The mission statement should be guided the actions of the association, spell out its overall goal, offer a path, and guide decision-making. It delivers the framework or setting within which the company’s strategies are expressed. It is like a goal for what the company needs to do for the world. b) This is the policy framework of whole lines of communication everything strong-minded and authority, and the distribution of roles within an organization (Hamermesh, 2013). There are basically two types of organizational structure, namely centralized and decentralized structures. Authority and decision making in the centralized structure is focussed in the chain of upper management levels. Decentralized structure permits the distribution of energy under management. Structure and role of the collective marketing strategy to assistance the organization attaining the objective ICT organization. c) Corporate responsibility and ethics: Corporate responsibility is to classify and explain the problems of society in a cost effective manner. The usage of business ethics: honesty and quality of services in the result assistances build the status of the company. Businesses work in a broader social environment in which they have a duty to a range of stakeholders including the wider community. The term states to the responsibility that modern business organisations have to creating a healthy and wealthy society. Responsible businesses are responsible citizens. This accountability is reflected through moral practice. d) Dynamic strategy: It seems regularly in discussions and writing about strategy and is used in two separate. The dynamics strategy and presentation concerns the ‘content’ of strategy-initiatives, selections and decisions assumed in an attempt to recover performance and the result that ascend from these managerial behaviours. The dynamic model of the strategy procedure is a way of understanding how strategy actions happen. It identify that strategy planning is dynamic that is strategy-making involves a complex design of movements and replies. It is incompletely planned and partially unplanned. A literature search demonstrations the first of these senses to be both the earliest and most extensively used meaning of ‘ strategy dynamics’, though that is not to reduce the position of the dynamics view of the strategy process. In current scenario organizations are using dynamic strategy. The dynamic strategy that can make a change because of the weather. At some point the market demand is fluctuating due to certain necessities which make it easy to make a dynamic business strategy. Company should attention on productivity, efficient, energetic and aggressive forms. Organization must grow your product so far. d) Knowledge management systems: e) Knowledge management is the process of capturing, developing, sharing and effectively using organisational knowledge. It also states to a multidiscipline approach to attaining organisational objectives by making the best usage of knowledge. Knowledge management includes courses trained in the arenas of business administration, information systems, management, library and information sciences. Knowledge management efforts typically attention on organisational objectives such as upgraded performance, competitive benefit, innovation, the sharing of lesson learned, mixing and continuous improvement of the organisation. It overlay with organisational knowledge and may be illustrious from that by a greater focus on the management of knowledge as a strategic asset and a focus on encouraging the sharing of knowledge. Knowledge management system provides new tackles to better follow the activity of the usage and allocation of the knowledge. The development of knowledge management on the success, innovation, up to date developments and mixing. It also states to the multi-disciplined to reach the target organization approach, making best use of knowledge. It is the procedure of capturing, sharing, development and effective use of organizational knowledge. It also focuses on organizational presentation to succeed their goals. Knowledge management is based on the knowledge of tacit and explicit knowledge. Organization should rise their connective network between internal and external individuals. REFERENCES:- Hamermesh, R. G. (2003). Strategic management. New York: Wiley. http://www.mhhe.com/business/marketing/bearden01/graphics/common/ch03.pdf http://mystrategicplan.com/resources/objectives-and-goal-setting/ http://www.uk.sagepub.com/upm-data/43374_2.pdf

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