Marketing tips:Dynamics, Advantages and strategy

This consists of how the marketing department plans its strategies regarding a company’s products or services. Marketing planning consists of price, location and positioning, procedures for market or marketing used and coordination of activities.

It’s very impactful in the essence that it enables forecast in sales or market and plan how to attain or increase the forecasted sales volumes or market share.
A company without a meaningful marketing plan can only be successful in markets without competition; otherwise, many companies have collapsed due to poor marketing planning methods. In the quest for development, the companies should ask to them selves where they are, where do they want to be, and how will they get there. Answering such questions will lead to a well laid marketing planning strategy.

Advantages of marketing planning
• It gives an organization a clear sense of purpose in which all employees can share
• It reduces uncertainty about future market trends, and about how to respond to them
• Success results from anticipating trends rather than merely following them
• It gives a disciplined framework for evaluating options for the future
• It generates systems in which to control and monitor strategic decision making

Methods of identifying market trends
A firm needs to identify market trends which can be used to lay down a marketing plan. The most common way to do this is thru forecasting; this is the process of making predications about the future, forecasting is an inevitable part of planning since all forms of planning are based on some sort of forecasting. Rational forecasting methods include; informed judgments, statistical projections and computer modeling.

Tactic’s of marketing strategy
Strategy is the medium to longer term objectives that a business sets for itself while tactics are the specific actions it takes in the short term in order to bring those objectives about.
As a part of the broader marketing plan, a company needs to lay down marketing strategies and tactics to achieve its development goals. Such strategies and tactics can include the following

Merger/Joint venture
In circumstances in which an organization wish to expand but lacks the necessary capital, it may consider a merger with a rival to pool resources. Alternatively, a joint venture can be initiated with another company without a formal merger

Granting a franchise
Firms which do not want to operate directly in some markets or geographical areas can grant license or franchise to others to operate on there behalf.

Relocation
Businesses which do not want to service new, more remote geographical markets may need to add new locations or move existing plant closer to new markets , if these posses better long term potential

Modernization of products or production process
Product development can be achieved both by research and development on the products themselves and by updating the production process

Acquisition of market share through purchase
This can be an extremely expensive way of gaining market share, but it’s also much quicker than growing the market organically.

Increased productivity
This will be necessary if an organization is to increase its output, and compete effectively on price.

Changes to marketing mix
New product features, revised positioning, changed pricing policies and distribution methods, a shift in promotional strategy, and great emphasis on customer care are all potential tactical changes.

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