Marketing Strategies Assignment Help | Marketing Plan Assignment Help

Marketing Strategies Assignment Help are the result of a meticulous market analysis. A market analysis forces the entrepreneur to become familiar with all aspects of the Marketing Strategies Assignment Help | Marketing Plan Assignment Helpmarket so that the target market can be defined and the company can be positioned in order to garner its share of sales. A market analysis also enables the entrepreneur to establish pricing, distribution, and promotional strategies that will allow the company to become profitable within a competitive environment. In addition, it provides an indication of the growth potential within the industry, and this will allow you to develop your own estimates for the future of your business(Entrepreneur, 2006). The most commonly applied model is STP (Segmentation, Targeting &Positioning).
Market Segmentation
It is grouping of customers into segments with common requirements. Different ways of segmentation can be:
Demographic

Grouping based on age, gender
Geographic

Grouping based on country, state, city or rural
Behaviour

Grouping based on behaviour types such asonline shoppers, brand prefers, Shopping Mall shoppers
Psychographic

Grouping based on Personality, Lifestyle

Targeting

Itis developing a specific strategy for the target segment. There are three different strategies to select your target customers:
Differentiated Marketing
A differentiated marketing strategy is used when an organization is targeting more than one market segment or groups and wants to develop different strategies for them. This strategy is effective when the target customers have diverse taste.Multi segment targeting offers many benefits but can be costly as it involves greater input from management, increased market research and increased promotional strategies.
Undifferentiated Marketing
An undifferentiated marketing strategy is used when the market is just one group and does not require varied strategies. This strategy is effective when the product has less competition and a tailored strategy is not required.
Concentrated Marketing
A concentrated marketing strategy used when the focus is on a selective niche market. This strategy is effective when the target is one segment where you can concentrate on understanding the customer needs and develop tailor made strategy accordingly.
Positioning
Itis creating an identity or image of the product in the customers mind. It can also involve in changing a customer’s perception about the brand or experience they will have if they choose the product. In this process the organization should:

  • Identify the business’s direct competitions
  • Comparing the business’s position to its competitors
  • Identify the advantages of each segment
  • Decide on different positioning for different segments

Marketing Strategies Assignment Help | Marketing Plan Assignment Help

RESOURCES& MANAGEMENT IMPLICATIONS

RESOURCES IMPLICATIONSMANAGEMENT IMPLICATIONS
Human ResourcesPhysicalFinancialStructureSkillsSystems
A Cost Minimization Strategy uses Broadcast Communication and chooses Undifferentiated Marketing Strategy·   Large staff

·   Repetitive tasks

·    Standardized

·    Large asset base

Investment in

·    Reducing costs

·    Expansion

·   Integrated

·   Formalized

·   Functional

·   Basic Skills

·   Emphasis on output

·   Centralized

·   Rigid process

A Differentiation Strategy uses Narrowcast Communication and chooses Differentiated Marketing Strategy·   Smaller number of staff

·   Variation in tasks

·    Varied resources

·    Medium asset base

 

Investment in

·    Product

·    Market Development

·   Matrix

·   Flexile

·   Task based Skills

·   Emphasis on quality

·   Significant delegation

·   Employee participation

A Focus Strategy uses Nichecast Communication and chooses Concentrated Marketing Strategy·   Smallest number of staff

·   Unique tasks

·    Dedicated

·    Specialized

·    Limited asset base

Investment in

·    Research and development

·   Informal

·   Project Based

·   Dynamic

·   Highly Skilled

·   Emphasis on success

·   Flexible process

·   Employee empowerment

STRATEGIC CHOICES

Strategic Choices involve the options for strategy in terms of both the directions in which the strategy might move and the methods by which the strategy might be pursued (Johnson, Whittington, & Scholes, 2011). The criteria for reviewing strategic choices are:

Suitability

The firm has to ensure if the strategy fits the situation and able to address the business issue. For example, launching a product which is already in the market with many choices
Feasibility

The firm has to confirm if the strategy will succeed given the current resources in the firm or more resources need to be developed. For example, entering a new market without adequate funds
Acceptability

The firm has to make sure if the chosen strategy will be acceptable by the stakeholders by doing an evaluation on the stakeholders’ expectations. For example,

REFERENCES

Ansoff, I. (1941). Harvard business review.

Batra, E. A. (2006). Advertising Management – Fifth Edition. New Delhi: Dorling Kindersley (India) Pvt. Ltd.

Davies, S. (2011, 09 28). .

Entrepreneur. (2006, August 1). Market Strategies. Retrieved 2014, from freeassignmenthelp.com.entrepreneur.com/article/25754.

Hill, C. W., & Jones, G. R. (2007). Strategic Management: An Integrated Approach. Custom Publication.

Johnson, Whittington, & Scholes. (2011). Exploring Strategy – 9th Edition. Pearson Education Limited.

Kotler, P. (1967). Marketing Management: Analysis, Planning and Control.

Lancaster, G., & Massingham, L. (1988). Essentials of Marketing. Berkshire: McGraw Hill.

Porter, M. E. (1985). Competetive Advantage: Creating & Sustaining Superior Performance. New York: Free Press.

Sadler, P. (2003). Strategic Management. London: Kogan Page.

Shimp, T. (1997). Advertising, Promotion and Supplemental Aspects of Integrated Communications. Fort Worth: The Dryden Press.

Zack, M. H. (1999). Knowledge and Strategy. Butterworth-Heinemann Publications.Order Now