Total Marketing Solution | Disha Total Marketing Solution Pvt Ltd

Total Marketing Solution | Disha Total Marketing Solution Pvt Ltd

Total Marketing Solution INFORMATION PACK

1.

An Assessment of the role of strategic marketing in an organization

•          Marketing is an organizational function set of process for planning and executing the conception, pricing, promotion, and delivering value to customer, and services to create relationships in a way that satisfy individual and organizational objectives.

•          Strategic Marketing is a long term process that can differentiate organization from competitors by analyzing environmental, market competitive and business factors affecting the corporation and its business units. Identifying the opportunities and threats in business areas of organization interest to increase sales and achieve a sustainable competitive advantage.

•          Strategic Marketing serve as the fundamental support of marketing plans designed to fill market needs and reach marketing objectives. it involves:

1.       Identifying Market opportunities to the organization.

2.       Focus on performing better in the changing condition rather than increasing its sales or revenue figures so that it can have long term effect in the customers.

3.       Analyze company strengths and weaknesses with respect to market opportunities and threats to achieve competitive advantages.

4.       A key component of marketing strategy is often to keep marketing in line with a company’s overarching mission statement.

5.       Create a plan to monitor progress and a set of contingencies if problems arise in the implementation of the plan.

6. It assists in the motivation, coordination and implementation of business activities

• Strategic marketing is focused on establishing a long-term relationship with its customer rather than selling the product for just once. Customer retention and developing a loyalty with the brand will ultimately help in retainingcompany competitive advantages.

Figure 1

(Model of Competitive Advantage)

2.The relationship between corporate strategy and marketing strategy

•          Corporate strategy is a series of plan which are designed to achieve specific goals and objectives of organization. It is involved in developing organizational structure, reducing debt ad gearing ratios well as to improve balance sheet of the company. It also deals in mergers, acquisitions, diversification, introduction of new technology, reduction in overall cost as well as to increase the overall profit margins.

•          In general, corporate strategy defines the overall mission of the company. It guides a particular direction for the company in which it should be guided. Corporate strategies are generally made at the strategic level of the company.

•Marketing strategies in involved in preparing marketing strategies for developing as well as selling products and services. It make strategies after considering four P’s of marketing mixes that are product, price, place , promotion etc. Under marketing mix, marketing strategy of the organization is involved in developing product with unique selling benefits. Under MS product is targeted in a particular geography for a particular group of people. Also suitable pricing strategy is developed to maximize the profit of the chosen organization (Cohen and et.al. 2015).

•          It is important for every organization to prepare corporate as well as marketing strategies. Both corporate strategy and marketing strategies are interrelated with each other have major focus on the development, pricing as well as distribution. However, corporate responsibility is more concentrated with profitability initiatives.as example different channels are used in selling the product but proper care is taken in preserving the brand image. Different advertising and promotions activities are done using social media to let the people know about the new products and brand. There should be proper observation from the executive level of the organisation to know whether the company’s marketing strategy are moving with the company’s corporate strategy. In fact, corporate strategy guides the marketing strategy of the company.This is the corporate strategy of the company. The marketing department of the company will suggest the management of the organization not to merge the two companies but operate separate brands using centralized Administrative services. If the company merges two products and sells under the same name then it would confuse both sets of consumers and finally it will damage the brands (Costanzo and Di Domenico, 2015). organisation customers which are usually high profile will hesitate to go back to the store and Primark customer which are usually price-sensitive assumes that the price has gone up which they cannot afford. Thus, there is a very close relationship between marketing and corporate strategy of the company.

•          Relationship:

1.       Marketing strategy should be aligned with corporate direction which is reflected in the vision, goal & mission of the corporate.

2.       The Marketing strategy activities are focusing on achieving the corporate goal.

3.       Identifying the areas of improvement by evaluating company performance through linking the marketing strategies to corporate strategy.

 

 

 

 

3.

How marketing strategy is developed

 

•          Marketing strategy is formulated in series of processes that will enable the organization to achieve the goals and objectives.  The organization can examine various alternatives and select best approach to achieve those goals. Organization’s aim behind preparing this marketing strategy is to promote its new product. The steps in strategic marketing development are: identifying a mission; setting objectives; analyzing the situation; developing a marketing strategy; Implementation of plans and evaluation.

•          Mission:identify the company mission statement and the direction towards achieving the vision by describing the role of organization’s products and services.

•          Establish SBU’s:

•          Objectives:establish the quantity (Profit growth, Market reach, etc.) and quality (innovation, market leadership, etc.) objectives from each SBU with fixed period of time.

•          Situation:Organization run analysis using situation analysis tools such as SWOT or Pestle, etc. to evaluate the strengths, weaknesses of the company and opportunities and threats of the market where it will identify the performance gaps.

•          Strategy:create market strategy where the company will segment, target and position the product I the market to achieve the objective.

•          Tactics: are short term quick implementations within a given market strategy these being, place, price, promotion and product. The aim is customer satisfaction from value.

•          Implementation:implement short term tactic plans for the given market strategy considering the 4 P’s (place, price, promotion and product), the output is the customer satisfaction.

 •          Evaluation:Monitor the results (market share, sales, and profit) and compare it with the planned performance for a period of time and continue monitoring the performance, make proper adjustment to the strategy and maintain customer focus.

·         Marketing strategy in Total Marketing Solutions is the development of long turn view, which act as the charter of the organisation i.e. which is helpful in providing the direction guide to the organisation.

·         Development of marketing strategy starts with the analysis of situation in the market by which strength; weakness, opportunities and threats can be evaluated.

4.

 

·

Corporate strategy generates the top level management strategy.

·         Corporate strategy in an organisation effect all the departments and entire level as well.

·         It includes the decisions related to the development of new products and SBU’s in Total Marketing Solutions.

·         Corporate decisions involvement includes the long term commitments in the organisation. Corporate decision plan in the organization develop for the five years or more that, whereas the operational plan develop for the 1-2 years

Figure 2

5.

 

Business planning and business strategies are mainly drafted to achieve the ultimate goal and objectives of the organisation. The purpose of the business strategy in Total Marketing Solutions are-

·         Helpful in the generation of customer demand which result in the increment of business dimension, competitive advantage and creation of customer loyalty etc. (Hachem, et. al., 2012).

  • It also fulfils the purpose of lower the cost of the organisation for e.g. – lowering the cost of production and product development cost and lowering the infrastructural as well as functional costs (Kownatzki, et. al., 2012).

·         According to Michael Porter the strategies of the business focuses on the cost leadership, differentiation and on niche market etc.

6.Different approaches to competitive positioning of organizations

 

Majorly there we have four types of business strategies, which are described below for the Total Marketing Solutions-

·         Market leader- Market leaders in the market generally adopt the repulsive strategies so that highest pie can be captured by the organisation in the market. Market leaders’ organisations always are cautious to stand in front of their competitors.

·         Market challenger- These organisations are strong enough to face the competitors’ move whereas such organisations are not holding the dominant position in the market. They approach to adopt the repulsive strategy to challenge the dominant organisations in the market and to capture the pie in the market.

·         Market followers- Market followers try to reach at the top in the market. They adopt different strategies to gain the leadership position in the market and sometimes have no specific strength in the organization.

·         Market niches- Market niches are the organisations, which focus on the specific segment in the market.

Total Marketing Solution | Disha Total Marketing Solution Pvt Ltd

 CONCLUSION

Total Marketing Solution | Disha Total Marketing Solution Pvt LtdSegmenting, targeting, positioning, branding etc. are the range of strategies that helps the business enterprises in achieving competitive advantages. Marketing communication in terms of broadcast as well as narrow cast and niches have been analyzed. Along with it also had analyzed various marketing strategies such as differentiated, undifferentiated as well as concentrated.

References:

Cohen, D. A. and et.al. 2015. Store impulse marketing strategies and body mass index. American journal of public health. 105(7). pp.1446-1452.

Costanzo, L. A. and Di Domenico, M., 2015. A Multi?level Dialectical–Paradox Lens for Top Management Team Strategic Decision?Making in a Corporate Venture. British Journal of Management. 26(3). pp.484-506.

ACTIVTY 2

SHOULD BE IN POWER POINT WITH NOTES IN THE BOTTOM

ACTIVITY 3

3.1 Identifying a range of strategies that can contribute to their businesses competitive advantage

  • INTRODUCTION:

In today’s competitive era the organisation like Total Marketing Solutions’ (TMS) is facing the changing and vigorous environment. In order to become more competitive and for the survival of the organisation the adequate strategic move have to follow by the Total Marketing Solutions (TMS). They have to grab the opportunities which existing in the market and also seek for increasing the efficiency of the organisation in each and every sector. Other than this the organisation must understand the successful factors of the organisation. 

  • COMPETITIVE STARTEGIES:

Michael porter in 1985 suggested three approaches to the organisations so that they can enjoy the competitive advantage.

Cost Minimisation Strategy– A business has to try to provide its products at the lower cost, which is only possible when the organisation have lowered its cost of the products and services. This cost leadership focuses on to capture the market by providing products and services at the lower prices to its competitors (Baye & Prince, 2014). Cost reduction can be done through by reducing the wastage or by waste management and by providing the training and development programs to the employees of the Total Marketing Solutions (TMS).

Differentiation Strategy- An organisation like Total Marketing Solutions (TMS) can also compete with its competitors by providing the different products to its customers. In this strategy as the organisation provides something specific to its competitors it also charges the higher prices from its customers. Differentiation can be in unique technology and innovation etc. this strategy is using by the Apple (Baye & Prince, 2014).

Focus Strategy- The organisation like Total Marketing Solutions (TMS) can also adopt that strategy by focusing on the particular customers or by targeting the selected customers. This strategy is also known as the niche strategy. By adoption of this strategy the organisation has to face less competition as well as this is also helpful for building the brand loyalty (Baye & Prince, 2014).

There are various strategies that can be applied by organisation to attain competitive advantage over its rivals in the automobile industry. Those are: 

  • COMPETITIVE ADVANTAGES:

Competitive advantage of the Total Marketing Solutions (TMS) organisation can be beneficial for facing the competitors and also generates the more profits or revenues for the organisation (Kim, et. al., 2012). Other than this, it is also helpful for the retention of the customers. Competitive advantage can be of two types for the organisation-

  1. Comparative advantage,
  2. Differential advantage.

Comparative advantage is also known as the cost advantage. In this the cost of the organisation is lesser than its competitors, which is helpful in selling the products or the services of the organisation at lower prices to its competitors. By this the organisation can make more and more sales as well as profits. On the other hand, the differential advantage means that the goods or products and services of the organisation are different from its competitors, which attracts the customers (Mabry, 2012). 

4.2 Analysis of marketing communication strategies for the business

  • INTRODUCTION:

· Communication Strategy

Marketing communication is the essential for Total Marketing Solutions organisation. This is helpful for the understanding of the brand as well as the organisation. By this the target audience can be ascertain by the organisation. 

  • TYPE OF COMMUNICATION STRATEGIES 

Broadcast Communication- Broadcasting is done mainly to convey the message in the market. Other than this the communication strategies can be fulfilled by the Total Marketing Solutions organisation (Dorland, 2014). This strategy is mainly used by the Toyota organisation. Popular media which can be used by the organisation are-

  • Newspapers, television and radio etc.
  • This broadcast strategy is best for the organisation only when the organisation is providing the standardise products to the customers and there is a large group of the customers.

Narrowcast Communication- Narrowcast strategy is used by the organisation when it is intending to focus on the small sector. This approach is helpful for the marketers to attract the customers.

  • For such type of communication television, radio and newspapers are being used by the different organisations.
  • This can be used for such organisations which are providing the different products to their customers, e.g. – BMW, Mercedes etc.

Niche Cast Communication- This strategy is being used by the organisation to convey the messages or particular content to the small group (Dorland, 2014).

  • Popular media for such kind of communication can be printing, television and radio etc.

This communication method has to be adopted by such organizations, which are using the focus strategy, for e.g. Ferrari.

4.3 Analyzing marketing strategies and how they can be implemented by the organization, including resource and management implications

  • FIRST START WITH STP (Segmentation, Targeting &Positioning) as DISCUSSION

Market strategies are the result of the rigorous analysis of market. The market analysis forces the management of the Total Marketing Solutions to understand the depth knowledge of the market. Other than this the market strategies also help the management of the Total Marketing Solutions to establish the prices of the products and services. Distribution and other promotional strategies also can be set up by market analysis, which can help the organisation to make profits (Dorland, 2014). Total Marketing Solutions can use the most prominent model, which is STP (Segmentation, Targeting, and Positioning).

Market Segmentation- In this, Total Marketing Solutions organisation can segment its customers on the basis of their requirements. Segmentation can also be done on the basis of demography (age, gender), geography (country, state and city), and tendency of customers or behaviour etc.

Targeting the customers- The Total Marketing Solutions organisation can also use this strategy by targeting their customers or clients. In this the Total Marketing Solutions can target their customers by below stated marketing strategies-

  • Differentiated Marketing- If the Total Marketing Solutions is targeting more than one market segment this strategy can be used. And this strategy is only successful when the customers are the diverse in their choices and taste.
  • Undifferentiated Marketing- An undifferentiated marketing can be used by the Total Marketing Solutions organisation when they focus on one group in the market.
  • Concentrated Marketing- Concentrated marketing can be used by the Total Marketing Solutions organisation when the organisation is focusing on the niche marketing. In this strategy the Total Marketing Solutions organisation have to understand the customer requirements and have to mould the strategy according to their strategy (Kim, et. al., 2012).

PositioningThe Total Marketing Solutions organisation have to position their products and services in the mind set of their customers. For that Total Marketing Solutions organisation has to keep in mind the customer’s perception and market trends. In positioning the organisation has to keep in mind its competitors, benefits of their each segments etc. 

  • Resource management implications on marketing strategies·
Resources Management
Human Resources PhysicalFinancialStructureSkillsSystems
A Cost Minimization Strategy uses Broadcast Communication and chooses Undifferentiated Marketing Strategy·  Large number of employees in the organization·   Standardized products

 

·   Reducing costs by waste management·  Integrated strategy

·  Flexible

 

·  More focus on the production·  Flexible system
A Differentiation Strategy uses Narrowcast Communication and chooses Differentiated Marketing Strategy·  Less number of employees·   Different resources

 

·      Market research·  Matrix or complex

 

·  More focus on the quality·  Use Management by objective or employee participation in decision making
A Focus Strategy uses Niche cast Communication and chooses Concentrated Marketing Strategy·  Few employees perform specialized tasks·   More Dedicated and punctual

·   Specialized

 

·   Research and development·  Informal system in organization

 

·  High skilled employees·  Flexible and dynamic process

 

STRATEGIC CHOICES:

Strategic choices involve the different alternatives of strategies. The Total Marketing Solutions organisation can review its strategic choices by certain criteria-

  • Suitability- the Total Marketing Solutions organisation makes certain its strategy, which suits best to the organisation. For e.g. the Total Marketing Solutions can launch service which is already existed in the market and also having so many choices.
  • Feasibility- the Total Marketing Solutions organisation has to make sure that the strategy which is adopted will be successful with the certain resources or not. For e.g. the Total Marketing Solutions organisation is entering in the different market with new technologies etc.
  • Acceptability- the Total Marketing Solutions organisation also has to keep in mind that the stakeholders of the organisation will accept the new adopted strategy or not (strategic choice 2016).

CONCLUSION

            Segmenting, targeting, positioning, branding etc. are the range of strategies that helps the business enterprises in achieving competitive advantages. Marketing communication in terms of broadcast as well as narrow cast and niches have been analyzed. Along with it also had analyzed various marketing strategies such as differentiated, undifferentiated as well as concentrated.

REFERENCES

Books and Journals

Kortmann, S., 2015. The Mediating Role of Strategic Orientations on the Relationship between Ambidexterity?Oriented Decisions and Innovative Ambidexterity. Journal of Product Innovation Management. 32(5). pp.666-684.

Krush, M. T., Sohi, R. S. and Saini, A., 2015. Dispersion of marketing capabilities: impact on marketing’s influence and business unit outcomes. Journal of the Academy of Marketing Science. 43(1). pp.32-51.

Luxton, S., Reid, M. and Mavondo, F., 2015. Integrated marketing communication capability and brand performance. Journal of Advertising. 44(1). pp.37-46.

Melnikas, B., 2015. Integration processes in the Baltic region: the new form of regional transformations in the European Union. Engineering economics. 60(5).

Mena, J. A. and Chabowski, B. R., 2015. The role of organizational learning in stakeholder marketing. Journal of the Academy of Marketing Science. 43(4). pp.429-452.

Morris, M. and et.al., 2015. Is the business model a useful strategic concept? Conceptual, theoretical, and empirical insights. Journal of Small Business Strategy. 17(1). pp.27-50.

West, D., Ford, J. and Ibrahim, E., 2015. Strategic marketing: creating competitive advantage. Oxford University Press.

Online

A, M.M. & V, M.O. 2015, “DEVELOPMENT OF MARKETING STRATEGY AND ORGANIZATION OF THE TRADE-MARKETING EVENTS FOR CORPORATION”,Polythematic Online Scientific Journal of Kuban State Agrarian University, , no. 110, pp. 739-749.

Baye, M.R. & Prince, J. 2014, Managerial economics and business strategy, Eighth edn, McGraw-Hill Irwin, New York, NY.

Dorland, M. 2014, “Analyzing Communication Strategies”,Canadian Journal of Communication, vol. 39, no. 3, pp. 307.

Fifield, P. 2012;1998;, Marketing Strategy, 2nd;2; edn, Taylor and Francis, Saint Louis.

Hachem, W.E., Harik, R. & Khoury, J. 2014, “Systemic assessment framework of a learning organization’s competitive positioning”, Journal of Industrial Engineering and Management, vol. 7, no. 4, pp. 891-918.

Kim, K.H., Jeon, B.J., Jung, H.S., Lu, W. & Jones, J. 2011;2012;, “Effective employment brand equity through sustainable competitive advantage, marketing strategy, and corporate image”, Journal of Business Research, vol. 65, no. 11, pp. 1612.

Kownatzki, M., Walter, J., Floyd, S. & Lechner, C. 2012, “Corporate Control and the Speed of SBU-Level Decision Making”, Academy of Management Journal,.

Mabry, L. 2012, “COMPETITIVE ADVANTAGE”,Knowledge Quest, vol. 40, no. 3, pp. 66.

strategic choice 2016, , 6th edn, Oxford University Press.

strategic marketing 2011, , 3rd edn, Oxford University Press. (strategic marketing 2011)

What Is Undifferentiated Marketing?. 2016. [Online]. Available Through:<http://smallbusiness.chron.com/undifferentiated-marketing-20797.html>. [Accessed on 30th June 2016].

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