Question:
Discuss about the Marketing Development Of Strategies And Plans.
Marketing is a vast concept, which includes the transactions between the buyers and sellers. Both the buyers and sellers need to maintain appropriate approach towards each other for satisfying the identified goals and objectives. Consideration of the marketing legislations helps the buyers and the sellers to conduct the marketing activities in an efficient and effective manner. Typical examples in this direction are Consumer Protection Act, competitive policies among others (Armstrong et al. 2015).
The first step of marketing is the development of strategies and plans. These strategies help the marketers to expose appropriate approach towards the buyers. On the contrary, this strategic vision helps the buyers to exercise their purchasing power for purchasing quality and branded products. The sellers need to provide the customers with enough opportunity to exercise their purchasing power. This is in terms of assessing their mentality towards the steps undertaken by the sellers. For this, the sellers need to possess enough financial flexibility in terms of aligning with the altering needs and preferences of the customers (Menon et al. 2015).
There are certain market forces, which act as an obstacle in the attempt of the sellers in terms of reaching to the customers. Herein lays the appropriateness of the Porter’s Five Forces. These forces are- bargaining power of the suppliers, bargaining power of the customers, threat of substitutes, threat of new entrants and competitive rivalry. Out of these forces, three main forces are threat of substitutes, threat of new entrants and competitive rivalry, which adversely affect the efficient execution of the marketing activities.
Threat of substitutes reflects the gradual emergence of the startup companies in terms of expanding the scope and arena of their business (Wagner and Eggert 2016). On the other hand, this threat acts as a compromise with the needs and demands of the customers in terms of possessing quality products. Ignorant attitude of the company and organizational personnel would add vulnerability in the market position. For averting these instances, the personnel need to put on their thinking caps for coming out with something innovative. However, in order to bring innovation the personnel need to expose a conscious approach towards the maintenance of the originality. This consciousness would prove beneficial for the personnel in terms of encountering the advent of change in the threshold of the workplace (Leonidou et al. 2017).
Threat of new entrants reflects the experimentation of the startup brands in terms of achieving a better placement in the market. This experimentation is a matter of serious concern for the already established brands. Herein lays the importance of the competitive policies, which helps the personnel to indulge into fair trades and transactions with the contemporary brands. Adherence to the standards of these policies helps the buyers to avert the instances of illegal scandals. Non-compliance with the standards of the competitive policies compels the personnel to encounter instances of inflation, fluctuation in the prices of the raw materials and the other financial flexibilities (Hollensen 2015).
On the other hand, the new entrants in the market possess high chances of being adulterated, which is interplay with the needs, demands and requirements of the customers. As a matter of specification, negligent attitude towards this direction is a compromise with the health needs of the customers. For averting this kind of instances, the personnel need to hire skilled, efficient and qualified experts for testing the quality of the products. Supervision of the qualification of the experts is crucial in terms of averting the adopting wrong means for degrading the original quality of the products (Grabara 2013).
Competitive rivalry is the major force, which contradicts the aspect of fulfilling the specific tastes and demands of the customers. The term “rivalry” can be related with the aspect of the personnel to blindly run in the rat race to grabbing the hot seat. Application of rational thinking in this mentality helps the personnel to stand out of the madding crowd in terms of the achieving customer satisfaction. For this, the experts need to practice creative thinking for overpowering the contemporary brands. Herein lays the importance of training, which would enhance the skills, expertise and knowledge of the employees for carrying out the basic marketing activities in an efficient and effective manner (Baker 2014). Effective utilization of the gained training would help the employees to exercise their creative thinking.
Evaluation is one of the basic recommendations in terms of mitigating the intensity of the market forces. This is because evaluation would make the personnel aware of the major drawbacks within the business activities. Maintenance of consistency in the execution of evaluation would alter the perspective of the personnel towards marketing. This consistency, in turn, would add value to the personnel’s individual attempt towards execution of the allocated duties and responsibility in an efficient and effective manner (Antoncic et al. 2016).
There are variations in the products and services. The ways in which these products are manufactured reflect the type and extent of the customer satisfaction, which the companies and organizations would achieve. Exposure of rational approach helps the marketers to identify the appropriate target market. This identification is an agent in terms of upgrading the standards and quality of the product. The approach towards upgradation becomes the identification of the brand. The techniques for this upgradation help the customers to identify the brand and exercise their purchasing and affordability power. In view of these aspects, products are the stepping-stones towards formation of the brands (Charter 2017).
Rationality and creativity are the two important aspects in the process of identifying the target market. This is because of the components involved in market segmentation. As a matter of specification, the personnel need to consider the geographical, behavioral, psychological aspects before setting the target on a particular market segment. Along with this, there are also age specifications, which the personnel need to consider for expanding the scope and arena of their business through the sale of the manufactured products. Segmentation of the customers narrows down the vision and focus of the customers (Mason, Chakrabarti and Singh 2013). This narrowing down can be related to the short term goals, which the personnel need to set for systematizing their business activities according to their priority.
For example, if a supermarket need to carry out target segmentation for the newly launched perfume, they need to conduct marketing mix. This would help them to make estimates regarding the approaches of the customers. Classification of the customers regarding the performing would be the gradual progression of the personnel towards the identification of the targets.
Advertising can also be one of the efficient means for placing the brand in the market (Sheth and Sisodia 2015). However, for advertising, the personnel need to ensure that the individual sentiments of the customers are preserved. Adherence and compliance to the marketing legislations would be an effective means in terms of advertising the products in a legal manner. Herein, social media is a fruitful option in terms of the advertising the products to the audience. This is because uploading the images of the newly manufactured products on the official website and the social networking sites would help the personnel to reach to a large number of customers. Within this, keeping the provision of customer generated contents would enhance the clarity of the personnel regarding the customer approaches towards the levied products. Typical examples in this direction can be selfies with the purchased products. However, the personnel need to maintain rationality in these activities for achieving loyalty, trust and dependence from the customers (Foxall 2014). On the contrary, if the marketing personnel misutilize the offered position, they would be compelled to encounter instances like customer turnovers, which would be an utter loss in the competitive ambience.
Turning the attention towards the products, the personnel need to ensure the durability of the products. Consciousness towards the maintenance of originality reflects a long shelf life of the products. On the other hand, if continuous experiments are conducted on the products, its originality is lost, which destroys the passion of the customers to possess quality and branded products. Herein lays the appropriateness of marketing mix, which enables the marketing personnel to experiment with the newly launched products (Mason, Chakrabarti and Singh 2013). Herein lays the appropriateness of the aspect of “age”, which reflects the maintenance of pace by the author with the requirements of the assignment. The same needs to be the functionalities of the marketing personnel while experimenting with the products.
As a matter of specification, the personnel need to bear in mind the needs, demands and requirements of the customers within the production process. Conduction of evaluation would help the personnel in this direction in terms of ensuring whether they are progressing on the right track. Consistency in the evaluation would help the personnel to upgrade the standard and quality of the products, which would create a firm and stable identity of the brand. Moreover, the attempts of the personnel need to be coming up with something innovative for achieving large-scale customer satisfaction (Sheth and Sisodia 2015).
Communication is one of an efficient solution for the issues, which the personnel encounters while selling their products to the customers. Most of the transactions include verbal communication. However, written communication would act as a proof for the personnel in terms of safeguarding themselves from the unwanted illegal courtly instances (Foxall 2014).
References
Antoncic, B., Auer Antoncic, J. and Aaltonen, H.M., 2016. Marketing self-efficacy and firm creation. Journal of Small Business and Enterprise Development, 23(1), pp.90-104.
Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2015. Marketing: an introduction. Pearson Education.
Baker, M.J., 2014. Marketing strategy and management. Palgrave Macmillan.
Charter, M. ed., 2017. Greener marketing: A responsible approach to business. Routledge.
Foxall, G., 2014. Strategic Marketing Management (RLE Marketing) (Vol. 3). Routledge.
Grabara, J., 2013. Employer’s expectations towards the employees from the marketing and management department. Polish Journal of Management Studies, 7, pp.58-70.
Hollensen, S., 2015. Marketing management: A relationship approach. Pearson Education.
Leonidou, L.C., Katsikeas, C.S., Samiee, S. and Aykol, B. eds., 2017. Advances in Global Marketing: A Research Anthology. Springer.
Mason, K., Chakrabarti, R. and Singh, R., 2013. Markets and marketing at the bottom of the pyramid. Marketing Theory, 13(3), pp.405-407.
Menon, A., Bharadwaj, S.G., Adidam, P.T. and Edison, S.W., 2015. Effective Marketing Strategy-Making: Antecedents and Consequences. In Proceedings of the 1997 Academy of Marketing Science (AMS) Annual Conference (pp. 224-224). Springer, Cham.
Sheth, J.N. and Sisodia, R.S., 2015. Does marketing need reform?: Fresh perspectives on the future. Routledge.
Wagner, S.M. and Eggert, A., 2016. Co-management of purchasing and marketing: Why, when and how?. Industrial Marketing Management, 52, pp.27-36.
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