Discuss about the Literature Review On Marketing Strategies.
Marketing strategy comprises of all the marketing goals into a comprehensive plan and it is drawn from the market research (Teece 2010). The characteristics of a good marketing strategy are to derive from the market research and emphasize the right mix to accomplish maximum potential in the sustenance of the business (Woodcock, Green and Starkey 2011). This paper is concerned with the review of literature of different marketing strategies that have shaped the direction of the business and provided scholars an insight into the pros and cons of different marketing strategies.
The scope of this project is to understand the motivation behind the adoption of different kind of marketing strategies and at the same time finds out about the different kinds of marketing strategies. It would also provide an overview of the new kinds of marketing strategies.
Uematsu and Mishra (2011) in their study titled Use of Direct marketing strategies by
farmers and their impact on farm business income argues that digital marketing is increasingly becoming an effective business strategy for agriculture in USA. It is because it enables the farmers or the producers to generate a better income through the selling of the products directly to the buyers. The authors adopted a two-stage economic analysis where the first stage comprised of counting the estimated data analysis and in the second stage where the US farmers deploy the predicted counts found from the direct marketing strategies. This has been done to examine the impact of the degree to which the marketing strategies have been successful. One of the important contributions of the study is its identification that direct marketing strategy adopted by the farmers in USA is more of a risk management tool than a strategy to maximize their profit. The study also found that the implementation of a marketing strategy demands intense labor skills. The drawback of the study is that that the results derived from the sample population might not be generalisible to the overall population.
In Implementing competitive strategies, authors Voola and O’Cass (2010) adopts the strategy implementation approach combined with a resource-based view to examine the relationship among the responsive market orientation (RMO), firm performance proactive market orientation (PMO) and the competitive strategies of cost leadership and differentiation. The methodological approach adopted for this study was mail survey that was distributed among the senior executives out of which 189 usable surveys could be utilized for the research. The technique of data analysis for this study was partial least squares (PSL) to test the validity of the hypothesis. It was found that it is important that there is a treatment of the market orientation as it is helpful in understanding its vital role in the facilitation of the competitive strategies for the firms and for its later performances. One of the major limitations of the study is that it was concerned with examining only one set of capabilities. But the scope of this research is that it paved path for understanding the opportunities that exist for other business firms.
Glanz, Bader and Iyer (2012), in their insightful study of the marketing strategies adopted by the retail grocery store ensue that the retail grocery store have the prowess to structure and influence the consumption pattern and buying behaviour of the consumers. The authors engage in a critical review of literature to understand the different marketing strategies adopted by the in-store. As per the findings of the authors, it was seen that there is an evident effectiveness in in-house marketing in promoting a culture of healthy eating. This was accomplished by increasing the availability, prominence and the affordability of the healthy resources and simultaneously through the de-marketing of unhealthy food. The authors suggest there should be the adoption of industrial methods for evaluating the behaviour of the consumers through individually linked sales of information. This would be particularly helpful for the researchers in the field of public health. One important aspect of the study brought out by the authors is that there is limited evidence to prove that promotion of healthy eating actually leads to healthy eating practises. The limitation of the study can be that it is solely based on secondary data and therefore requires the incorporation of primary data analysis to broaden the understanding.
Bruwer and Johnon (2010) in their study on place-based marketing strategy argues that over the recent years there has been a proliferation in place-based marketing evident in the region and origin strategies for promoting the distinct type of wine. This paper also encapsulates the wine consumer dynamics in terms of the consumption frequency, level of involvement and the difference in the segments based on the social factors of age and gender from the perspective of regional branding. The methodology adopted for the purpose of the study is that there was a structured online survey that was distributed among the avid consumers of wine across USA since the legal drinking age of wine is 18 in USA, the participants were chosen on the grounds of their age. 570 usable surveys were elicited for the purpose of the study. The authors argue that consumers do use regional branding cues, images and information in their assessment while making purchase of wine and evaluating other labels. Information on the region has a positive correlation in the increase in the sale of the wines. One drawback or rather a scope of the study is that there needs to be a follow-up of the information shared by the consumers to validate the results of the survey. The study should have incorporated a broader sampling of consumers.
Wymer (2011) in his study of developing more effective social marketing engages in an insightful study to understand the reason why social marketing is unable to boost the sale of products. Instead, the author exhorts for certain recommendations that would inform the marketers regarding the improvement if the social media marketing techniques and therefore, boost the sales of the products. The methodology adopted for this study is a thorough review of literature, therefore secondary data analysis to decipher the role of social media platforms to reach out to the target market. The study was important in finding out that social media marketing strategy is lagging behind the marketing strategy of the traditional marketing. The highlight of the paper is that the author provides recommendations to compensate for this lacuna. This recommendations include alleviating the structural issue and thereby upstreaming of the social causes. The observations made by the author and the arguments that emerged in the course if the study will be useful in exploring further into the domain of social media marketing. The author has rightly identified that the study on social media marketing can benefit from the intervention of social science.
Leeflang et al. (2013) in their paper titled challenges ad solutions for marketing in a digital era, argues that in the digital age, there is a proliferation in social media marketing across the world and the companies have understood the competitive advantage of deploying social media to reach out to the target market. The highlight of their study is that unlike the stand of other scholars in eulogizing about the benefit of social media, the authors underscore on the challenges and limitations that may occur in social media marketing. This study is a contrast to the study conducted by Wymer, the latter providing recommendations on improving social marketing strategies. The methodology adopted by Leeflang et al. (2013), for their study is qualitative research design that is done with the intention of understanding the nuances rather engaging in a surface level understanding. The authors need to be appreciated for the qualitative research design. The sample population of the study consisted of people who have been engaged with marketing like the people in sales and executives of marketing. The limitation of the study is the sampling technique of convenience or purposive sampling. The authors argue that this disruption in business models has become a threat to the traditional business models and an alteration in the landscape of business, that has not been perceived positively by the authors.
Ashley and Tuten (2015) in their paper titled Creative strategies in social media marketing, argues that the social media channels have immense scope for reaching out to the potential buyers defying the conventional marketing tactics. It was found that social marketing can be utilized much more creatively and therefore, making lasting impact in the minds of the consumers. Studies have demonstrated that in the age of digitization it is imperative and indispensable for brands to entrench their image and spawn brand loyalty through the conspicuous presence on the social media platforms. Drawing from the theoretical framework of past research, this study reinforced that companies to understand the importance of social marketing in the promotion and positioning of their brand. This study is in consonance with the study of Wymer who also emphasized on social marketing to boost the sales of the products. Social marketing have enabled a range of creative techniques in marketing though the experimental image, dissemination of exclusive messages and customer segmentation. The drawback of the study is that it is silent on the ways of branding social media content and its influence on the formation of the schemes of the brand.
Chen, Lin and Kuo (2013), in their paper titled rural tourism: Marketing strategies for the bed and breakfast in Taiwan puts forth their argument on the strategies to be adopted for the culture of bed & breakfast (B&B) in Taiwan. The author argues that this kind of marketing strategy have potential in promoting the local culture of Taiwan and promotion of the chimney-free environment. Therefore, this kind of marketing strategy is important from the perspective of environmental friendliness and ecological conservation. Taiwan’s stand in the promotion of the bed & breakfast in Taiwan is helpful in generating awareness about the local rural culture and therefore, promoting rural tourism. One of the highlights of the study is that it demonstrated that there needs to be partnership between the tourists and the government of Taiwan as tourists prefer to enjoy this place with their family members and there has been a trend of this place being popular for all age groups. The author exhorts for well-organized tour packages through the support of the B&B communities to further the cause of tourism. The methodology adopted for this study was collection of data from the in-house guests associated with B&B in the Maoli county of Taiwan. Some of the drawbacks of this study was that sample was collected from solely a specific region in Taiwan and therefore cannot be generalisible to the larger population. Another limitation of the study is that data was elicited during the spring season during which there is a low footfall of the tourists.
Hinz et al. (2011), in their study of seeding strategies argue that there is a strong influence of marketing strategies on the success level of the viral marketing. In age of digitization and the proliferation of smart-connected products as part of the disruptive business model, mass media marketing is increasingly losing its popularity. 65 per cent of the consumers are overwhelmed by the burgeoning of advertisements that should be taken as a cue by the marketers to adopt an alternative path for the promotion of their products and entrenching brand loyalty. This study embark on the comparison of seeding strategies in the form of two complementary small-scale field experiments and also in real-life viral marketing campaign that comprised of more than 20, 000 mobile phone service providers. The study found that seeding strategy is important in marketing and is eight times more successful than the conventional seeding strategies. Despite the careful planning in designing the experiment, it was found that there are certain gaps within the research in terms of the two studies. However, the study has immense scope in understanding real-life impact of viral marketing campaign.
Conclusion
Based on the selected review of literature it can be inferred that social marketing is emerging as an important business strategy in the age of disruptive business model. Another theme that emerges is that it is not necessary that the adoption of a particular business strategy will bear the necessary consequences that have been aspired by the business leader. Thirdly, region-based marketing strategy in business is important in promoting the local culture along with the purported product; this is evident in the field of hospitality and tourism industry.
References and bibliography
Ashley, C. and Tuten, T., 2015. Creative strategies in social media marketing: An exploratory study of branded social content and consumer engagement. Psychology & Marketing,32(1), pp.15-27.
Bruwer, J. and Johnson, R., 2010. Place-based marketing and regional branding strategy perspectives in the California wine industry. Journal of Consumer Marketing, 27(1), pp.5-16.
Chen, L.C., Lin, S.P. and Kuo, C.M., 2013. Rural tourism: Marketing strategies for the bed and breakfast industry in Taiwan. International Journal of Hospitality Management, 32, pp.278-286.
Glanz, K., Bader, M.D. and Iyer, S., 2012. Retail grocery store marketing strategies and obesity: an integrative review.American journal of preventive medicine, 42(5), pp.503-512.
Hinz, O., Skiera, B., Barrot, C. and Becker, J.U., 2011. Seeding strategies for viral marketing: An empirical comparison. Journal of Marketing, 75(6), pp.55-71.
Leeflang, P.S., Verhoef, P.C., Dahlström, P. and Freundt, T., 2014. Challenges and solutions for marketing in a digital era.European management journal, 32(1), pp.1-12.
Smutkupt, P., Krairit, D. and Esichaikul, V., 2010. Mobile marketing: Implications for marketing strategies. International Journal of Mobile Marketing, 5(2).
Teece, D.J., 2010. Business models, business strategy and innovation. Long range planning, 43(2-3), pp.172-194.
Uematsu, H. and Mishra, A.K., 2011. Use of direct marketing strategies by farmers and their impact on farm business income. Agricultural and Resource Economics Review, 40(1), pp.1-19.
Voola, R. and O’Cass, A., 2010. Implementing competitive strategies: the role of responsive and proactive market orientations. European Journal of Marketing, 44(1/2), pp.245-266.
Woodcock, N., Green, A. and Starkey, M., 2011. Social CRM as a business strategy. Journal of Database Marketing & Customer Strategy Management, 18(1), pp.50-64.
Wymer, W., 2011. Developing more effective social marketing strategies. Journal of Social Marketing, 1(1), pp.17-31.
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