Question:
Describe about the Significance as well as effectiveness of market strategies and how they work practically within the market environment?
Various norms and forms of marketing strategies highlighted the growth rate of business individually. This particular study reflects the effective marketing strategies allows business marketers in increasing their business standards and generates a better level within the industry over their rivals. Therefore, marketing strategy has significant impact on business as well as it has practical approach on the working environment. Marketing strategies increase volume of customer and increase the sales within the business industry. Market strategy is very important for the business organization because it helps in understanding the effectiveness and innovative formula that creates success as well as sustain in this competitive market place. The external impact of marketing strategy, were the new competitors move in the market. The fact of the organization is that how they operate in the industry, were they spent significant time to understand employ innovative market strategy. The Internal environment can also be affected in the strategy planning because of employees leaving in the organization. Organization focus on the marketing strategy because it is important for the market to enhanced their product and services.
1.1 Introduction:
Kim and McAlister (2011) argued that marketing strategy is very much important for every organization in terms of achieving organizational success. However, Farahmand (2011) presumed that in this modern corporate world, strategies of marketing is help in attaining success and achieve higher competition. Thus, through the effective marketing strategy, organization in business sector is able to make sustainable growth for long term. In accordance to Beck (2009), marketing strategy is the vital aspects for the prosperity of the overall business. For the marketers, need to include several types of marketing strategies such as branding, influencing behavior, new clients, advertising, etc. These strategies of marketing can help the organization in encouraging their sales and increasing profitability as well as customer loyalty
The aim of this research work is to explore the significance as well as effectiveness of marketing strategy and practical impact of marketing strategy in working environment of Coca Cola. For this purpose, identify and explore the effectiveness of strategic marketing in corporate sector. Apart from that, this study also aims to produce the practical result of marketing strategy in the working environment.
The particular section of the study will explores the key aspects that need to be taken care of while evaluating the effectiveness of any marketing strategy. Increasing the demand of the respective product, the organization should improve their market strategies. These strategies also enable creation of awareness of product among customers (Jocumsen, 2002).
The concept of marketing strategy allows the marketers in creating large customer base and run successfully within the industry. Apart from that, successful marketing strategy allows the business organization in creating a strong position that amidst the rival organization in same industry. Ferrell et al. (2010) cited that marketing strategy is related with the adoption or standardization of programs in market such as channel structure, promotional mix, offering to products, price, etc not only in one region but also worldwide.
In 1886, the company Coca Cola was first started their business in the Atlanta, Georgia. According to the report of Matsuno and Mentzer (2009), now the company coca cola consider as the world largest and number one non alcoholic beverage products suppliers in the world. In the beverage industry, Coca Cola is the leader of manufacturing, distribution and marketing in syrups and concentrate products. Gruca and Rego (2009) argued that Coca Cola company distributed their products as the name of more than 500 different brands in beverage sector in the world such as Maza, Limca, Red Bull, etc. Erevelles (2008) acknowledged that in 1920’s the company Coca Cola brings their journey in globalization of business. After starting the globalization business, still the company operates in more than 190 countries in the world. However, the CEO of the Coca Cola Company Mr. Muhtar Kent said that in order to run the business globally, the company simply follows the formula: provide refreshment products in low price to customers. Apart from that, Bowman and Gatignon (2010) opined the Cola Cola company joint venturing with the bottling company becomes the best product manufacturer as well as distributor in the world. Coca-cola is known as a world largest beverage company. In India coca-cola re-entered the market through its wholly own subsidiary. Coca-cola India private limited and re-launched their products in 1993 after the opening up of the Indian economy to foreign investment. Today coca-cola is one of the leading brand in most of the beverage segments. Products of coca-cola are coca-cola, fanta orange, limca, sprite, Thums up, Burn, Kinely, Maaza, Minute maid pulpy orange etc. Coca-cola also launched a diet cock for those customers who are health conscious and for the diabetes patients. Coca-cola company’s has highly placed a value on good citizenship (Us.coca-cola.com, 2015) .
Marketing means getting the right product to the right place, at the right time, with the right price. Coca-cola also created a most appropriate marketing mix. The company’s also operate a worldwide franchise system. Coca-cola come-up with the three strategies, based on their principle that is acceptability, affordability and availability.
Figure 1: Coca Cola Company Official Logo
(Source: Coca-cola.com, 2015)
The main reason to select this particular topic for identifies the significance as well as the effectiveness of marketing strategy and its practical approach in the working environment of corporate sector. It has been identified that majority of multinational company adopt several types of marketing strategies within their business and run the business successfully. In the corporate sector, strategy of marketing is the effective way of enlarging business and increasing profitability. Apart from that, in order to increase the brand value and customer base, marketing strategy is the perfect technique for the business marketers. It not only focuses on achieving string hold in the market but also focus on increasing market share and sustainability of the business. Majority of customer in these days goes for buying products based on advertisement (Barlow, 2009). There are several types of marketing that easily adopt for the marketers in increase market share as well as customer base such as mass marketing, diverse marketing, online marketing, PR marketing, email marketing, social media marketing, etc (Anderson and Vincze, 2008).
The main purpose of this study is to identify the significance and effectiveness of marketing strategy and the practical impact of marketing strategy in work environment. Majority of organization in these modern days focuses on increasing sales and profitability as well as sustainability in the market. Appropriate decision and exact marketing strategy will be the best methodology for attractive consumer and increasing customer base as well as profit.
Chapter 1: Introduction:
Chosen topic, is described in detail so that the readers can understand the theme of the research topic. In this chapter the significant as well as effectiveness of the marketing strategies are described in brief manner. Further, the research aims and objectives is Tested that helps in better acknowledgement of the research topic.
Chapter 2: Literature Review:
In this particular part, research discusses several models and theories that relates with the marketing strategy. Apart from that, critical perspective for study of the topic has helped in observing both the pros and cons of every particular topic.
Chapter 3: Data Collection and Analysis
Various tools and techniques of research methodology such as deductive research approach, post positivism research philosophy, descriptive research design, probability sampling method, etc are used in this part for analyzing the appropriateness of collected data for this particular research. By the help of the research topic mentioned in this chapter they try to gain a better data collection. Research methodology help the guiding path that can lead to better study of the topic and it can also help in gathering the details related to the study. To help the other researcher in better way of analyzing the study they try to select the researcher philosophy, approach, design.
Chapter 4: Discussion and Results
In concern to the research topic they try to generate the proper result so that the researcher, operate the collection of data based on analysis. Effectiveness of the marketing strategy, in this chapter, that helps the researcher to gain better knowledge of the topic as well.
Chapter 5: Conclusions and Future Work
Concluding this chapter of the dissertation will help us to present the overview of the researcher topic, and include the result of the topic as well. Researcher will try to determine the success level of the topic on the bases of research objective and define the linking of the objectives accordingly.
The chapter briefly describes the content of the research topic through the sub-section like researcher objectives, researcher questions about the marketing strategy. It tells about the background of coca-cola company and their market strategy. Key element is to intercept the marketing strategy with other disciplines and these are the essential areas that are needed to take care, in order to attain the desire outcomes. Followed by the chapter carry the literature review, which includes theories and concept, related to the effectiveness of marketing strategy.
In the present day context, it is very much important for business organization to employ effective as well as innovative marketing strategy so that it can sustain in this competitive market place. The fact is that organizations irrespective of the industry in which they operate, spent significant time to understand and employ innovative marketing strategy. Still, there are instants, which explore that much time business organization failed to capture expected market share due to certain aspects. Research regarding this specific issue reveals that there were problems in understanding the key aspects of the strategic marketing, factors affecting strategic marketing, key elements of strategic marketing and intersections of marketing strategy with other disciplines. Under such circumstances, a broad review has been executed here about the past research works related to these above mentioned four areas and research hypotheses have been established to draw a noteworthy conclusion about the significance as well as effectiveness of marketing strategies and how they works in a specific market environment. The following section explores the review of selected literatures under four broad heads.
This particular section of the study explores the key aspects that need to be taken care of while evaluating the effectiveness of any marketing strategy. As mentioned by Gruca and Rego (2009), while analyzing the significance as well as effectiveness of marketing strategy, it is very much necessary to go behind a list of key aspects articulatedsimilar to having a profoundindulgent of the market as well as its surroundings. Understanding of key aspects of marketing strategy will support the marketing manager to delimitate the pertinent market, to build up market segmentation, to estimate segments in terms of size, growth of demand, and to extend a rivalryinvestigationassociated in the competitive positioning (Drummond, Graeme, Ensor, John, and Marketing., 2001).
Here, it is also note worthy during the study of effectiveness of strategic marketing to conduct an internal analysis, so as to distinguish tangibles as well as intangible feature and resources involved in marketing strategy (Anderson and Vincze, 2004). Here, the individual abilities and proficiencies and organization practices (Benkenstein and Bloch, 1994) are also essential with the intention of determining potential strengths (considered as the most significant aspects while preparing a marketing strategy) or limitations (very extensively considered aspect too) as well as their influence on success of the business organization in the long run (Bradley, 2003). The foundation of objectives along with strategies revolved around the marketplace (considering in both customers as well as competitors as an alternative in developing capacities, or in what extent the organization can go) are as well imperative and facilitate to identify competitive advantage. Reviewing various research works, there are lists of aspects found that considered as the crucial one under such scenarios.
It is noted that the strategic marketing decisions most of the time have across-the-board repercussions on the organization. Therefore, from the point of view of a marketing strategist, it can be concluded that strategic marketing is anassurance to attain success, not an act. Here, such conclusion was drawn for the reason that these long term impactshave an effect onbalancingas well as the accounting of operation of the business organizationthrough a significant wayas they are associated to decisioninput, for instance, an organization should have tosettle on where it will be after a period of 3 to 5 years (Chernev, 2012).
At the same time, it is also the fact that the success of strategic marketing decisions revolves around three broad inputs from 3 corporate points of view, such as, corporate resources, corporate culture, and corporate publics. Here, as mentioned by Chopra (n.d.), corporate culture explores the approach, whims, conjures, behavior, outlawed, traditions and formal procedures of senior level management that in due course have to move toward to be acknowledged as fundamental to the business organization (it is found that both marketing strategies as well as marketing initiatives are influenced straight forwardly through all these factor). On the other hand, Deshpandé, Grinstein and Ofek (2012) also mentioned that corporate publics are an assortment of stakeholders who have the interest regarding the operation of the organization. In this specific context, stakeholders, shareholders, employees, etc. are terms as the corporate publics (research explored that they influence both in terms of directs well as indirection the marketing strategy adopted by the business organization while operate internationally). Finally, as concluded by Ferrell and Hartline (2005), corporate resources are mainly the human, financial, corporeal as well as technological resources utilized the business organization while operating. It is the fact that they are also considered as the significant aspects all the way through evaluating potential flaws as well as strengths of the business organization. Hence, it is become apparent that all these corporate inputs are essential as they establish the extent of autonomy of any marketing strategist has during the consideration of the marketing strategy in terms of which market to go into, which activities needs to diminish, which operation to invest in, etc.In this context thus Gilmore, Kraus, O’Dwyer and Miles (2011) right mentioned as, “The utilization of corporate extensive inputs in preparing marketing strategy at the same timesupports to enhance thein generalopportunities for the organization”.
According to Jain (2000), it can be said that the effectiveness of marketing strategy originates from the hypothesis that diversified product ranges have distinct roles in the organization. In this context, if the life cycle of any product is being considered here, then it can be found that in every stage in the life cycle necessitates a distinct approach and meet the expense of dissimilar expectations. Therefore, in this point of view, the Boston Consulting Group established a portfolio matrix, with the help of which several products are placed on the basis of two dimensional aspects such as relative market share of the product as well as growth of this market share. According to the group, it is noted that both the aspects were measured with the help of a continuous scale from high to low. As depicted by Mangram (2012), the essence of this matrix revolves around two key properties such as; [a] it positioned varied operation of the business on the basis of homogeneous criterion and [b] it endows with an apparatus to poise organization’s possessions all the way through exploring which activities are expected to be resource providers as well as which are resource utilize.
In the context of finding key aspect of marketing strategy, research executed by Mattsson (2008), at the same time concluded that organizational involvement is another key strategic marketing aspect, which first and foremost explored at the key initiatives implemented by the business organization(‘Marketing your business: a guide to developing a strategic marketing plan’, 2003).
Finally, in the context of relationship to finance, it is noted that there is a close relationship in between strategic marketing decisions the finance function (Moon, 2013). Here, Mooradian, Matzler and Ring (2012) concluded that the significance of upholding such close relationship among strategic marketing decisions and finance mainly because of the fact that this relationship has noteworthy influence on other functional areas of a business while it intended to formulate new strategy so as to enhance the effectiveness of the business (Parry, 2002).
Under the head of key aspects of strategic marketing, the above discussion explored the importance of each of the mentioned aspect over the time frame. However, since the concept of operation has transformed a lot with the change of customer perceptions, it is important to understand whether all these aspects are still playing significant role in contemporary strategic marketing decision making or not. Hence, the assumption put forward the below mentioned hypothesis:
Hypothesis 1:
H0: Emphasis on long term inference, corporate inputs, Varying roles for different Products or markets, Organizational involvement and relationship to finance have significant influence on formulation of marketing strategy;
H1: Emphasis on long term inference, corporate inputs, Varying roles for different Products or markets, Organizational involvement and relationship to finance have no significant influence on formulation of marketing strategy;
Testing this specific hypothesis, there will be enough evidence regarding what aspects needs to be taken care of while formulating any marketing strategy for any specific organization context like Coca Cola.
The above section of the study explored what the aspects that needs to take care off while formulating any marketing strategy. However, it is also the fact that whatever strategy the organization may choose there needs to consider several factors that significantly influence the chosen marketing strategy. In this context, the following are the factors found by various past researchers, which are essential for strategic marketing:
As studied by Proctor (2000), mission, objectives, policies and resources of the organization are imperative factors as they demonstrates the significance of the principles in the institution of the business organization, because of why it will explore the core necessitate aspects associated with the products as well as services and to characters and marketing strategies.
According to the study executed by Siomkos and Vrechopoulos (2002), while operating it is not only require understanding what the organization is doing but also the strategies of the competitors in terms of segmentations, targeting and positioning. This will not only provide the understanding of its competitors but also at the same time provides how far the competitor can provide competition during operation. On the other hand, as mentioned by Tsai (2011), it support to get informationon the subject of the consumptionbehaviours,inspirationas well asdiscernments of those who have the unswervingrelationship of the products. Further, it is also the fact that they are playing key role whileformulating strategic decisions related to marketing (Weerawardena, 2003). There exist large amount of malfunctions in marketing; thereforemore research is required related to thepreparationas well asaccomplishment of the strategy, which will address the issue related to data with reference to the consumers (Wilson and Gilligan, 2005).
As studied by Anderson and Vincze (2004), influences of the product life are significant while formulating the effective marketing strategy for the reason that they attempt to forecast (though it involves a defined level of inaccuracy), which turn out to be the development of the level of sales volume in the long run. At the same time, Benkenstein and Bloch (1994) also opined that it endow with a “simile” with the organic cycle of life. This feature is furtherimplied the mental picture of sustainability of the products in the long run. On the other hand, Bradley (2003) also concluded that one of the majormotivatingrelevance from this point of view is the fact of identifying the most exceptionalinstant or superiorinstant in which the organization should go to the market considering the fact related to the positions of its competitors, the level of indecisionrelated to the environment and other aspects too. So, from that context, it can be sad that this is an attractivepotential field of examination.
While formulating marketing strategy, consideration of the economic condition of the market place, where the business organization intended to operate, played the most influential role from past days. Over the time, the necessity of consideration of economic condition increases as the contemporary market place evidenced lots of competition as well as significant transformation of perception of consumer about the product. While targeting a specified market, the segmentation of the market now a day’s always considering the economic conditions of the market place (Chernev, 2012).
Therefore, from a business specific context, while assessing the effectiveness of marketing strategy, it is thus become necessary to evaluate how the marketing strategy of the selected business organization influenced by above mentioned factors. Therefore, the hypothesis formulated here is as follow:
Hypothesis 2:
H0: Mission, objectives, policies and resources, marketing strategies of competitors, Life cycle projection and general economic conditions significantly influenced the marketing strategy.
H1: Mission, objectives, policies and resources, marketing strategies of competitors, Life cycle projection and general economic conditions does not significantly influence the marketing strategy.
According to Desponded, Grinstein and Ofek (2012), an effective marketing strategy should consist of more than fewinterconnected elements. The primary and majorly accepted element of strategic marketing is the selection of market place Ferrell and Hartline (2005), which is unswervingly associated with selecting the key markets where the business intended to serve. At the same time, product planning is another key element, which revolves around the range of products the organization is planning to sell, the structure of the product line, as well as the framework for individual offerings through this product line. Here, the other important element of strategic marketing is the distribution system, which explores the comprehensive as well as retail channels with the help of which the organization provides products to its target group of consumer. Again, the overall communications strategy adopted by the business organization helps to inform target market about the product all the way through print media, social media and broad casting media and personal selling (Gilmore, Kraus, O’Dwyer and Miles, 2011). So, this is also considered as important element of marketing strategy. To end with, pricing, is an imperative element of the marketing strategy employed by the business organization and is considered as one of the majority directed marketing elements in the context of establishment of value for shareholders (Jain, 2000).
Hypothesis 3:
H0: selection of market place, product planning, distribution system, overall communication strategy and pricing are the key elements of marketing;
H1: selection of market place, product planning, distribution system, overall communication strategy and pricing are not the key elements of marketing;
In order to understand the interactions of marketing strategy with other disciplines, the two broad areas needed to be understood are the area of marketing as well as the area of strategy. The following framework support to understand these two broad head:
(Mangram, 2012)
It is evident that the approach level for making strategic decision is a crucial function of the product market in which a business organization carries out its activities. When a business organization operates in a small and largely co-related product markets, strategic decision making can be limited to the highest rank. Basically, in this situation, the marketing strategy is overlapped with the corporate strategy (Mattsson, 2008). However, marketing strategy emphasize on the limited set of competitive edges which are based on the performance of different functions of marketing activities. On the other hand, corporate strategy considers large set of organizational relationships as well as activities. It has been found that a natural dilemma exists between the two different strategic decision making approaches: top down and bottom up. Analyzing the strategic management of market and marketing management it can be implied that marketing is the subordinate of the strategic surprise. It has been found that it is important to relate the term surprise with the unexpected impact or uncertainty. The manager is relating to the terms surprise with the word “fast development” as the manager has already indentified that the “speed in the changes” is a major issue. Sometimes the model of “Testic planning” does not work sufficiently. But, the thought process and the reaction are significantly based on the tendency. In this case, the procedure needs to be developed in real time (Moon, 2013). Various websites, which are involved in e-commerce, have understood that the client must be able to order the desired product within 3 clicks. It implies that the customers will not wait for longer period of time if the order cannot be placed easily and quickly.
Mooradian, Matzler and Ring (2012) argued that corporate strategy provides the future business direction to the companies. Each aspects of business such as supply chain, customer service, operational process plays under the corporate strategy. Corporate strategy and strategic marketing both provides decision for future success to an organization. Parry (2002) Tested that, strategic marketing narrow down the decision and develops the competitive advantage within business industries. On the other hand, strategic marketing is also allows in making decision that brings competitive advantage, but it can affect in short term sustain period.
Difference between Strategic Marketing and Corporate Strategy
|
Strategic marketing |
Corporate strategy |
|
• Strategic marketing allows in developing products or service that attain success. • Strategic marketing provides the decision in terms of entering the new product in market. • Strategic marketing provides benefits in building competitive advantage via positioning the products, components of marketing mix, etc. |
• Corporate strategy allows in developing the business. • Corporate strategy considers the resource of allocation. • Corporate strategy build the competitive advantage for organization via better organizational process such as corporate research and Development, synergy analysis etc. |
Hypothesis 4:
H0: There exists significant difference exists between strategic marketing and corporate strategy;
H1: There exists no significant difference exists between strategic marketing and corporate strategy;
2.5 Conclusion:
Thus, to conclude it can be said that key aspects of the strategic marketing, factors affecting strategic marketing, key elements of strategic marketing and intersections of marketing strategy with other disciplines are the essential areas that needs to take care of in order to attain the desire outcome.
In this research, study data are considers as the useful method of the study. Information or data that are collected for the research helps in better analyzing f the selected topic with better analysis. However, in order to collect data for this research study are helpful in the penetration of the selected research study. Data sources allows in extracting required information for the selected topic effectiveness and significance of marketing strategies and their practical impact on business process. In order to collect data or gather information that required to conduct the study, primary data sources are adopted by the researcher that provide helpful materials in order to gain the details related to research topic. According to Mooradian et al. (2012), primary data are very helpful in terms of collecting raw information that later helps in analysis with the help of t-test and anova test. Apart from that, Parry (2002) argued first hand data provides validity, reliability in order to clarify the data.
Hypothesis 1:
For analyzing this hypothesis, the researcher has used the model of regression. This regression model therefore involves some appropriate independent variables. In Hypothesis one, the independent variables are long term inference, inputs from corporate sector, roles of different markets and products as well as organizational involvement, relationship to finance etc. Therefore, discussion about these variables is as follows:
Long-term inference: Long-term inference refers to the long term prediction of business of a company. Effective marketing strategy therefore helps in order to make the prediction successful within a stipulated frame of time.
Corporate inputs: Different external inputs can be called as corporate inputs.
Varying roles for different products: There are different roles of different products that can be achieved by effective marketing strategies.
Organizational involvement and relation with finance: Employee involvement and other stakeholder’s involvement in the process of business activity of an organization help in the process of building effective marketing strategies,
Establishing the regression model:
In this case, formulation of marketing strategy is the dependent variable of this regression mode. On the other hand, long term inference, Corporate inputs, Varying roles for different products, Organizational involvement and relation with finance are the independent variables those have the influence over the dependent variable of this study. Here, the equation of regression analysis is as follows:
Formulation of the marketing strategy= I + A* X1(Long term inference) +B*X2(Corporate inputs) +C*X3 (Varying roles for different products) +D*X4 (Organizational involvement) +E*X5 (relation to finance) + e
In this case,
I = Intercept of the model
A= Coefficient of long term inference
B= Coefficient of Corporate inputs
C= Coefficient of Varying roles for different products
D= Coefficient of Organizational involvement
E= Coefficient of relation to finance
e= error term
Hypothesis 2:
The researcher has used regression model in order to analyze this hypothesis. This regression model involves some independent and dependent variables. Here, Independent variables are mission, policies, objectives, resources, and marketing strategies of competitors, life cycle projection, and general conditions of economies. Analysis of these variables is as follows:
Mission:
Wilson and Gilligan (2005) stated that, an accurate and particular mission of a company is the most important element in order to formulate an effective marketing strategy. A mission statement of a company is the clear statement of the objectives and purpose of the company. It focuses upon the core purpose of the company. Mission of a company helps to define the intended direction of the organization as a whole.
Policies: A definite policy is the rules of conduct of the company towards its employees or the business operation activities. It outlines the responsibilities of employees and employers. An organization takes the marketing strategy by considering the policies.
Objectives: Marketing strategy should base on the pre-determined objectives of the organization.
Resources: Resources have the influence over the marketing strategy of an origination. A business company takes the decision on marketing strategy by considering the availability of the resources.
Marketing strategies of competitors: Marketing strategy of the competitor organization within the market also helps to determine the marketing strategy of a company. Marketing strategy of the competitor organization helps to indicate the competitive strategy of other companies within the market. Therefore, it will help to row a competitive marketing strategy that can help to compete with other competitor companies of the market
Life cycle projection: It can be referred as the life cycle or the life span of the product and service of the company. It can help in the process of making effective marketing strategy.
General conditions of economies: It always impact upon the marketing strategy of a company. General condition of overall economy and economic asset will help to grow an effective marketing strategy.
For this case, formulation of marketing strategy is the dependent variable. Apart from this, mission, policies, objectives, resources, and marketing strategies of competitors, life cycle projection, and general conditions of economies are independent variables.
Here comes the formula of the regression model of these variables are as follows:
Formulation of the marketing strategy= I+A* X1(mission) +B*X2(policies) +C*X3 (objectives) +D*X4 (resources) +E*X5 (marketing strategies of competitors) + F*X6(life cycle projection) + G*X7(general conditions of economies)
Here,
I= Intercept of the model
A= Coefficient of mission
B= Coefficient of policies
C= Coefficient of objectives
D= Coefficient of resources
E= Coefficient of marketing strategies of competitors
F= Coefficient of life cycle projection)
G= Coefficient of general conditions of economies
Hypothesis 3:
In order test hypothesis 3, researcher used ANOVA model. For testing the hypothesis 3, researcher mainly used regression model here. Moon (2013) argued that appropriate variables along with discussion is the key part of regression model. Therefore, current study emphasized the key elements of marketing in business context. The dependent variable for this hypothesis is key elements of market and the independent variables are products planning, overall communication strategy, market place, distribution system and pricing strategy.
Identified independent variables
[A] Product planning
It is the most important method in marketing or creating marketing strategy. Adjustment and adoption of products strategy is very much helpful as well as required for increasing profits and sales revenue. Organization in business sector, need to change timely in their product planning in terms of maximizing growth. Planning of products help in searching new ideas for the products systematically and assists in overtiring the products into tangible. Thus, it helps in introducing the new products I market with successful ideas. Apart from that, product planning formulates the policies and strategies for new products.
[B] Overall Communication Strategy’
Communication strategy is also an integral part f marketing strategy for business organization. Well design communication strategy allows in developing better communication way that effectively as well as efficiently meets the core objectives of the organization.
[C] Market Place
In order to develop the marketing strategy, first organization need to select the place of market where they want of sale their products. Proctor (2000) argued that market place is the ar4ea f commercial dealings with the customer by the marketers. Organization has to identify the market place according to their business nature. Apart from that, market place s closely related with the marketing strategy because organization have to identify the right distribution channel.
[D] Distribution System
Distribution system is the main tools of marketing strategy. In order to develop the marketing strategy, organization or the business marketers has to consider first about their distribution system. The distribution system mainly consists the methods, process, procedures, facilities, design as well as monitor the flow of services for an organization in order to delivers the materials to the end user.
[E] Pricing Strategy
According to Tsai (2011), pricing is one of the key element of marketing strategy. Several factors that take account by the pricing strategy in terms of business activities such as competition, objectives of the company, willingness to pay, variable costs, fixed costs, target group, proposed strategy for positioning, etc.
Regression model for Hypothesis 3
Key Elements of Marketing = X + A* Product Planning + B* Overall Communication Strategy + C* Market Place + D* Distribution System + E* Pricing Strategy + e
X = It is the Intercept of the model
A = Coefficient of Product Planning
B = Coefficient of Overall Communication Strategy
C = Coefficient of Market Place
D = Coefficient of Distribution System
E = Coefficient of Pricing Strategy
e = Error term
Hypothesis 4:
For Hypothesis 4, researcher used T-Test model.
T-Test Model
In this part, researcher conducted an independent T-Test model in terms of identifying the significant and effectiveness of marketing strategy. Through this particular test, researcher draw the conclusion of the hypothesis 4.
Identified Variables
[A] Corporate Strategy
[B] Strategic Marketing
This is given below –
Null Hypothesis (H0) – It is described the potential significant that exists between the corporate strategy and strategic marketing with the marketing strategy that has practical impact on the work environment.
Alternative Hypothesis (H1) – It demonstrated that corporate strategy and strategic market has nit any practical approach in the work environment especially in the business industry.
In order to conduct the hypothesis test, researcher follow the general testing method hypothesis such as tested the all data, formulates them according to needs of study through an analysis plan, analysis the sample data based on analysis planning. At last, researcher based on the analysis result accepts as well as rejected the null hypothesis.
Hypothesis Test: In this researcher study, researcher Teste null hypothesis as well as alternative hypothesis that required in analyzing results. The Teste of hypothesis for this study was mutually exclusive because researcher demonstrated that if one independent variable is true then other must false. Apart from that, Researcher explained the vice versa in analyzing results for Teste the hypothesis.
Analysis Plan Formulation: Researcher formulate analysis plan in terms of explaining acceptance as well as rejection of used sample data. Researcher mentioned the elements of formulation analysis plan that is more specific in understanding
Sample Data Analysis: Researcher calculate the used sample data in terms pf performing analysis plan for this particular study.
Testistic Test = (Testistic – Parameter) / Testistic standard deviation
Testistic Test = (Testistic – Parameter) / Testistic Error deviation
Result Interpretation: Researcher rejected the null hypothesis when the sample findings are unlikely given. Thus, researcher compare the probability value with the involvement of significant level as well as rejected null hypothesis.
3.3.1Regression Analysis of Hypothesis 1
Researcher used multiple regression model for analyzing the hypothesis 1 and emphasized that corporate inputs, varying roles of different markets and products, long term interface has great impact on marketing strategy. On the contrary, the researcher has emphasized significance as well as effectiveness of marketing strategy formulation properly. Multiple regression analysis model for hypothesis 1 is:
Formulation of the marketing strategy= I + A* X1(Long term inference) +B*X2(Corporate inputs) +C*X3 (Varying roles for different products) +D*X4 (Organizational involvement) +E*X5 (relation to finance) + e
I = Intercept of the model
A= Coefficient of long term inference
B= Coefficient of Corporate inputs
C= Coefficient of Varying roles for different products
D= Coefficient of Organizational involvement
E= Coefficient of relation to finance
e= error term
|
Regression Statistics |
|
|
Multiple R |
0.934170 |
|
R Square |
0.872652 |
|
Adjusted R Square |
0.84091 |
|
Standard Error |
0.606165 |
|
Observations |
10 |
Table 1: Testistic Table of Regression
|
ANOVA |
|||||
|
|
df |
SS |
MS |
F |
Significance F |
|
Regression |
3 |
3.1.552 |
11.065 |
27.42102 |
1.17816E-08 |
|
Residual |
12 |
4.409469 |
0.367564 |
||
|
Total |
15 |
32.2561 |
Table 2: ANOVA Table
|
|
Coefficients |
Standard Error |
t Test |
P-value |
Lower 95% |
Upper 95% |
|
Intercept |
18.53910 |
4.803294 |
3.859639 |
0.00231 |
8.073580992 |
29.0065 |
|
Long Term Interface |
-0.18079 |
0.03167 |
-5.7082 |
9.79E-05 |
-0.249778368 |
-0.11177 |
|
Corporate Inputs |
0.037303 |
0.022925 |
1.627187 |
0.129656 |
-0.012646067 |
0.087254 |
|
Varying Roles for different market and products |
0.056952 |
0.643459 |
0.088509 |
0.930935 |
-1.345024653 |
1.458929 |
Table 3: Summary Table of independent variables
Researcher employed multiple regression analysis model for this hypothesis in order to evaluate the impact of vision, mission, resources, policies as well as marketing strategy of the competitors on significant influence the marketing strategy. However, researcher identified that mission, objectives, competitor’s marketing strategies, projection life cycle as well as the general economic condition are the independent variables. On the other hand, researcher also explained that significant influence of the marketing strategy is the dependent variables for this hypothesis research. For hypothesis 2, the multiple regression analysis model is:
Formulation of the marketing strategy= I+A* X1(mission) +B*X2(policies) +C*X3 (objectives) +D*X4 (resources) +E*X5 (marketing strategies of competitors) + F*X6(life cycle projection) + G*X7(general conditions of economies) + e
Here,
I= Intercept of the model
A= Coefficient of mission
B= Coefficient of policies
C= Coefficient of objectives
D= Coefficient of resources
E= Coefficient of marketing strategies of competitors
F= Coefficient of life cycle projection)
G= Coefficient of general conditions of economies
e= error term
|
Regression Statistics |
|
|
Multiple R |
0.902165 |
|
R Square |
0.923564 |
|
Adjusted R Square |
0.85401 |
|
Standard Error |
0.625468 |
|
Observations |
12 |
Table 4: Regression Testistic Table
|
ANOVA |
|||||
|
|
df |
SS |
MS |
F |
Significance F |
|
Regression |
3 |
2.1.655 |
11.065 |
27.42102 |
1.17816E-08 |
|
Residual |
12 |
4.409256 |
0.367564 |
||
|
Total |
15 |
32.6548 |
Table 5: ANOVA Table
|
|
Coefficients |
Standard Error |
t Test |
P-value |
Lower 95% |
Upper 95% |
|
Intercept |
18.53910 |
4.803294 |
3.859639 |
0.00231 |
8.073580992 |
29.0065 |
|
Mission |
-0.18079 |
0.03167 |
-5.7082 |
9.79E-05 |
-0.249778368 |
-0.11177 |
|
Objectives |
0.037303 |
0.022925 |
1.627187 |
0.129656 |
-0.012646067 |
0.087254 |
|
Policies |
0.056952 |
0.643459 |
0.088509 |
0.930935 |
-1.345024653 |
1.458929 |
|
Resources |
26.23521 |
5.213645 |
0.00546 |
8.5124685 |
2.326542 |
26.125432 |
|
Life Cycle Projection |
-0.18079 |
0.03167 |
-5.7082 |
9.79E-05 |
-0.249778368 |
-0.11198 |
|
Competitor’s marketing strategies |
0.037303 |
0.022954 |
1.627187 |
0.129686 |
-0.012646054 |
0.087220 |
|
General economic Conditions |
0.056952 |
0.643460 |
0.088509 |
0.930941 |
-1.345024650 |
1.458962 |
Table 6: Summary report of independent variables for hypothesis 2
Multiple Regression analysis model of hypothesis 3 is:
Key Elements of Marketing = X + A* Product Planning + B* Overall Communication Strategy + C* Market Place + D* Distribution System + E* Pricing Strategy + e
X = It is the Intercept of the model
A = Coefficient of Product Planning
B = Coefficient of Overall Communication Strategy
C = Coefficient of Market Place
D = Coefficient of Distribution System
E = Coefficient of Pricing Strategy
e = Error term
|
Regression Statistic |
|
|
Multiple R |
0.902166 |
|
R Square |
0.923520 |
|
Adjusted R Square |
0.85410 |
|
Standard Error |
0.625454 |
|
Observations |
15 |
Table 7: Regression Testistic Table
|
ANOVA |
|||||
|
|
df |
SS |
MS |
F |
Significance F |
|
Regression |
3 |
2.1.651 |
11.098 |
27.42120 |
1.17816E-10 |
|
Residual |
12 |
4.409265 |
0.367561 |
||
|
Total |
15 |
32.6568 |
Table 8: ANOVA Table
|
|
Coefficients |
Standard Error |
t test |
P-value |
Lower 95% |
Upper 95% |
|
Intercept |
18.53911 |
4.803295 |
3.8596340 |
0.00265 |
8.073580920 |
29.0070 |
|
Market place |
-0.18025 |
0.03165 |
-5.7090 |
9.79E-10 |
-0.249778356 |
-0.11189 |
|
Product Planning |
0.037321 |
0.022952 |
1.627135 |
0.129668 |
-0.012646023 |
0.087287 |
|
Distribution System |
0.056924 |
0.643485 |
0.088587 |
0.930966 |
-1.345024698 |
1.458945 |
|
Overall Communication Strategy |
26.23576 |
5.213689 |
0.00565 |
8.5124623 |
2.3265885 |
26.125468 |
|
Pricing Strategy |
-0.18079 |
0.03167 |
-5.7082 |
9.79E-05 |
-0.249778368 |
-0.11198 |
Table 9: Summary Report
|
t-Test: Paired Two Sample for Means |
||
|
|
Strategic Marketing |
Corporate Strategy |
|
Mean |
0.000389802 |
0.000255786 |
|
Variance |
0.000117356 |
7.51264E-05 |
|
Observations |
160 |
260 |
|
Pearson Correlation |
0.026289215 |
|
|
Hypothesized Mean Difference |
0 |
|
|
df |
299 |
|
|
t Test |
0.15778801 |
|
|
P(T<=t) one-tail |
0.437373425 |
|
|
t Critical one-tail |
1.650758135 |
|
|
P(T<=t) two-tail |
0.874746849 |
|
|
t Critical two-tail |
1.969165490 |
3.4 Conclusion
This particular part of the study provides details about data collection process and analysis of collected data. In this particular part, researcher employed the data analysis model for each hypothesis that already discuss in the literature review part. In order to develop data analysis for the identified hypothesis, researcher conduct regression analysis model for hypothesis 1, 2 and 3. For the hypothesis 4, researcher used independent t test model. Apart from that, the details technical analysis has been analyzed in this part in terms of utilizing the significant impact of marketing strategy in work environment of Coca Cola.
4.1.1 Regression Analysis of hypothesis 1
Multiple regression analysis has been adopted by the researcher in order to analyze the following hypothesis:
Null Hypothesis (H0): Emphasis on long term inference, corporate inputs, Varying roles for different Products or markets, Organizational involvement and relationship to finance have significant influence on formulation of marketing strategy;
Alternative Hypothesis (H1): Emphasis on long term inference, corporate inputs, Varying roles for different Products or markets, Organizational involvement and relationship to finance have no significant influence on formulation of marketing strategy;
Discussion
Details discussion about the hypothesis 1 –
Regression Statistic:
For hypothesis 1, the value of multiple correlation coefficients is 0.934170. This value is employed by the researcher in order to evaluate as well as indicate the correlation between the dependent and dependent variables. Moreover, it has been analyzed that the dependent variables is formulation of marketing strategy that linked with the independent variables that are corporate inputs, varying roles of products, long term interface and varying role of markets. On the contrary, researcher computed the statistic test that falls within the range of -1 to +1.
Moreover, the determination coefficient that is r square contains the value of 0.872652. The percentage of that value is 88. It indicates that coefficient of determination concluded almost 88 percent of variation that relates with the dependent value. However, it is analyzed that independent value of this hypothesis is correlated with the dependent value that utilized the feasible point.
Apart from that, the adjusted R square considered explanatory power within the study that contains value at 0.84091. This interesting point does not relate with the R square and the test result of F statistics. The last factor of regression statistic was standard error that contains the value of 0.606192. Through this value, researcher indicates that variation of marketing strategy has been estimated in the work place of business organization.
ANOVA Test
With the help of Analysis of Variance, researchers provided the step of total variation that helps in identifying the inter-dependability of independent variables with dependent variable.SS regression helps in outlining the regression line. On the contrary, SS residential helps in termination the variation on dependent variables that hardly explained in this part. The computed SS Regression for this topic is 3.1.552. Apart from that, RR Residual that computed in this part is 4.409469. The total ANOVA for this hypothesis is 32.2561.
Furthermore, researcher evaluated the F Statics through involving the ratio that based on mean square regression (MS Regression). Apart from that, researcher particularly judges that value against Critical F value for 3 to 12 degree. However, the probability value is firmly connected with the F static in terms of computing comprehensive value.
Estimated Regression Line
It is used for representing the proposed regression line that comprise with the standard error, approximated coefficient and the corresponding probability value. However, the relationship between the dependent and independent variables have been linked properly by the researcher.
Researcher used multiple regression analysis model for analyzing the hypothesis 2 that mentioned below –
Null Hypothesis (H0): Mission, objectives, policies and resources, marketing strategies of competitors, Life cycle projection and general economic conditions significantly influenced the marketing strategy.
Alternative Hypothesis (H1): Mission, objectives, policies and resources, marketing strategies of competitors, Life cycle projection and general economic conditions does not significantly influence the marketing strategy.
Discussion
Regression Statistics
The coefficient value of multiple regressions is 0.902165. Through this value, researcher demonstrated that correlations among the interdependent variables with the dependents variables wit positive value. Apart from that, it was analyzed that the dependent variables of this hypothesis significant influence of marketing strategy positively linked with the listed out independent value such as mission, objectives, marketing strategies of competitors, projection of life cycle, general economical condition. On the other hand, entire statistical value of this research hypothesis falls under the range -1 and +1. Through this rage, it has been analyzed that any statistical significance of this study has inter-related correlation among the all variables.
Moreover, the coefficient of determination that is R square for this hypothesis. The value of R square is 0.923564 that indicates the 89 percent of significance among the correlation of independent variables with the dependent variables.
From the above analysis, it has been identified that Adjusted R square considers the measurement explanatory power is valued at 0.85401. However, it has been identified that the significance test of R square has not any correlation with the F statistic. The Regression standard error value for this hypothesis is 0.625468. Through this value, it has been discussed that variation estimate the relationship to the observe respondent that is independent variables are fully considers with dependent value.
Analysis of Variance
Through the Analysis of variance, researcher provided that various steps of total variation of the independent value that closely relate with the dependent value.
The DF Regression is regretted the degree of freedom with observing the 3 respondent. Apart from that SS Regression outlined the relationship of independent variables that contains value of 2.1.655. On the other hand, researcher also executes the SS residual in terms of analyzing the variation that based on dependent value. Based on the calculation, these variables computed 4.409256. The total ANOVA test for the SS variable was 32.6548.
Estimated Regression Line
Estimated Regression line represented the result of proposed regression line in order to comprise standard error of coefficient, approximated coefficient, corresponding probability value, computed the statistic value that bounds more than 96 percent confidence about the outcome of the research. Moreover, the relationship between the independent variables and dependent variable linked positively by the researcher. On the contrary, researcher linked the interception with the significance of marketing strategy. The Mission rating is -0.18079 that positively related with the dependent variable. The total amount of intercept under the coefficient was 18.53910. On the other hand, the objectives under the coefficient were 0.037303.
The researcher finally results out that probability value of this study less than 0.10. Regarding the probability value, researcher rejected the null hypothesis value. Apart from that, it is also represented by the researcher that mission, objection, life cycle projection, competitor’s marketing strategy, economic conditions and other independent variables has significant impact on influencing the marketing strategy for business organization.
H0: selection of market place, product planning, distribution system, overall communication strategy and pricing are the key elements of marketing;
H1: selection of market place, product planning, distribution system, overall communication strategy and pricing are not the key elements of marketing;
Regression Statistics
The multiple correlations co-efficient is accounted at 0.902166. Therefore, it can be understood from the computed value that correlation among the variables of dependent and variables of independent shows a positive relation. The dependent variable that is elements of marketing is positively dependent on the market place, distribution system, product planning, and communication strategy. Moreover, the accounted statistics lies in the rage from -1 to +1 and it does not reveal any significant statistical significance of the variable correlation.
The R square which is represented as coefficient of determination is valued at 0.923520 that is almost 92% which shows that around 92% of independent variables relied on the dependent variable. Thus, marketing elements are important for selecting marketing factors.
The adjusted R square which is treated as explanatory power measure is computed at 0.85410. Therefore, it can be understood that adopted stats is good fit. Moreover, variation proportion in the dependent variable is effectively determined by more than one variables of independent.
Further, standard error of regression is valued to 0.625454. Thus, it can be known that the covered regression model is not at all wrong in computing the variable and understanding the relationship between dependent and independent variables.
Analysis of Variance
The ANOVA is helpful in providing clear picture about the relation between independent variable and dependent variable. Moreover, if there is any variation occurs in the dependent variables that can be effectively addressed by the ANOVA. The significance F indicates that there is significant effect as the value compounded is less that the critical value relating to alpha. Therefore, it can be understood that dependent variables that is marketing elements has significant effect on the independent variables.
The SS Regression is treated as variation which is described by the regression line. Further, SS Residual is a variation which rely on dependent variables and it is not given due importance. Therefore, SS Residual is 4.409265 whereas SS Regression is 2.1651. Apart from that, F stats represents that selected null hypothesis is true and independent variable is based on the dependent variables.
Estimated Regression Line
It can be understood from the outcome of the evaluated regression line that it holds coefficients’ standard error, computed t statistics, approximated coefficients, corresponding P value and bounds of confidence interval that is 95%. Thus, it can be presented that there is positive connection between independent variables and dependent variables. Apart from that, it can be also estimated that market place and pricing strategy is negatively linked whereas other factors are positively connected. However, overall stats represents that there is positive and effective link among independent and dependent variables. Thus, structuring of marketing elements can be successful with the factors of pricing strategy, distribution system and other essential elements.
H0: There exists significant difference exists between strategic marketing and corporate strategy;
H1: There exists no significant difference exists between strategic marketing and corporate strategy;
From the valuation of T-test, it can be analysed that there is quite a significant gap among corporate strategy and strategic marketing. Thus, null hypothesis is incorrect over the alternative hypothesis. The organizations has different plan for strategic marketing whereas there is other plans for corporate strategy. The above said line can be understood from the calculated value of mean. The mean value of strategic marketing is 0.000389802 whereas mean of corporate strategy is 0.000255786. Therefore, there is slight link between both the variables. Moreover, it can be mentioned that strategic marketing requires effective planning in all the section of marketing in order to attain higher benefit whereas corporate strategy mainly focus on the profit and performance of the operation of organizations. Therefore, both the variables are connected with each other. Apart from that, the value of variance also shows a significant gap. The value of variance that is registered in the strategic marketing is almost 0.000117356 whereas the value of variance of corporate strategy is 7.51264E-05. Therefore, it can be mentioned that there is such gap or difference which force to prove that is huge difference. The strategic marketing and corporate strategy is both critical element of the organization. There planning helps the organizations to register better growth and aligning the activities of the organization or operations help in providing bets service to the clients. Moreover, the effectiveness of the organization can be improved and people of the organizations can carry their activities with best effort. Therefore, the link between corporate strategy and strategic marketing is essential for organizing the organization. Moreover, it is clear from the hypothesized mean difference which shows null value.
The outcome of first hypothesis shows that different aspects of strategic marketing have influence on marketing strategy formulation. Therefore, it supports the literature study conducted previously. From the results of hypothesis 2, it is clear that there is positive link and the variables such as mission, objectives, policies and procedures and other factors has significant influence on the marketing strategy. Therefore, result supports the previous literature done. On the other hand, the results from the hypothesis 3, it is understandable that marketing strategy is also connected with the elements of marketing. The variables like market place, product planning, pricing, distribution system and communication channel relates with marketing elements. Thus, it also confirms and support past literature.
Further, the result from fourth hypothesis, it can be understood that there exist a significant gap in the strategic marketing and corporate strategy. Therefore, both variables are not at all similar. Thus, it can be mentioned that the computed result supports the past literature study conducted. Therefore, the discussed literature review adopted in this particular research work completely aligns with the previous studies. Further, the overall result computed proves that mentioned topics are correct and authentic.
Chapter 5: Conclusion and Future Work
5.1 Conclusion
This particular study influences the different types of marketing strategies in the market of business industry. This part analyzes the effectiveness as well as the significance of marketing strategy and its practical impact on work environment of the organization of business industry. In order to analyze the effectiveness of marketing strategy and its practical impact on work environment, researcher investigates the several independent variables that influence the marketing strategy such as mission, objectives, life cycle projection, pricing strategy, corporate inputs, varying roles of services and products, product planning, distribution system, general economic condition, etc.
All of this independent variables influence the marketing strategy as well as the key elements of marketing for the organization in business sector. Researcher analyzes the study with 16 different journals in literature review part and set the hypothesis according to the discussion. Based on the literature review, researcher selected four several hypothesis with null and alternative value. Each of the hypothesis has various types of independent variables that positively linked with the dependent value that created by the researcher.
Apart from that, Researcher analyzes the independent variables that closely related with the marketing strategy. In order to identify the effectiveness as well as significance of marketing strategy, researcher finds out the key elements of marketing that increase business profitability for the marketers in business industry. From this finding, it has been seen that strategies of the competitors are the key method that effect market of one business organization. Apart from that, it has been identified appropriate market selection and relevant pricing strategies are the key aspects of marketing in business sector. Market place and pricing strategy such as low cost leadership strategy helps the marketers in setting up appropriate price of their product that increase sales volume as well as the buying behavior of customers.
In order to increase consumer’s buying behavior, researcher analyzed that promotion strategy will be the effective method of marketing for any organization in business sector. Promote the business through advertising in both online and offline allows the company in changing buying decision of the consumers. Promotion strategy is one of the key aspects that helps in decreasing number of opinion leaders from the operational process of business and reduce extra cost from products. Apart from the, direct distribution of products from manufacturing industry to customer via own logistics also helps the organization in decreasing products price. Product quality is also a low characteristic in terms of sharing information and purchase of products.
This research completed with the best effort by the researchers. However, researcher unable to conclude the research studies in an impressive way due to lack of time. Therefore, if the researcher gets more time in analyzing research with this topic, it will able to find out more independent variables as well as dependent variables according to the selected topic. It may allow the researcher in comparing the independent variables with dependent variables more effectively.
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