Marketing

Marketing strategy formulation is done by identifying the target market and gathering the marketing mix.
Marketing strategy is decided, determined, defined and expressed much before the market isselected. The firm will be interested only in the segments which give immediate profit. The meaning of gathering of marketing mix involves making the best combination of four Ps of the marketing. Thisway the firm will make best sales and generate profit. Due weightage to each of the four Ps is the essence of the marketing mix formulation.
The point worth noting here is that the mix needs to bemodified, formulated, and manipulated in response to the changing requirements. However, it need not be done frequently rather within the long term framework.
It is essential to understand here thatmarketing mix is the observable part of the marketing part of the strategy. The main goal of the strategy is overcoming the competition. It helps the firm to be conscious of competition.
List at leastone specific strategy for price, product, promotion, or place used by your company or organization and include an evaluation of the effectiveness of this strategy.
Strategies are either price based ordifferentiation based. We have just seen that companies make strategy by giving importance to different elements of marketing mix in different combinations. But there are only two routes for makingit - one price based and another differentiation based. The companies adopting the price route compete on the strength of their pricing and the pricing cushion they enjoy. They have substantial costadvantage allowing them flexibility in pricing and marketing.
While the differentiation route revolves around elements other than price. The product with multi features is one reason fordifferentiation. It allows company freedom and flexibility to compete on non-price front.
The differentiation platform is an important alternative for a firm looking for advantageous marketing strategy. Majority...