EFFECT OF MARKETING STRATEGY
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EFFECT OF MARKETING STRATEGY
Marketing is a phrase commonly used to describe the means of communication between a firm and its target audience. Marketing is the adaptation of commercial operations and institutional use by organisations with the goal of inducing short- or long-term behavioural change.
The American Marketing Association recently defined marketing as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”
Marketing tactics involve selecting target audiences through market analysis and segmentation, as well as learning how to influence consumer behaviour. From a sociological perspective, marketing connects a society’s material needs to its economic reaction patterns.
This is how marketing meets these needs and desires by developing trade mechanisms and establishing long-term partnerships. The goal of non-profit organisation marketing is to increase and communicate an ethos message about the organization’s offerings to the appropriate audience.
Governments frequently use marketing to deliver socially responsible messages to citizens, such as those about public health or safety. Marketing strategy, on the other hand, is a plan of action or a collection of plans designed to attain specified goals or objectives over time.
Marketing strategy is an action plan outlining how an organisation expects to achieve its marketing objectives. Shaw (2012) defined strategy as a broad declaration of how an organisation intends to achieve its objectives.
Marketing strategy is thus the process of strategically assessing environmental competitiveness and business factors affecting business units, as well as forecasting functional developments in business sectors of interest to the organisation (Scrizzi, 2007).
Aaker (2008) described marketing strategy as a process that enables organisations to focus resources on optimal possibilities with the goal of boosting sales and achieving long-term competitive advantage. Based on the foregoing, marketing strategy can be defined as an organization’s approach for combining all of its marketing goals into a single complete plan.
It entails marketing business objectives and developing corporate and business unit strategies. Marketing strategy encompasses all basic and long-term marketing activities of an organisation
such as strategic direction, formulation, evaluation, and selection of market-oriented strategies that contribute to the organization’s goals and marketing objectives, which are to satisfy customers profitably. The ultimate goal of any marketing plan is consumer happiness; without it, no organisation can achieve its goals.
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