Marketing Management for Strategic Marketing Strategies

Discuss about the Marketing Management for Strategic Marketing Strategies.

Introduction

Today, different kinds of methods, ways and strategies associated with the marketing are used by the companies for the total success and growth in the market. For case, segmentation, targeting, and positioning (STP) are the major, core and strategic marketing strategies that employed by the companies not only to achieve marketing goals/objectives but also used to gain competitive scope and reduce several kinds of costs directly (Proctor, 2013). Moreover, by using such practices, business firms are fulfilling their strategic organizational mission/vision and objectives effectively that create a good image of the company in the eyes of its internal and external stakeholders. Additionally, it is found that, all the three strategies are linked with each other and used to achieve marketing mix objectives effectively. It means by using STP, companies are gaining the business opportunities, reducing the costs, getting competitive scopes, and developing unique image (Boone and Kurtz, 2011).

In addition to this, STP strategies/practices are used as strategic marketing tools that suggest a company about how to set their marketing mix objectives to become more competitive and success in the global market. Furthermore, the key objective of this research study is to evaluate and access the essentialities of using STP practices in fulfilling the objectives associated with the marketing mix. In the same way, different concepts of STP would be discussed in order to reach valid outcomes.  Moreover, with regards to this research paper, two brands such as: Dessein and Casalare would be selected from the two different business industry including Furniture and Health drink respectively to understand the importance and roles of STP. Finally, the concepts of STP would be applied with two brands to attain the objectives of the paper.

STP and Dessein and Casalare

It is analyzed that, STP are the fundamental and essential practices of any company that are related with each other and used to attained the marketing mix goals and objectives. Hence, it can be said that, all these practices have strong relation with the marketing mix and provide competitive scope to the firms directly or indirectly. Moreover, STP works as powerful and dynamic tools for the organizations that assist in fulfilling all the marketing objectives in an effective and proper manner (Kompas, and Che, 2006). For case, by using the concepts and principles of the STP practices, both the brands such as: Dessein and Casalare can attract and retain a number of customers and improve their profitability. It means in order to remain competitive in the market; both the brand should adopt STP. For example, if both the company uses such concepts effectively, they may be market leaders in the business sectors. For example, both the company can be able to develop reputation not only in the local but also global market. Moreover, they can also reach at the global level and satisfy the customer needs more effectively (Talloo, 2007).

In addition to this, it should also be noted down that, with the help of STP strategies, both the brands can also respond the changing needs of the market more effectively. For example, STP would allow both the brands to effectively address the needs and wants of their customers and provide the products as per their wants. In the same way, both the company can be able to improve their market share, enhance the level of profit at the reduced costs. In addition to this, both the brands could be more successful in their industry by using STP (Pride and Ferrell, 2008). For case, STP assists the business firms to explore market opportunities and reduce several kinds of costs effectively. It means they can grow in the market with the customer needs and produce their products as well as services by addressing highly personalized requests at a moment’s notice (Mort, McColl-Kennedy, Kiel and Soutar, 2004). On the other hand, both the companies can also obtain essential and required information, data from the market by using such concepts effectively. Moreover, STP would also allow both the brands to develop as well as create strategic partners for the business and address the needs of their customers in an effective and proper manner (Ferrell, 2012).

Additionally, through segmentation, both Dessein and Casalare would be able to divide the market into sub market with similar needs and wants. In this way, the needs and wants of the customers can be effectively addressed and fulfilled with the help of segmentation strategy.  For example, according to the segmentation, both the companies should use different segmentation strategies including geographic segment, demographic segment, and psychographic segment in order to effectively reach the customers (Schindler and Schindler, 2011). This would enhance customer base and improve organizational profitability, productivity, and marketability in an effective and proper manner. For instance, geographic segment method would assist both the brands to produce and provide products according to the different regions (Hanlan, Fuller, and Wilde, 2006).

On the other hand, psychographic segment would allow dividing the market and offering the products according to the psycho-graphical characteristic of consumers. Hence, both the brand can be able to satisfy their customers effectively. For instance, if the customers would be fully satisfied, it would increase company goodwill, market share, and profitability directly. Additionally, the segmentation strategy would also assist both the companies to bring innovation within their branding, advertising and distribution strategy (The Conversation. 2013).  Improvements in the business communication, business expansion, and future growth etc are the major benefits that would be gained by both the brands through the concepts and strategies of STP. Moreover, segmentation will also allow the brands to overcome various marketing and advertising costs by segmenting the market as per the needs of customers. For case, segmentation would save extra cost or money spent by the companies on advertising with unrelated market (Kibar, 2008).

 Along with this, the use of targeting strategy would also be effective and valuable for both the brands because this strategy would help in creating a unique image in the minds of customers about the brands. Moreover, this strategy would also help in choosing the best customers for both the brands. For case, positioning would also help both the companies in improving the image, brand identify, goodwill at the global level. Moreover, different kinds of cost of marketing can be able reduced by the companies by using such strategy in an effective and proper manner (Lynn, 2007). The needs and wants of the customers can also be effectively understood by using this strategy because this would allow observing and analyzing the behavior of their current and potential customers (The Conversation. 2013). Moreover, with the help of this strategy, the companies can also affect the behavior, attitude, opinion and perception of their customer positively and increase the sales. For case, a targeting strategy would provide strategic direction to the both the brands about how they should select specific customers and compete in the market. In the same way, by using this strategy, both the brand can be the success and global leader in the business sector effectively (Morritt and Weinstein, 2012).

On the other hand, positioning would play a key role in improving the image of both the brands in their relative markets. For case, this strategy would motivate the customers to buy specific brand or product from the market at the cheaper price. It would also allow gaining competitive scope and reducing various costs of marketing effectively (Polonsky and Waller, 1993). But, in order to effetely install this strategy, both the brands have to focus on adopting several marketing tools and methods.  For instance, if both the brands use, low cost pricing tools, they have to provide low cost products in the market (Carlin and Ford, 2006). At the same time, all these marketing tools used under the positioning would introduce the product and brands in the market in the front of customers. Along with this, it is also valuable for both the brands to use differentiation strategy under this method of marketing. For case, both the brands should adopt cost, feature, and products differentiation to create and develop a unique image in the market. Moreover, this strategy would help in accessing the needs of customers. For example, positioning strategy would positively affect the potential behavior of the customers and provide different business scope to the organizations in an effective and proper manner (Michman, Mazze and Greco, 2003).

Conclusion

On the basis of above analysis, it can be concluded that, today’s business firms should adopt STP practices and strategies not only to increase the profitability but also gain the competitive advantages and reduce marketing costs. In addition to this, it is also found that, STP are the related practices and used in the form of marketing strategies in order to achieve marketing mix objectives.

References

Boone, L.E. and Kurtz, D.L., (2011). Contemporary Business. UK: John Wiley and Sons.

Carlin, T.Y. and Ford, G. (2006). A governance perspective on executive options plans – some Australian empirical evidence. Australian Accounting Review, 16, pp. 75-84.

Ferrell, O.C. (2012). Marketing Strategy Text and Cases (6th ed.). USA: Cengage Learning.

Germany: GRIN Verlag.

Kibar, A. (2008). NPD and Innovation in Soft Drinks Winning Strategies for Britvic. (ed.).

Kompas, T. and Che, T. N. (2006) Technology choice and efficiency on Australian dairy farms.

Australian journal of agricultural and resource economics, 50(1), pp.65-83.

McLaughlin, T.A. (2006). Nonprofit Strategic Positioning: Decide Where to Be, Plan What to

Do. (ed.). UK: John Wiley and Sons.

Michman, R.D., Mazze, E.M. and Greco, A.J. (2003). Lifestyle Marketing: Reaching the New

American Consumer. USA: Greenwood Publishing Group.

Morritt, R. and Weinstein, A. (2012). Segmentation Strategies for Hospitality Managers: Target

Marketing for Competitive Advantage. (ed.). NY: Routledge.

Mort, G.S., McColl-Kennedy, J.R., Kiel, G. and Soutar, G.N. (2004). Perceptions of Marketing

Journals by Senior Academics in Australia and New Zealand. Australasian Marketing Journal (AMJ), 12(2), pp. 51-61.

Pride, W.M. and Ferrell, O.C. (2008). Foundations of Marketing. USA: Cengage Learning.

Proctor, T. (2013). Strategic Marketing: An Introduction. (ed.). UK: Routledge.

The Conversation. (2013). Poor strategy has left Australian retailers open to overseas entrants. Available at: http://theconversation.com/poor-strategy-has-left-australian-retailers-open-to-overseas-entrants-21009 {Accessed On: 24 Aug, 216}.

The Conversation. (2013). Targeted pain relief or targeted marketing? The truth hurts. Available at: https://theconversation.com/targeted-pain-relief-or-targeted-marketing-the-truth-hurts-13798 {Accessed On: 24 Aug, 216}.

Schindler, R. and Schindler, R.M. (2011). Pricing Strategies: A Marketing Approach (ed.).USA:

SAGE Publications.

Polonsky, M.J., and Waller, D.S. (1993). Marketing journals and Asia-Pacific marketing academics. Asia Australia Marketing Journal, 1(1), pp. 61-69.

Talloo, (2007). Business Organisation And Management. (ed.). USA: Tata McGraw-Hill Education.

Lynn. (2007). Segmenting and Targeting Your Market: Strategies and Limitations. Available at: http://scholarship.sha.cornell.edu/cgi/viewcontent.cgi?article=1238&context=articles {Accessed On: 31 Aug, 216}.

Hanlan, J., Fuller, D., and Wilde, S.J. (2006). Segmenting tourism markets: a critical review. Available at: http://epubs.scu.edu.au/cgi/viewcontent.cgi?article=1745&context=bus_pubs {Accessed On: 31 Aug, 216}.

Randle, M.J., Grun, B. and Dolnicar, S. (2007). Segmenting the volunteer market: learnings from an Australian study. Available at: http://ro.uow.edu.au/cgi/viewcontent.cgi?article=1392&context=commpapers {Accessed On: 31 Aug, 216}.

 

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