Planning organizing directing coordinating

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planning, organizing, directing, coordinating, controlling, communicating and motivating. Marketing Strategy Marketing strategy is the complete and unbeatable plan designed specifically for achieving the marketing objectives. STP and Marketing Mix constitute the marketing strategy of the given product. (a) Segmentation 1. STP (b) Targeting (c) Positioning (a) Segmentation - It is the process by which an attempt is made to understand the heterogeneous market by examining it from different angles and grasping the commonalities as well as difference contained therein, and then divide the whole market into segments, each homogeneous within itself, sharing certain common characteristics. (b) Targeting This means picking up of the appropriate market segment say high income group.
60 (c) Positioning This means to decide to offer what? (Say the high quality synthetic fabrics as its product offering). This means to view the position of proposed product in the minds of customers and what image it proposes to build for its offer. 2. Marketing Mix Definition: It is the process of designing and integrating various elements of marketing in such a way as to ensure the achievement of enterprise objectives. According to Philip Kotler - Marketing mix is the set of controllable variables that the firm can use to influence the buyers response. In short, marketing mix involves decisions regarding products to be made available, the price to be charged for the same and the incentives to be provided to the consumers in the markets where products would be made available for sale. Keeping in mind the interest of the consumer in totality and the goals of the organization in terms of profit, quantity produced, cost, quality control within the prescribed budget the question arises as to how the firm makes such a total offer to consumers. Thus the firm chooses the, (i) product, (ii) performs distribution function, (iii) carries out promotional measures, and lastly the firm uses the, (iv) pricing mechanism. These four activities are popularly known as Four P’s . These four elements constitute the marketing mix of the firm. This (marketing mix) concept was first coined/invented by James Culliton an American marketing expert. This concept was popularized by Niel. H. Borden. Jerome McCarthy an American Professor of marketing who described the marketing mix in terms of Four P’s classifying the variables under four heads, each beginning with letter P i.e Product, Place, Promotion and Price. The marketing mix has many sub-elements. Besides, the marketing mix variables, the manager of marketing mix has to function in another set of variables called environment variables which are: 1. Customer Variables : No. of customers, their location and purchasing power, habits of purchase, brand awareness and brand loyalty, life style and needs. 2. Competition variables : Nature and intensity of competition, number of competitors and their size, capacity and territory of operation, strength and weakness of competitors, costs, logistics or channels.

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