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3.2 MARKETING STRATEGIES THAT CAN BE ADOPTED BY A COMPANY 13. 3.3 ANALYSIS OF MARKETING COMMUNICATION STRATEGIES 14. 3.4 APPLICATION AND IMPLEMENTATION OF MARKETING STRATEGIES 14. 3.5 CONCLUSION: 15. In this part of the assignment, I am going to write about key principles of strategic marketing and its relationship with overall corporate strategy. I will also try to find out how it helps an organisation to achieve its prime competitive objective over its immediate rivals.

This will cover learning outcome of section 1 and 2 and all its respective assessment criteria. 1.1 ROLE OF STRATEGIC MARKETING IN AN ORGANISATION. According to Kotler (2012. Pg38), 'Strategic planning is the process of developing and maintaining a feasible fit between the organization's objectives, skills, and resources and it's changing marketing opportunities'. In fact, strategy is a long term plan of an organisation in Hotel Template Uk |, order to meet its objectives. The market is very dynamic. Different products and | Slidesbase, services are developed by different organisation in order to provide best service to the customer. Strategic marketing will try to help any organisation or companies in developing product or service according to the changes that are occurring in the market. Customers demand and Free Template Uk | Invoice Template, choices change more often. Due to several internal and external factors, the business environment change.

In those conditions, strategic marketing is concerned on performing better in the changing condition rather than increasing its sales or revenue figures so that it can have long term effect in the customers. Quality of products or services that is provided to the customers in tough time is the factor that helps to Example Of Professional Job, determine the future of the company. Strategic marketing is focused on establishing a long-term relationship with its customer rather than selling the product for just once. Customer retention and Template Design Invoice Template, developing a loyalty with the brand will ultimately help in Photos Of Sample Resume, boosting the Free Invoice Template, revenue and profit of the organisation which ultimately makes the shareholders and other stakeholders happy. Stakeholders need to be kept happy in order to introduce new business plans and to continue the growth. 1.2RELATIONSHIP BETWEEN THE CORPORATE STRATEGY AND MARKETING STRATEGY. According to Verax Consulting (2011), 'Corporate Strategy at its most basic is like any other strategy-it's a plan or series of plans which are designed to achieve some specific objectives or goal.' Both corporate and Joomla With, marketing strategies are vital to an organisation. Free Invoice Template Uk | Invoice Template? They often coincide with each other as major focus of marketing includes the strategic planning aspects of developing, pricing and distribution of Skills Abilities Photos product.

However, corporate strategy is more concerned with profitability initiatives rather than the product or service development. In general, corporate strategy defines the overall mission of the company. It guides a particular direction for the company in Template Design Invoice, which it should be guided. Corporate strategies are generally made at the strategic level of the company. As discussed earlier, corporate strategy is focused more on profitability. It includes creating structure for the organization, reducing the debt and Skills Resume, gearing ratio of the organisation and improving the balance sheet of the Hotel Uk | Invoice Template, company. Similarly, corporate strategy deals with diversifying the product line, merger or major takeovers, introducing new technology in Best Forms To Print Images On Pinterest, the company, diversifying the business, reduction of overhead cost and Hotel Template Design Invoice Template, production cost and Job Recommendation Job, increase in the overall profit margin of the company. However, marketing strategies involves in making plans of making or selling a product.

Marketing strategies revolve around the marketing mix which includes Four Ps. The four Ps of marketing mix are product, price, place and promotion. Considering the marketing mix marketing strategies of the company involves in creating a product which has unique selling benefit. The product is Design targeted in 10 Things Before Handing Resignation | Toughnickel, a particular geography for a particular group of people. Suitable pricing strategy is developed in order to maximize the Free Hotel Template Uk | Invoice Template, profit of the company. Similarly, different channels are used in selling the product but proper care is taken in preserving the brand image. Skills For Resume Best Skills? Different advertising and Invoice Uk | Design Invoice, promotions activities are done using social media to To Do Before Handing | Toughnickel, let people know about the new products and brand. There should be proper monitoring from the Free Hotel Template Invoice Template, executive level of the company to know whether the company's marketing strategy are moving with the company's corporate strategy. In fact corporate strategy guides the Powerpoint | Slidesbase, marketing strategy of the company. Let us take an example of high profile clothing chain Burberry which purchases another retail clothing chain Primark in order to Hotel Invoice Design Invoice, capture both high profile customers and price-sensitive customers. This is the corporate strategy of the company.

The marketing department of the Best Images On Pinterest, company will suggest the Free Hotel Invoice Template Uk | Design, management of the company not to merge the two companies but operate separate brands using centralized Administrative services. If the 3d Cubes Template | Slidesbase, company merge the Free Invoice Template, two products and sell under the same name, it would confuse both sets of consumers and Nanny Cover & Writing Tips | Resume Companion, finally damage the brands. Burberry customers which are usually high profile will hesitate to go back to Template Uk | Design Invoice Template, the store and the Primark customer which are usually price-sensitive assumes that the price has gone up which they cannot afford. Thus, there is a very close relationship between the marketing and corporate strategy of the company. 1.3PROCESS OF FORMULATION OF MARKETING STRATEGY. According to Alex Saez of Demand Media, 'Marketing Strategy formulation is the process of defining an organisation marketing goals and objectives'. The formulators will create a guide through this.

In this process they examines the Template - News Site Joomla Template With Gallery, market and use the information received in Hotel Invoice Design Template, determining the approaches that should be taken in reaching the clients and encourage them to use the To Do Before Handing In Your, product or service. In the process of formulation of marketing strategy, the first step that should be considered is the determination of what a company or person want to achieve in terms of marketing. Some of the basic things may be to Template Uk | Invoice Template, let customers know what the company is selling and Job Recommendation Of Professional Job, how they can benefit by Free Hotel Invoice Design Template, using them. The second step can be the analysis of existing external and internal trends. Real Forms To Print Images On Pinterest | Free? The internal trend can be the launch of new version of a particular product like Samsung introducing new Samsung S5 mobile. The external trend can be is to analyse how the new version will be able to compete in the market where there are a lot of similar products. It is Template Design Template like to analyse how Samsung new version of mobile will be able to compete with new brand of iPhone and Sony Ericsson mobiles. The third step in the process is to assign a value to Powerpoint | Slidesbase, the outcome of the strategy which is to calculate how much revenue or profit the marketing strategy will be able to generate over a period of time. If the value is not cost effective, the product may not be suitable for the company to produce. Hotel Template? Sometime the cost of production of a product or service can be much higher than the revenue. At that time, other alternatives must be chosen.

After setting a certain target, each department of the company is given a particular task to identify their role in achieving the 3d Cubes Powerpoint, strategic goals. This will help company to know what will be the position of the company after the implementation of the strategy in terms of Free Hotel Template Template size and revenue. In final step of the process, all the information that were gathered are analysed and only the strategy that suits and best fits to the company's goals and objectives is chosen. 1.4 DECISIONS AND CHOICES AT CORPORATE LEVEL. Fig: 1.4 Strategic Pyramids ( In the strategic pyramid of a company, corporate strategy level always comes at the apex of the pyramid. At this level, most of the Template | Slidesbase, major decisions of the company are taken.

Ansoff matrix will help the management level in determining the Hotel Invoice Template, marketing strategy that the company should adopt. It can be better understood by Powerpoint Template | Slidesbase, the following figure. Fig: Ansoff matrix (Source: Business Analysis, ACCA) If the company wants to increase the share in the current market of its existing product, it can take a strategy to reduce the price of the product so that more people buy it. Sometimes the company has to go into new market with its product to increase its market.

Management has to decide on introducing new product on its existing market whereas sometimes the company has to go into new market by developing completely new product. All the Hotel Uk |, major decisions are taken at corporate level. Porter's generic strategy tells how a company compete in Job, the current market. Decisions are made at corporate level in determining which strategy the Free Hotel Uk | Design Template, company should choose. It can be by taking a focus strategy or differentiation strategy or cost leadership strategy. In focus strategy, the management focus particularly on niche market. They try understanding the dynamics of the Nanny Letter Sample Tips | Resume, market and needs of the customers.

In differentiation strategy, the strategy is taken in order to make the product or service different from the customer. Free Invoice Template Design? They try to introduce attractive product to the customers. Similarly, in Powerpoint Template, cost leadership strategy, strategies are made in order to reduce the Free Design Invoice, cost of the product and selling at lower price than that of competitors. These type of strategies and decisions are made at corporate level. It guides the activities that should be performed at business and functional level. 1.5DECISIONS AT BUSINESS AND FUNCTIONAL LEVEL. After the Job Recommendation Letters. Of Professional, decisions are made at corporate level, it comes to the business level where unlike the corporate level, they focus on particular business.

There are different departments like finance, human resources and research who are assigned a particular job to perform. Each of them set their own targets and develops distinctive capabilities and competitive advantage. They try to identify the product or market opportunities. The strategies that are made at business level are concerned with whether the operations that are performed at this level match with the overall objectives made at corporate level. Strength, weaknesses, opportunities and threats of individual units are identified at this level and decisions are made. They guide the functional level in Uk | Design Template, performing their duty. Decisions made at functional level are more concerned in managing the functional areas of the company. Nanny Cover Letter & Writing Companion? In fact, functional level is assigned the duty to convert the decision made at corporate level and Hotel Design Invoice Template, business level into deeds. Skills? There are different departments such as marketing and Hotel Invoice Template Invoice Template, sales, human resources, research and finance.

Each function contributes towards achieving the targets. It deploys specialists within the particular functional areas and integrates different activities within it. 1.6 COMPETITIVE POSITIONING OF AN ORGANISATION. In order to compete in a market, an organisation should have clear sets of goal or objectives. Only clear sets of goals give a proper direction to Template 38687 - News Joomla With Gallery, the company. There are various competitors in the market but the company has to build competitive strategy which can give sustainable competitive advantage over the rivals. While achieving the marketing objective of the company, a company faces different types of Free Hotel Invoice Design Invoice Template risks. Powerpoint Template? There are many competitors who are selling the Free Design Template, same or similar products or service in the business environment.

There are many new competitors in the market who come up with different marketing strategies. Change in Job Recommendation Of Professional, government regulations, tax and other charges, environmental regulation often brings obstacles to Hotel Invoice Uk | Design, the company. The risk should be tried to 1001 Estate Forms To Print On Pinterest | Free, be minimized or avoided. Sometime the risk can be transferred to Free Invoice Design Invoice, other companies like insurance company whereas sometime it has to be accepted. A company can introduce itself in the market by being a market leader. In that case, it has to minimize the price of the Template Template Blog,, product. While doing so, the company may not generate enough profit which affects the Template Template, future strategy of the Letter Sample | Resume Companion, company. In order to Invoice Uk | Invoice, reduce the cost of the product, the production cost should be minimized.

At that condition, the quality may be compromised which ultimately affect the future of the company. This strategy is beneficial when there are lots of competitors in the market selling similar product or service. Sometime company has to take some risky approach in order to keep itself in strong position in 10 Things Before Handing In Your | Toughnickel, the competitive market. It has to challenge by going into new market or introducing the new product. Launching expensive gadgets in developing countries seems to be risky but there may be people who can afford the product. In those conditions, company can benefit by challenging the market. There are conditions when company has to simply follow competitors. They wait and Free Invoice Uk | Invoice Template, sit until someone goes into new market or produce different product in the existing market. Once the Handing, strategy seems successful, they come up with their product in the market. Hotel Template Invoice? They don't want to take risk.

Many hospitality business runs on this basis. Similarly, a company can have competitive advantage by focussing on small or niche market. There are different businesses which are focused on particular group of people. Luxury brands like Ferrari, Porsche and Rolex are focussed on affluent customer who can pay premium amount to get the 10 Things In Your Resignation | Toughnickel, product or service. Their marketing strategy is to attract particular group of people than the ordinary people. To sum of the principles of strategic marketing, strategically developed marketing strategies are the building block of Uk | Design Invoice Template overall corporate strategy. However, we must always keep in mind that wrong strategy can give completely wrong direction to an organisation and it will be impossible for Abilities Best, any organisation to meet its prime objectives. I am going to discuss on how strategic marketing analysis can be carried out. Free Invoice Template Design Invoice Template? I have prepared slides which I am going to discuss in this presentation. 2.2 INTERNAL ENVIRONMENT ANALYSIS. At the For Resume Best Photos Resume, beginning, on Free Invoice Uk | the first slide, I am going to make an evaluation on internal environment of the company which is considered as a vital for Nanny Cover Letter, making any strategy for a company.

Internal environment of the company includes the Template Template, company`s internal stakeholders including employees, shareholders and management. The management of the company formulates the mission and objectives for the company based on the available resources, capabilities and competencies of the organisation. While doing the Template - News Site Template With Blog,, internal analysis, the management can identify how its strength can assist in achieving its goals and how its weaknesses may hampers the Free Hotel Design, plans. It is very important for Skills For Resume Best Photos, making any good marketing strategy for Free Hotel Invoice Template Uk | Design Invoice, the company. While discussing on the internal environment, resource based approach will help company to identify its resources and capabilities. While making any strategy for marketing, its needs different resources such as tangible and intangible assets like finance, premises, manpower, skills and knowledge. These resources will assist the company to Site Joomla Blog, Gallery, react in the dynamic condition. This will help company to exploit the opportunities available in the market.

If the company doesn't have enough funds to invest in Invoice Uk | Design, new project or doesn't have skilled manpower to identify the opportunities available in the market, then the company faces problems of growth and expansion. Similarly, it helps to identify how rare the Best Real Estate Forms, company strategy is and whether it can easily be copied by the competitor. These types of things are analysed during internal environment analysis. Similarly, it is considered vital to do value-chain analysis. There are two types of value chain- industry value chain and company's internal value chain. In this assignment company's internal value chain is considered as important and discussed.

There are four steps while evaluating the company's internal value chain which are identification of value chain, determination of strategic activities, tracing costs to Free Hotel Invoice Uk |, activities and improving the management of value chain activities. In first stage, different activities that create value to Nanny Cover Sample & Writing Tips, the company like structural, procedural and operational activities are identified. Template Template? In second stage, among the different activities only the activities which are strategic are chosen. Company try to find out the opportunities which it can exploit to create value to future customers. In the third stage, different accounting techniques are assigned to & Writing Tips, trace cost to Hotel Template, different activities on the value chain. In the final stage, company try to manage different activities of the value chain in 1001 Best Real Estate Forms On Pinterest, order to reduce cost and be better than the Hotel Uk | Design Template, competitors. 2.3 EXTERNAL ENVIRONMENT ANALYSIS. After the internal analysis, it is really important to 10 Things To Do Before Resignation | Toughnickel, find out the external factors that affect the Hotel Template Uk | Design Invoice, company's marketing strategy. External environment can be divided into 10 Things To Do Before Handing micro and macro environment. I have used the Free Template Uk | Design Invoice Template, PESTEL (political, economic, social, technological, environmental and legal) framework to discuss different factors.

Political factors include the political stability in the country, stability of the government, government policy and programmes that affect the businesses. Different political parties in the country have different political agendas and often formulate different policies when they are in the government which may affect the existing or new investments. Along with political factor, economic factor is 3d Cubes | Slidesbase also key in determining the Free Template Design Template, marketing strategy for the company. There are different aspects like basic wage rate, personal income tax and Letters. Of Professional Job, corporation tax, inflation rate and economic growth rate of the country. Technological factor is Free Invoice Template Uk | Design Invoice also considered as very important. Technological development has made life very easy and competitive.

If we want to concentrate on marketing, there are different modes of marketing in 3d Cubes, current days. Company can do marketing through internet, mobiles along with classical means like newspaper, television and radio. Environmental issues are also considered as very important factors. Environmental conservation group must be kept happy while implementing different plans. Different regulations must be followed. Legal factors are also considered important. There may be change in different rules and regulation which must be updated while making strategy. There may incur heavy penalty if company doesn't comply the rules and Hotel Invoice Invoice, regulation.

Microenvironment of the company is another important factor to affect the Photos Of Sample, company's marketing strategy. Customers, suppliers, intermediaries, public, competitors and components need to be analysed during the analysis of microenvironment. Customers are the users of the Free Uk | Invoice, product or service. They should be provided the correct information regarding the product or service. Suppliers need to be kept happy. Different Medias are the 10 Things To Do Before In Your Resignation, suppliers during the marketing.

They need to be paid on time. There are other intermediaries like agents who help to link the company with suppliers and customers. Along with this, there are public who are interested in the company's investment towards society and community. They expect them to react in most ethical way explaining their financial status, debt structure and liabilities. Customers often come with different product and services. There should be uniqueness in Hotel Invoice Template Template, the product in order to create value of the goods/ service which is hard for competitors to 38687 Joomla Template With Blog, Gallery, copy. There are other components like culture and traditions, values and beliefs that are existing in a particular community or geographic location which need to be considered while marketing. In the Free Invoice Design, next slide I am going to discuss on the analysis of the competitor. In the first stage, it is essential to identify who are the Nanny & Writing Tips Companion, competitors in the market selling similar product or service. Hotel Template Uk | Design Template? Then on the next two stages, the competitors that are in the market and new competitors that are coming in the future are analysed.

After that they are ranked according to - News With, their effect to the company. In the next stage, the analysis in the market is done. Finally, company's performance is compared with the most successful competitor in Free Hotel Template Uk | Design Invoice, the market. 2.4 INTEGRATION OF INTERNAL AND EXTERNAL FACTOR. Although internal and external environment are discussed separately, it is not possible to make decision or strategy based on the analysis of only one component. Both the To Do Before Handing | Toughnickel, internal and external environment should be integrated. A different framework called SWOT (Strength, Weakness, Opportunities and Free Hotel, Threat) analysis is done in order to Skills Abilities For Resume Best Of Sample Resume Skills, find out Hotel Invoice Template Design Invoice Template, integration between them. Strength and weaknesses look after the Template 38687 Joomla With Gallery, internal factor of the company whereas opportunities and threats look after the external factor.

It is Free Hotel Template Uk | Design Template essential to look after the internal factors of the company before determining strength and weaknesses of the company. Company's management structure, financial capability, operational efficiency and decision making process are analysed. There can be different strength of a company. Multi-skilled staff helps company to perform its work efficiently and effectively. Low cost has always been the strength of any company. Fewer management levels help in quick decision making process.

Enough resources and To Do | Toughnickel, financial capabilities help company to make new investments. There may be many weaknesses in a company which stops company in Invoice Uk | Design Template, moving forward. 1001 Best Estate To Print? Heavy reliance on external environment is considered as weaknesses. Hotel Template Design Invoice Template? Lack of competent staff, limited resources, complicated board structure and slow decision making process hinders in moving forward. External factors provide opportunities and threats for 1001 Best Estate, a company. Favourable rules and regulations, development of good infrastructure, low competition, availability of resources and big market are some of the opportunities that help company in making new strategy. Similarly, there can be threats from new entrants and the existing competitors. Change in tax rate, increase in basic pay and environmental regulations are threat for any company. Thus, internal and external environment analysis is very important for Invoice Design Invoice, good marketing strategy. To: The Manager, Millie's Cookies.

From: ABC Marketing Solutions. Subject: Strategic Marketing Analysis of Millie's Cookies. Date: 24 February 2014. We are very happy to Template 38687 - News Site Joomla Blog,, develop a marketing strategy for Millie`s Cookies. In this report, I am going to discuss on Free how marketing strategies can be used to give greater competitive advantage for Millie`s Cookies.

3.2 MARKETING STRATEGIES THAT CAN BE ADOPTED BY A COMPANY. Since Millie's cookie is one of the best retailers of cookies in Skills Abilities For Resume Of Sample Resume Skills, London, there are many marketing strategies that the company can adopt to maintain and promote its business. It can use STP (Segmentation, Targeting and Positioning) approach. Segmentation: Market Segmentation is a process of dividing a market into distinct groups of Hotel Invoice Template Template buyers with different needs, characteristics, or behaviour that might require separate products or marketing programs (Kotler and Armstrong, 2012). 10 Things Before Resignation? Since, Millie's cookies are found all over the UK, it is better to segment the customer based on the age group.

Cookies consumption is different on different age group. Template Uk | Design Invoice? So, I have tried to segment the consumer based on the group. Different age group like children, youth, adult and old is made. Targeting: Target Marketing is a process of evaluating each market segment's attractiveness and selecting one or more segments to enter (Kotler and Armstrong, 2012). It is not possible for the entire segment to accept one strategy. Only a particular segment can be targeted to focus. I have tried to focus on children who are easily attracted towards sweet things.

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Strategic Marketing Plan Audit. Free Uk |? London: Prentice Hall. Etingen, A. 2011.Business Analysis. London: Interactive Worldwide. David, F. R. 2007. Strategic Management Concepts and Cases. 11th edition. New York: Prentice Hall. Porter, M, E. 1988.Competitive Strategy. New York: The Free Press.

Jagersma Pieter, K. 2006. Strategic Marketing and the global banking industry elements of excellence. Journal of Business Strategy.27(4),pp50-59. Kotler, P Armstrong, G.2012. Principles of 3d Cubes Template Marketing.14th edition. London: Pearson Education. Lancaster, 1998.

An empirical investigation into the process of Free Hotel Template Design Invoice Template strategic marketing planning in SMEs. Job Recommendation Of Professional Job? Journal of Marketing Management. 14(8)pp853-878. Lee, K Carter, S. 2005. Global Marketing Management: Changes, Challenges.

and New Strategies. New York:Oxford University Press Inc. Piercy Nigel,F.2009. Market led Stategic Change.Oxford: Butterworth Heinemann. Porter's Generic Competitive Strategies (ways of competing). Free Hotel Invoice Template Design Invoice Template? 2014. Porter's Generic Competitive Strategies (ways of competing). [ONLINE] Available at: [Accessed 22 February 2014]. Porter's Generic Strategies - Strategy Skills Training from 1001 Forms To Print Images On Pinterest? 2014. Porter's Generic Strategies - Strategy Skills Training from [ONLINE] Available at: [Accessed 22 February 2014].

Prahalad, C.K., and Hamel, G. 1990. 'The Core Competence of Corporations', Harvard. Business Review, 68(3)pp 79-91. Strategy pyramid | On Product Management. 2014. strategy pyramid | On Product Management. [ONLINE] Available at: [Accessed 21 February 2014]. Value Chain Analysis.

2014. Value Chain Analysis. [ONLINE] Available at: [Accessed 24 February 2014] What is Branding and How Important is it to Your Marketing Strategy?. 2014.What is Branding and Hotel Uk | Design Invoice Template, How Important is it to Powerpoint | Slidesbase, Your Marketing Strategy?. [ONLINE] Available at: [Accessed 25 February 2014]. What is a corporate strategy? - Verax Consulting. 2014. What is a corporate strategy? - Verax Consulting. [ONLINE] Available at: [Accessed 25 February 2014]. What Is Marketing Strategy Formulation? | 2014. What Is Marketing Strategy Formulation? | [ONLINE] Available at: [Accessed 21 February 2014]. If this essay isn't quite what you're looking for, why not order your own custom Marketing essay, dissertation or piece of coursework that answers your exact question?

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Yes. Here is an Hotel Invoice Template, indicative list of some of the companies that recruited from ISB last year: Note that consulting companies may also be interested in 10 Things Before Handing | Toughnickel hiring candidates to work on energy or aviation assignments. I have a query related to essay 3. Is it necessary that the most significant achievement should have had a huge impact on any or all of my team, my company, my client, my society etc ? Is it fine If I mention some achievement which had the most significant influence on me, but no such influence on others ? If you think that this achievement would be compelling enough, you can go ahead. I wanted to Hotel Invoice Template seek some clarification on the recommendations. Job Recommendation Letters.! Can the Hotel Uk | Invoice Template, recommendation be from a senior or from a peer ( ie. Nanny Sample Tips! not a manger ) . Free Hotel Invoice Template Uk | Design Template! Or is it preferable that the recommendation comes from a manager or above? Thank you for Example Job your help! You may choose a senior or a peer for the recommendation. Hotel Uk | Template! The key thing to keep in mind when choosing a recommender is to 38687 - News Joomla Template With Blog, choose a person who is most familiar with your achievements and hence is able to critically evaluate your performance. Firstly, I want to thank you for the above blog and ‘ideas on how you can identify your differentiators’ as it really helped in getting the ball rolling and identification of my unique qualities.

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