MARKETING STRATEGIES

Marketing Strategies

Marketing Strategies

Introduction

Today is the era of the latest technology and innovation. In this age, only those companies survive that are constantly thrive on innovative products and able to devise marketing policies and strategies that possess the capacity to attract customers and appeal to them in a powerful way. This report revolves around the same phenomenon of devising marketing strategies of Verizon Communications on the basis of the situations that the process of situational analysis has revealed. These marketing strategies and their rational on the basis of which they are suggested are discussed in the following part of the paper.

Statement of the Situations Revealed from Situational Analysis

The first and important factor that the situational analysis reveals is that the market for Hispanics is growing and their buying power is increasing. The second important point that the situational analysis reveal is low or no cost computer based software such as Skype that can be the replacement of cell phones. Last but not least, the factor that the situational analysis points out is that the extensive usage of Walkie Talkie.

            Viewing these factors that the process of the situation analysis has highlighted as a source to develop future marketing strategy then these strategies can be classified as opportunities as well as threats. The first point that the situational analysis mentions that is related to the growing buying power of the Hispanic market can be regarded as the opportunity which Verizon Communication can capitalize. On the other hand, the rest of the point that is mentioned by the situational analysis can be regarded as threats. Verizon Communication must devise and formulate strategies that minimizes or nullify the impact of the threats and fully allow the firm to capture the advantages of the opportunities.

Suggested Marketing Strategies for the Verizon Communication

            The possible option that is available for the Verizon Communication in order to address revealed opportunities and threats are discussed as follows;

The strategy that can be suggested from this matrix to the Verizon Communication is of market development. The strategy of market development suggests entering into the new market with the existing product that the organization offers to the customers (Armstrong and Kotler, 2009). Managers can pursue the strategy of market development on a number of bases. An organization can embrace the strategy of market development by recognizing new market segments geographically, on the basis of demographic factors and by identifying new groups (Armstrong and Kotler, 2009). Before embracing this strategy of market development, Verizon communication needs to conduct the proper analysis of entering in new market. Before entering in a new market it is imperative for an organization to measure whether the new, potential market is substantial or not and organizations also have to see whether they can access to that new market or not. This analysis is the part of the implementation of the market development strategy.

The new markets according to the results of situational analysis process in which Verizon communication can possibly enter is of Hispanic segmentation, construction industry and ...