FUNDAMENTALS OF MARKETING

Fundamentals of Marketing

Fundamentals of Marketing

Introduction

Gone are those times, when the traditional marketing tactics could be executed without taking much into consideration the prime dynamics of the environment in which the business tends to operate. However, with the advent of technology, and its inclusion in the business and corporate arena; the operations have actuated the processes, as well as the procedures, which were pivotal in enabling the firm acquire their objectives and goals. The most effected domain in the business arena is hat of marketing, as it has to take into consideration the prevailing competition, innovative approaches, the distinctive capabilities of the firm itself, and much more.

Competitive Marketing Strategies

In the current times, it seems as if long term survival is the primary objective for every business that tries to consolidate its presence in this arena. Therefore, the prime objective or motive for survival commences at bearing in mind the competition the business faces, and the potential threats it may pose. Therefore, in endeavour to not only consolidate the position in the arena, but also outdo the competition, it is highly imperative that the business undertakes numerous effective strategies, which may play a pivotal role in enabling the firm to acquire competitive edge, over its competitor.

Most of the times, the strategies undertaken by the firm, are directly in relation to the vision and core objective of the firm. that is why, it is really essential to take into consideration the vision and objective of the firm, and the path its wishes to pursue, in order to take forward its operations, before devising the strategies for playing safe in the trough, full of competition.

In order to cater to the prior mentioned purpose, the firm devises certain competitive marketing strategies, which are not only in accordance with the vision and objective of the firm, but also plays a pivotal role in catering to the ever increasing and pressing competition, and devising approaches, to win customer ship, recognition and market share, amidst that competitive marketing environment (Lin, 2010).

In the endeavour to devise the competitive marketing strategy, as discussed earlier, at the corporate level, the central purpose is gauged and evaluated, and then to lay out the strategies, which will be crucial for working in the competitive arena. For instance, the change in product, change in marketing communication, change in target market, change in approaches to reach to the consumers, and deliberately attacking the competition to get them weak and win the leverages, relished by them.

The primary competitive marketing strategies may include, strategies for attaining the competitive advantage, changing the market (with respect to region, customers, or product) for attaining the first mover advantage, achieving sources for gaining competitive advantage, devising new categories for the opportunities and the products, paying dire attention to the competition's moves and pre-empting anticipating, and responding to competitors' moves, astute planning according to the prevailing scenario, competing with the brand equity, competition based pricing recreation, devising response to the competitive new product entry, managing and formulating ...