MARKETING STRATEGY

The Principles and Processes Involved in Formulating a Marketing Strategy

The Principles and Processes Involved in Formulating a Marketing Strategy

Introduction

Development of a new marketing strategy has always been one of the main obsessions of most companies, but when that happens to become thought winning strategies, i.e. those who enjoy guarantees of success over the medium becomes a true chimera. In the last century and again we hear the hackneyed phrase that the world is changing. Nevertheless, we never could imagine that this spiral of change was going to take more and more speed as he moved his business, reaching what now occurs annually at the new technologies that appear to change and break paradigms.

The various scenarios, forcing us to rethink again and again the scenarios in which we live longer and as basic to give any market situation but have to be daily alert to adapt to such changes as soon as possible and not get lost in the forgetfulness of the customer. Nevertheless, if that happens in life call it "normal" business, marketing it lives with much more intensity; because, from beginning to end, affected daily by these changes that we discussed with the department must live more intensely these changes and should be more flexible in this new century.

Discussion

The formulation of a marketing strategy is a sophisticated process accompanied by in-depth data collection and analysis. The marketers are responsible for gathering data from the market in order to identify the customers' desires, and to attract them with value added products and services (Doyle, 2000, 89). The market analysis and market research are the diverse areas that focus on the customers' desires and competitors' position in order to assist strategy formulation process. Before formulating a marketing strategy, a company must explore its strengths, weaknesses, opportunities and threats in order to minimize the chances of failure.

While launching a new product/service or re-segmenting an existing brand, a company engulfs substantial risk (Doyle, 2000, 91). Nevertheless, the success of product/service has a significant impact on the company's brand image; similarly, the product/service failure affects the company. According to diverse sources, the success and failure of a product/service depends on the marketing strategy formulated to launch or promote the product/service. Therefore, the process of designing an effective marketing strategy, fragmented into various steps.

Marketing Research

Marketing research is the process that engulfs the study of diverse variables that govern the environment in which the product/service is going to regulate. There are different segments of the market; however, the most essential segment of the market is the customer (Gummesson, 2002, 104). A product/service must successfully penetrate the target market in order to enhance the market share of the company. Moreover, it is the core responsibility of a marketer to promote and launch a product/service effectively in order to make it easily acceptable for the target market. In case of a new product/service launch, the task becomes even more difficult; because, the customer is not aware about the use or features of the ...