STRATEGIC MARKETING

Strategic Marketing

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ABSTRACT

The paper provides significant and comprehensive information of Xbox360 and its marketing strategy. Microsoft is famous and reliable name in the information technology world, and its gaming console captured the market and become successful among young and adult. The paper will analyse the marketing strategy of Xbox and how it beat its competitors. There are detailed descriptions about the competition and rivalry in the market of game console. The paper aims to investigate the different tactics and components of marketing plan and how Microsoft identified them.

Market Plan

Introduction

Every business has its strategies and plans at hand in order to achieve their goals and objectives both at long term and at short term. One can say that most of the organizations in this world strive for high revenues and share holder satisfaction, and this hunger for revenue and success is the reason which keeps an organization on it toes and against its competitors.

Whereas, a Marketing plan is a plan which is made in order to promote a product or service after its launch or before in order to gain revenue and benefit the most out of these products and service. Companies spend a lot of cash and other investments in order to produce and come up with new innovative products and services. Research and development costs bared is in millions some times, yet if these services and products are not properly marketed and promoted, a company will face grave looses , which sometime creates going concern problems at worst.

Hence, the relationship between a company's strategic objectives and its marketing plan for a product or a service is not variable and so in order to keep the strategic objectives at par and achievable, it is crucial for a company to understand and initiate a marketing plan which is flawless and innovate at most.

Discussion

Strategy and Marketing Plan

A company's strategic objective is to create and provide the best customer satisfaction in the market, the marketing plan of this company's product will focus on marketing strategies that promote user friendliness and customer satisfaction at most. The relationship between a company's strategic objective and a product\service market plan is not inverse, the strategic objectives of a company directly affects the marketing plans of the company. If the marketing plan deviates for the overall strategic objectives of the company, the situation will inevitably lead to loose and troublesome times for the company which can take a lot of time to heal and re-establish companies' image.

Components of Marketing Plan

Components of a marketing plan can vary from product to a product or service to service, furthermore the components of a market plan will also vary depending upon the strategy that is focused by the organization and the environment it operates in.

However, some of the most important components of a marketing plan are the ones that are easily understandable and universally known are discussed below.

1. Market Research2. Target Market3. Product

4. Competition

5. Mission Statement

6. Market Strategy

7. Four Ps

8. Budget

9. Marketing Goal

10. Monitoring

Market Research

Market research is one of the most ...