MARKETS AND STRATEGY

process by which individuals and groups obtain what they need and want through creating, offering, and exchanging products of value with others. Additionally, it is all too often equated only with the more focused function of selling. But marketing encompasses a wider range of activities that must be a fully integrated process and, indeed, will form a foundation and catalyst for making sales. Further, the key to successful sales is a consistent proactive marketing strategy.

 

MARKETING’S KEY COMPONENTS:   CREATING VALUE FOR THE CUSTOMER

What, then, is the key to a consistent proactive marketing strategy? First and foremost it is a philosophy that dedicates resources of the firm to ensuring that the wants, needs, and demands of the customer are the firm’s focus. This customer-focused mentality is the foundation of the strategy that makes up the entire marketing process.

Second, it is a plan, supported by the firm’s philosophy. Once the philosophy is in place, a plan can give direction, guidance, and a structure for proactive strategies that will increase sales and improve business relationships. Often firms find themselves dedicating re- sources to marketing activities—from trade shows to flyers—and spending money on marketing that is not targeted to the right audience at the right time. This is reactive marketing with a shotgun, rather than a rifle. Conversely, a proactive, focused marketing plan can provide guidance for targeting the right audience at the right place and at the right time, which in turn maximizes the return on investment and increases revenues.

Third, marketing is a process of creating value for the customer. It is a set of activities to educate, communicate with, and motivate the targeted consumer about the firm’s services or the company’s product and services.

Traditionally, this set of activities, the “marketing mix,” is represented by four parts, the well-known “4 P’s of Marketing”: price, product, placement, and promotion. But to create a marketing strategy and plan that touch on all areas necessary to position a product in the market to maximize sales revenues, there are multiple areas to be tackled.

 Marketing, Strategy, and Competitive Analysis         

An effective marketing strategy/plan is an ongoing value-creating process composed of several elements:

?   Marketing segmentation.

?   Marketing strategy.

?   Market research.

?   Pricing.

?   Placement.

?   Value chain.