Definition[ edit ] Marketing is defined by the American Marketing Association as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. From a sales process engineering perspective, marketing is "a set of processes that are interconnected and interdependent with other functions" of a business aimed at achieving customer interest and satisfaction.
In this part of the assignment, I am going to write about key principles of strategic marketing and its relationship with overall corporate strategy. I will also try to find out how it helps an organisation to achieve its prime competitive objective over its immediate rivals.
This will cover learning outcome of section 1 and 2 and all its respective assessment criteria. According to Kotler et. In fact, strategy is a long term plan of an organisation in order to meet its objectives.
The market is very dynamic. Different products and services are developed by different organisation in order to provide best service to the customer. Strategic marketing will try to help any organisation or companies in developing product or service according to the changes that are occurring in the market.
Customers demand and choices change more often.
Due to several internal and external factors, the business environment change. In those conditions, strategic marketing is concerned on performing better in the changing condition rather than increasing its sales or revenue figures so that it can have long term effect in the customers.
Quality of products or services that is provided to the customers in tough time is the factor that helps to determine the future of the company.
Strategic marketing is focused on establishing a long-term relationship with its customer rather than selling the product for just once. Customer retention and developing a loyalty with the brand will ultimately help in boosting the revenue and profit of the organisation which ultimately makes the shareholders and other stakeholders happy.
Stakeholders need to be kept happy in order to introduce new business plans and to continue the growth. They often coincide with each other as major focus of marketing includes the strategic planning aspects of developing, pricing and distribution of product. However, corporate strategy is more concerned with profitability initiatives rather than the product or service development.
In general, corporate strategy defines the overall mission of the company. It guides a particular direction for the company in which it should be guided.
Corporate strategies are generally made at the strategic level of the company. As discussed earlier, corporate strategy is focused more on profitability. It includes creating structure for the organization, reducing the debt and gearing ratio of the organisation and improving the balance sheet of the company.
Similarly, corporate strategy deals with diversifying the product line, merger or major takeovers, introducing new technology in the company, diversifying the business, reduction of overhead cost and production cost and increase in the overall profit margin of the company.Surveillance Kills Freedom By Killing Experimentation.
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Marketing strategy: This is very important section in marketing plan that define the each and everything about the overall marketing strategies to achieve per defined objective.
This section focuses on all key aspects and marketing mix products, price, place, promotion, people, physical evidence and process. 4. Execution. Coming up with a strategy and actually helping a client implement that strategy are two completely different things.
But contrary to the narrative that consultants just tell companies what to do, without helping them do it, consulting firms have actually been aware of this for a long time. - Market Share Strategy Introduction Since , Apple Computers, Inc. has been a leader in the computer and technology industry.
From the advent of the Apple II to the iPhone, Apple is a company known for innovation, vision, and transformation within the field.