Broad marketing strategy

Business and Marketing Strategy of Microsoft Bill Gates and Paul Allen grew up together, as childhood friends; both shared the same passion for computer programing. They wanted to be successful, and create a completely new world with their skills. As many of you already know, Microsoft Corporation is a multinational company, with its headquarters in Redmond, Washington, United States of America. They develop and manufacture an extensive range of products.

Broad marketing strategy

Broad marketing strategy

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.

The Chartered Institute of Marketing defines marketing as "the management process responsible for identifying, anticipating and satisfying customer requirements profitably.

However, because the academic study of marketing makes extensive use of social sciencespsychologysociologymathematicseconomicsanthropology and neurosciencethe profession is now widely recognized as a science, [8] [ not in citation given ]allowing numerous universities to offer Master-of-Science MSc programs.

Concept[ edit ] The 'marketing concept' proposes that in order to satisfy the organizational objectives, an organization should anticipate the needs and wants of potential consumers and satisfy them more effectively than its competitors.

Given the centrality of customer needs and wants in marketing, a rich understanding of these concepts is essential: Something necessary for people to live a healthy, stable and safe life.

When needs remain unfulfilled, there is a clear adverse outcome: Needs can be objective and physical, such as the need for food, water, and shelter; or subjective and psychological, such as the need to belong to a family or social group and the need for self-esteem.

Something that is desired, wished Broad marketing strategy or aspired to. Wants are not essential for basic survival and are often shaped Broad marketing strategy culture or peer-groups. When needs and wants are backed by the ability to paythey have the potential to become economic demands.

Marketing research, conducted for the purpose of new product development or product improvement, is often concerned with identifying the consumer's unmet needs. A product orientation is based on the assumption that, all things being equal, consumers will purchase products of a superior quality.

The approach is most effective when the firm has deep insights into customers and their needs and desires derived from research and or intuition and understands consumers' quality expectations and price they are willing to pay.

For example, Sony Walkman and Apple iPod were innovative product designs that addressed consumers' unmet needs. Although the product orientation has largely been supplanted by the marketing orientation, firms practising a product orientation can still be found in haute couture and in arts marketing.

Consequently, this entails simply selling existing products, using promotion and direct sales techniques to attain the highest sales possible. A meta analyses [28] has found that the factors with the greatest impact on sales performance are a salesperson's sales related knowledge knowledge of market segments, sales presentation skills, conflict resolution, and productsdegree of adaptiveness changing behaviour based on the aforementioned knowledgerole clarity salesperson's role is to expressly to sellcognitive aptitude intelligence and work engagement motivation and interest in a sales role.

A production orientation may be deployed when a high demand for a product or service exists, coupled with certainty that consumer tastes and preferences remain relatively constant similar to the sales orientation.

The so-called production era is thought to have dominated marketing practice from the s to the s, but other theorists argue that evidence of the production orientation can still be found in some companies or industries.

Specifically Kotler and Armstrong note that the production philosophy is "one of the oldest philosophies that guides sellers Market orientation The marketing orientation is perhaps the most common orientation used in contemporary marketing. It is a customer-centric approach that involves a firm basing its marketing program around products that suit new consumer tastes.

Broad marketing strategy

A firm in the market economy can survive by producing goods that persons are willing and able to buy. Consequently, ascertaining consumer demand is vital for a firm 's future viability and even existence as a going concern.

In this sense, a firm's marketing department is often seen as of prime importance within the functional level of an organization. Information from an organization's marketing department would be used to guide the actions of other department's within the firm.

As an example, a marketing department could ascertain via marketing research that consumers desired a new type of product, or a new usage for an existing product. The production department would then start to manufacture the product, while the marketing department would focus on the promotion, distribution, pricing, etc.

Additionally, a firm's finance department would be consulted, with respect to securing appropriate funding for the development, production and promotion of the product.

How to Create a Social Media Marketing Strategy in 8 Easy Steps

Inter-departmental conflicts may occur, should a firm adhere to the marketing orientation. Production may oppose the installation, support and servicing of new capital stock, which may be needed to manufacture a new product. Finance may oppose the required capital expenditure, since it could undermine a healthy cash flow for the organization.

As no-one has to buy goods from any one supplier in the market economy, firms must entice consumers to buy goods with contemporary marketing ideals.

Societal marketing A number of scholars and practitioners have argued that marketers have a greater social responsibility than simply satisfying customers and providing them with superior value.Direct Marketing: Strategy, Planning, Execution [Edward L.

Nash] on schwenkreis.com *FREE* shipping on qualifying offers. The master strategist of direct marketing has enhanced his classic reference with a wealth of proven direct mail strategies for the Internet age. This eagerly awaited edition adds in-depth information on profitable use of the Web for direct response sales.

The MS in Management, Strategy and Leadership is designed for passionate, hardworking, team-oriented professionals looking to maximize their potential in managing people and leading organizations.

Marketing Strategy. The marketing concept of building an organization around the profitable satisfaction of customer needs has helped firms to achieve success in high-growth, moderately competitive markets.

marketing strategy is one of the most important part in making your business plan. It involves the sales tactics of your business, the advertising and promotion of products or services you offer to the market, and through marketing strategy you will be able to know the best distribution channel for your business.

Business Strategy/Marketing Plans and Strategies - Wikibooks, open books for an open world

Broad differentiation is a strategy that is applied across an industry, appealing to a broad range of shoppers. It's a strategy that works better . "Marketing as Strategy provides top executives with an excellent holistic framework, based on proven solid theory, of how to navigate in today's fragmented, fast-moving, and digitized marketplace.

Marketing strategy - Wikipedia