What reason for Marketing strategy involve in Marketing management?

Question

What reason for Marketing strategy involve in Marketing management?

Answer 1

Marketing strategy involve in Marketing management : -

Once the company has obtained an adequate understanding of the customer base and its own competitive position in the industry, marketing managers are able to make key strategic decisions and develop a marketing strategy designed to maximize the revenues and profits of the firm. The selected strategy may aim for any of a variety of specific objectives, including optimizing short-term unit margins, revenue growth, market share, long-term profitability, or other goals.

To achieve the desired objectives, marketers typically identify one or more target customer segments which they intend to pursue. Customer segments are often selected as targets because they score highly on two dimensions:

1) The segment is attractive to serve because it is large, growing, makes frequent purchases, is not price sensitive (i.e. is willing to pay high prices), or other factors; and

2) The company has the resources and capabilities to compete for the segment's business, can meet their needs better than the competition, and can do so profitably. In fact, a commonly cited definition of marketing is simply "meeting needs profitably."

The implication of selecting target segments is that the business will subsequently allocate more resources to acquire and retain customers in the target segment(s) than it will for other, non-targeted customers. In some cases, the firm may go so far as to turn away customers that are not in its target segment. The doorman at a swanky nightclub, for example, may deny entry to unfashionably dressed individuals because the business has made a strategic decision to target the "high fashion" segment of nightclub patrons.

In conjunction with targeting decisions, marketing managers will identify the desired positioning they want the company, product, or brand to occupy in the target customer's mind. This positioning is often an encapsulation of a key benefit the company's product or service offers that is differentiated and superior to the benefits offered by competitive products. For example, Volvo has traditionally positioned its products in the automobile market in North America in order to be perceived as the leader in "safety", whereas BMW has traditionally positioned its brand to be perceived as the leader in "performance."

Ideally, a firm's positioning can be maintained over a long period of time because the company possesses, or can develop, some form of sustainable competitive advantage. The positioning should also be sufficiently relevant to the target segment such that it will drive the purchasing behavior of target customers

Marketing Management defines a category of software used by marketing organizations to manage their end-to-end process from gathering and analyzing customer data across websites and other channels, to planning, budgeting and managing the creative production process, to executing targeted customer communications to measuring results and effectiveness. EMM is a superset of other marketing software categories such as Web Analytics, Campaign Management, Marketing Resource Management, Marketing Dashboards, Lead Management, Event-driven Marketing, Predictive Modeling and more. The goal of deploying and using EMM is to improve both the efficiency and effectiveness of marketing by increasing revenue generation, decreasing costs and waste, and reducing time to market. The benefit of using an EMM suite rather than a variety of point solutions is improved collaboration, efficiency and visibility across the entire marketing function, as well as reduced total cost of ownership. When used as an integrated suite, the solutions help to deliver a marketing system of record critical to delivering an integrated customer experience, resource optimization, and improved decision-making.