Marketing Strategies: Summary
A thorough study on marketing function has informed my understanding that mangers need to turn marketing information into customer insights by first carrying out marketing research on their needs. I have leant that understanding customer motivation behind their behavior will help in identifying their needs and this forms the right basis carrying out segmentation of the market. Further study has shown me that human connection between a brand and customer relates to almost all personal decisions made.
The marketing function has made me learn that having a solid business model is the initial step of marketing strategy. I view that a good business model enables a firm to flexible towards target market by adapting internally and forging alliances. An effective business model direct marketing strategies towards attaining present and future competitiveness for a sustained or growing market share across all market segments identified. I think that is such a model, strategies and customer value must be addressed so as it can be more generic than a marketing strategy. I view a combination of competitive market strategy analysis with business model as requiring market segmentation and developing value proposition for all segments.
In discussing pricing and its role in marketing, I would convince marketers that it is not the least element but the major component in profit generation for the overall market. As a business man, I must set prices after considering the price at which processing cost and goods acquisition are taken care of. Strategic pricing forms the major element for business success since it determines whether will return or not. Given that strategic comes in different ways I would , as a business partner , consider comprehensive pricing as it consist of various aspects that allows for profit increment or reduction over time.
I perceive that different companies provides different brands and the company should develop strategies that appeal to customers. Most customers will be attracted to a brand that will offer very distinct features as compared to similar brands in the market and thus will consider buying it. I think that it is important for a brand to form oneness in people across the world. By becoming part of the people’s culture, brand encourages consumer choices and increases the marketing practices between customers and manufactures. Brands may however affect our culture especially due to pictures trending on social media.
The reputation of a company and its brand takes time and effort to build but it can be destroyed instantly. There is a need for organizations to ensure that the image is properly management especially through proactively managing their social media. A reputation does not get lost due to a crisis but the manner in which a firm communicates and manages it. It is important o have a plan that can be used in reputation management by use of social media after a crisis
