Mgmt 449 Marketing Strategy Paper
Marketing Strategy
Randolph McMindes
Strategic Market Management (MGMT 449)
Embry Riddle Aeronautical University
Steve Jessup
February 20, 2014
Abstract
A marketing strategy stands as the foundation of an organizations success. It should be a dynamic and interactive process that if utilized effectively can allow an organization to focus its resources on the most obtainable opportunities. A good marketing strategy has several key components. These components all lead to accomplishing goals, increasing sales, and grasping a sustainable advantage over competitors. Marketing strategies includes basic and long-term goals in the field of marketing that deal with the analysis of consumers, competitors, and …show more content…
As defined by Mullins and Walker (2013), marketing is a social process involving the activities necessary to enable individuals and organizations to obtain what they need and want through exchanges with others and to develop ongoing exchange relationships (p. 5).
Marketing strategy relies moderately on information gained through the analysis of customers. Determining their needs and wants, how they will react to prices, how they will attach value to the product or service they purchase, and how to choose between brands to name a few. This information creates guidelines and reference points for managers to work with. The key to effective marketing is to be accurate and precise when analyzing customers, and this doesn’t come easy to marketing managers. The analysis of a customer has many distinctive characteristics. Some customers know what they want, while others may not know exactly what they want. Customer behavior and the entire thought process customers go through before making a purchase is a piece of the puzzle that marketers can sometimes not encrypt. Establishing a constructive means for understanding the needs and wants of a customer doesn’t always fare …show more content…
A target segment could be defined in a couple of different ways, but Mullins and Walker (2013) explain it as the distinct subsets of people with similar needs, circumstances, and characteristics that lead them to respond in a similar way to a particular product or service offering or to a particular strategic marketing program (p. 17). This wraps it up pretty well, if the services you provide for example is Palm tree trimming, you wouldn’t market to homes in Buffalo, NY, but instead market to San Diego, Ca. Mercedes Benz has been known as a high-end exclusive luxury car, that usually comes with a pretty unapproachable price tag, with some models ranging between 75-100k. Recently Mercedes Benz decided to utilize a different target segment that they have never done before. To the average adult person, marketing the all-new Mercedes Benz CLA with a price tag under 30k probably made them a little suspicious. They are targeting to the middle-class, instead of the upper. Mr. Peter M. De Lorenzo (2013) a journalist, and market strategy expert explains, The Mercedes-Benz USA brain trust led by Steve Cannon earnestly believes that the buyers being lured in by the enticingly low sticker price of the CLA will stick with the brand and eventually become Mercedes
Randolph McMindes
Strategic Market Management (MGMT 449)
Embry Riddle Aeronautical University
Steve Jessup
February 20, 2014
Abstract
A marketing strategy stands as the foundation of an organizations success. It should be a dynamic and interactive process that if utilized effectively can allow an organization to focus its resources on the most obtainable opportunities. A good marketing strategy has several key components. These components all lead to accomplishing goals, increasing sales, and grasping a sustainable advantage over competitors. Marketing strategies includes basic and long-term goals in the field of marketing that deal with the analysis of consumers, competitors, and …show more content…
As defined by Mullins and Walker (2013), marketing is a social process involving the activities necessary to enable individuals and organizations to obtain what they need and want through exchanges with others and to develop ongoing exchange relationships (p. 5).
Marketing strategy relies moderately on information gained through the analysis of customers. Determining their needs and wants, how they will react to prices, how they will attach value to the product or service they purchase, and how to choose between brands to name a few. This information creates guidelines and reference points for managers to work with. The key to effective marketing is to be accurate and precise when analyzing customers, and this doesn’t come easy to marketing managers. The analysis of a customer has many distinctive characteristics. Some customers know what they want, while others may not know exactly what they want. Customer behavior and the entire thought process customers go through before making a purchase is a piece of the puzzle that marketers can sometimes not encrypt. Establishing a constructive means for understanding the needs and wants of a customer doesn’t always fare …show more content…
A target segment could be defined in a couple of different ways, but Mullins and Walker (2013) explain it as the distinct subsets of people with similar needs, circumstances, and characteristics that lead them to respond in a similar way to a particular product or service offering or to a particular strategic marketing program (p. 17). This wraps it up pretty well, if the services you provide for example is Palm tree trimming, you wouldn’t market to homes in Buffalo, NY, but instead market to San Diego, Ca. Mercedes Benz has been known as a high-end exclusive luxury car, that usually comes with a pretty unapproachable price tag, with some models ranging between 75-100k. Recently Mercedes Benz decided to utilize a different target segment that they have never done before. To the average adult person, marketing the all-new Mercedes Benz CLA with a price tag under 30k probably made them a little suspicious. They are targeting to the middle-class, instead of the upper. Mr. Peter M. De Lorenzo (2013) a journalist, and market strategy expert explains, The Mercedes-Benz USA brain trust led by Steve Cannon earnestly believes that the buyers being lured in by the enticingly low sticker price of the CLA will stick with the brand and eventually become Mercedes