Every industry is struggling with such dilemma, however, it is something that every employee and manager should weigh carefully. Deciding whether you should hire a marketing agency or in-house marketers has the potential for scalable and predictable revenue growth.
Kolter et al. (1998) claimed that marketers must study its customer markets intently. In order to develop a long term relationship with buyers, marketers need to satisfy the arrangement on how much value both consumers and sellers can obtain from the relationship. There are two vital relationships influence the organizations which are customer relationship management and partner relationship management. Customer relationship management is a comprehensive process of establishing and maintaining profitable customer relationships by contributing advanced customer value and satisfaction.
The four alternatives in marketing strategies include market penetration, product development, market development, and diversification. These strategies can be used to ensure that the company employs the right tactics to stay relevant in a competitive industry as well as maximize its profits (Maria, Grandinetti, & Bernardo, 2012, p. 72). Firstly, market penetration involves methods that will enable a company to get its products into a market. It should be noted, that this is the lowest risk strategy. This may involve promotion of the product, creation of an extensive distribution process to reach a wider consumer area, and putting attractive pricing to lure more customers into purchasing the company’s products.
The marketer is expected to examine the other factors like franchising, sales methods, among other factors to allow the successful launch of the product. ii. Designing a Customer-Driven Marketing Strategy. After identifying the niche, the marketer should establish a unique strategy of marketing to allow him or her to reach the targeted audience with ease. Market segment analysis should be conducted by dividing the markets into various sub groups of customers to help in identifying the target markets.
Current client usage to be increased. Key points: Market penetration concentrates on selling the existing products into the current market so that higher market share can be achieved. There are 4 different ways to achieve this: market share of the current product and services to be maintained or increased; all the existing and new competitors to be driven out by restructuring the market; dominance of the growth markets to be secured; usage to be increased with the help of current customers. 30 Market development strategy A market development strategy helps to sell the existing products and services into the new market. In different ways this strategy can be achieved: New geographical markets New product dimensions or packaging New distribution channels New market segment created by different pricing Key points A market development strategy helps to sell the existing products and services into the new market.
It is important for the cereal to be positioned within the consumers’ mind and ideally distinctly for competitors and their offering. There are many benefits of segmentation Effective segmentation should result in greater consumer satisfaction and should allow the marketing firm to catch those submarkets with the greatest potential instead of placing all the efforts in the total market. Market segmentation makes the company more competitive as if you understand your target market members better than your competitors, your market position will improve, you will sell more, and your business will become more successful. It improves your market position by helping you to determine how well your products and services meet target market member’s needs compared to how well your competitors’ products and services meet those needs. This would offer protection from competitors as you would have a more distinct marketing
Managers refer to creative problem solving in order to improve productivity or organisational efficiency. As a personal trait, it is debated whether creative thinking can be learned. However, as a cognitive process, methods can be learned to change the thinking process. Thormann (2007) defines creative thinking as finding ideas, developing alternatives and making decisions by going beyond the routines and the usual. In her opinion, creative thinking can be learned by training creativity and learning about creative methods.
Manager leaders tend to rely on just one planning and performance-management approach. They quickly find that even the most advanced single methodology has limits. (Mckinsey 2018) Managing people can be just as challenging as managing technologies. Once the right organizational skillsets are in place you can provide your team with the tools, processes, and additional resources it needs to operate a successful measurement program. (Natasha Moonka) It's important because the marketing manager needs to ensure to organize the analytics function and manage the team Five actionable
This may be because it should be easier for companies to develop new products and/or new ventures within their current markets because of market-related knowledge, so companies that desire to enter new markets may find that current product-market knowledge and skills are not transferable to the new target market. Acquisitions also may have gained in popularity as a related or horizontal diversification strategy enabling rapid moves into related markets (or to expand market power) and as an unrelated diversification strategy. Also, acquisitions are the most frequently used means for companies to diversify their operations into international
CONCLUSION 3 4. REFERENCES 3-4 Page Break INTRODUCTION Segmentation: Market consist of buyers and buyers differ in one or more than one ways. They may differ in their wants, needs, location, buying attitude and buying practices. Each buyer is potentially a separate market. Ideally, then a seller might design a separate marketing program for each buyer.