Strategic marketing
Discuss About The Marketing Composed Entirely Different Aspects.
In an environment as competitive as it is today, it is necessary that the marketing professional not only deals with the operational part of marketing but also should be concerned with working the strategic part of the marketing of the company. iPhone strategy has its eyes on increasing its brand visibility while increasing the volumes in sales. We cannot create goods and services to later try to sell them. This vision has long since stopped working. Now we must analyze what customers need to then create products or services focused on meeting the detected needs (Armstrong & Brennan, 2015).
The strategic marketing is a methodology of analysis and market knowledge, with the aim of detecting opportunities that help the company to satisfy the needs of consumers in a more optimal and efficient way, than the rest of competitors. The objective of strategic marketing is to satisfy unmet needs that provide profitable economic opportunities for the phone company (Jaworski, 2018). The marketing professional when working the strategic part of marketing, should discover new markets to which to go, analyze the attractiveness of these markets, evaluate the life cycle of the products with which you will work, study your competitors and also have You find a competitive advantage lasting in time and of course difficult to imitate by the competition.
The global brand for Apple has created a wide market for its products. iPhone 7 targets especially the youth and the swaggy in the society. It is the best brand worldwide and therefore target people who are interested in quality and durable products.
The strategic dimension of marketing is part of the overall strategy of the company, as well as being a fundamental part of any marketing plan (Menon & Edison, 2015).. Before formulating the marketing strategy of the company we have to have a solid base of work and obtain information through research and market studies, to be clear about where we are and where we want to be thanks to the exercise of establishing or revising the mission, vision, and values ??of the company, analyze our strengths and our weak points, in addition to the threats and opportunities of the market, all with the well-known strategic tool matrix (Chaffey & Ellis-Chadwick, 2016). .
It is necessary to obtain information and perform a thorough analysis of the situation to subsequently establish our strategies in an effective manner. The main functions of strategic marketing for iPhone 7 are:
Target market
Analyze new consumer habits and trends.
Study the competitors.
Observe the evolution of demand.
Detect new customer needs
Study market opportunities and threats.
Create a sustainable competitive advantage
Study our capabilities to adapt the company to the market.
Define the marketing strategy that allows achieving the objectives that the company has set.
On the other hand, below you can see the main marketing strategies that work in the strategic part of marketing a phone company such as apple and iphone7.
Tools such as the BGC matrix allow us to make strategic decisions about our product portfolio, especially those related to the potential and profitability of the products (Jaiswal & Gupta, 2015).
The brand positioning strategy helps us to work the place we occupy in the mind of the consumer with respect to our competition. In addition, this strategy works: how to add value to consumers, our current positioning and that of our competitors, or the positioning to which we aspire and its viability (Godey & Singh, 2016)..
Within strategic marketing, the market segmentation strategy divides the market into groups with similar characteristics and needs in order to offer a differentiated offer tailored to each of the target groups. This strategy also helps us discover new markets and adapt our offer to this target group.
The functional strategy will help us to make the necessary strategic decisions about the 4P of the Marketing Mix: product, price, communication, and distribution. The 4P will have to work coherently with each other.
The Ansoff Matrix is ??the tool perfect to determine the strategic direction of growth of a company. It will help us make a decision on which is the best option to follow: market penetration strategy, new product development strategy, new markets development strategy or diversification strategy.
If the company has set loyalty and customer development goals, it is necessary to work on relationship marketing and customer relationship management strategies. These will help improve the customer experience and create more lasting and profitable relationships with our customers. Once we have made all the relevant strategic decisions, and have defined our marketing strategy (strategic marketing), we can begin to work on our marketing actions (operational marketing). It is absolutely necessary to know what strategic direction we are going to follow, what products we are going to work, in which markets we are going to operate, which segments we are going to address, what apple brand strategy we are going to follow, which price scale we are going to define, which distribution we are going to choose, which will be our tone of communication, etc. Only after working all these aspects, if we want our marketing to be effective and efficient, we have to carry out the marketing actions of our organization; as for example the launching of a certain phone apple brand, the improvement of a service, launching an advertising campaign or opening a new market among others (Hofacker & Sultan,2016).
Functions of Strategic Marketing
Two of the main factors that affected the industry were aspects related to new customer buying habits. and the emergence of low cost and high quality Asian phones (Japan and Hong Kong), becoming a commercial success. The Swiss manufacturers worried about the loss of market share, analyzed what was happening in the watch market and which were the expectations of the customers. Thanks to strategic marketing they created a new marketing strategy to adapt it to a new need they had detected. marketing_strategic_swatch Asian digital phones were low cost but had a careless design, all black, dark and all resembled each other. The new marketing strategy would consist in continuing with the brands of luxury and quality phones so deeply rooted in Switzerland. But on the other hand they would follow a strategy of launching new products to compete with oriental phones. These new Swiss phones would have an affordable price and would have innovative designs, attractive and bright colors to compete with the sad image of Asian phones. As we have seen, any company, regardless of its size, needs to work on its strategic marketing to increase its business competitiveness (House & Street, 2016). Many companies focus on working short-term operational marketing without first defining a strategic vision through strategic marketing, and this is a big mistake. In marketing, if we want to be effective in the short term, it is a sine qua non condition to work our strategy
The program, as a rule, briefly describes the goals for which the activities of the program are oriented. Therefore, the program is a set of certain activities that should be carried out by marketing and other services of the organization to achieve the goals of the marketing plan. Marketing budget – this section reflects the projected amounts of revenues, profits and costs.
In considering the size of the income from the forecast position for sales and prices. The costs are determined in the form of a sum of production costs, marketing, and commodity circulation. At the same time, marketing costs are to be detailed in this budget in detail. Section “Control” – it reflects the methods and procedures for monitoring that are required when assessing the level of success of the plan. To this end, the criteria (standards) are established, on the basis of which the progress of marketing plans is measured (Jaworski, 2018).
Brand awareness, Growth, Image. How could you measure these? Examples are:
Main Strategic Marketing Strategies
Brand awareness— a percentage of the target market that is aware of the brand;
Growth— the annual increase in sales ($); and
Objectives are measurable and time specific. Hence, for a three-year marketing strategy you may have for the Brand awareness goal the following objectives for the end of each year:
Year 1—15%;
Year 2—30%; and
Year3—60%.
The following table, in this format, MUST be a part of your report.
Apple is a big brand and has an elaborate marketing strategy which is also same as Samsung phone companies. Alternative strategies are developed that are aimed at achieving marketing goals. Details of these strategies in relation to the elements of the marketing complex. Marketing actions with a low budget: examples Forming strategies in the field of pricing can be as follows: setting the price of products according to the market position; different pricing policies, depending on the markets; the development of price policy, given the pricing policies of its competitors. In the field of product promotion, strategies that characterize communications with consumers, means, and methods of organizing sales force actions in new markets can be noted. The strategy for delivering the product to consumers includes the channels used to bring the product to the consumer; the level of after-sales service of buyers; activities aimed at achieving delivery costs; sale in small lots or in bulk (Kimmel, 2018). Once these marketing planning stages have been completed, you need to reassure yourself that you can achieve your goals and strategies by using different evaluation criteria, including sales, market share, resource costs, profit margins, and other estimates of planned results and opportunities to achieve them. A set of marketing strategies, goals and activities to achieve is a strategic marketing plan, which in the next planning stage should be brought to the working planning documents. Therefore, it is necessary to carry out operational scheduling. At the stage of operational planning or the development of detailed action plans, the marketing strategies should be specified in detailed plans, programs in the context of each of the four elements of the marketing complex. It is about the development of action plans for each division of the organization aimed at achieving the decree.
Based on selected strategies, It is necessary to keep the answer in the questions to them – what, who, where and when, how and at the expense of what resources should they do to implement marketing programs and plans. As a rule, there is also a development of written instructions for drawing up action plans, which are accompanied by forms and samples of filling. The marketing budget is being developed. Its compilation helps in correctly identifying priorities between strategies and marketing goals, in deciding how to allocate resources, and in implementing effective control (Lantos, 2015). The budget is usually developed using the “profit-based planning” approach. In this case, the marketing budget is developed in the following sequence: prediction estimates of market capacity, market share, price, sales revenue, variable and fixed costs are determined; Calculates gross profit covering all costs, including marketing costs, and ensuring the receipt of the target value of the target profit. Then, from the gross profit, variables and fixed costs are deducted, as well as the value of the target profit. In this way, marketing costs are determined (Olson & Olso,2018).. They are detailed on the individual elements of the marketing mix. Marketing and sales: how to establish effective cooperation Counting the budget always raises problems in marketing of apple phones (Olson & Olson,2018).
Marketing budget objectives
Determining the size of the marketing budget is a matter of strategic planning in the work of the company. Consequently, the budget includes not only an estimate of the costs of promotion and advertising but also costs for market research, development of external brand attributes, customer relationship management, channel identification, BTL and other related activities. It should be taken into account that marketing planning is intended to determine the position of the organization at the moment, directions of activity, means of achieving the set goals. The marketing plan is the central one from the perspective of doing business to generate a certain income. It is the basis for all other activities of the organization.
The most effective and simple option is to put yourself in the place of a potential buyer or client, discarding your habits and attachments, stopping using stamps and templates. How the marketing plan is monitored to monitor the operation of the enterprise as a whole, it is necessary to develop a multi-level procedure for management calculation, with the formulation of a development strategy supported by a set of tactical measures (Menon & Edison, 2015).. It is the solution to the last task in the activities of marketing and commercial services focused marketing plan. The head provides control over the results in the activities of his subordinate units: according to the criteria in the marketing plan; on indicators of management accounting; on the effectiveness of the unit. Analysis of the implementation of the marketing plan also implies a comparison of the actual development of the situation and the planned or expected indicators for the reporting period. If the real state is recognized as unsatisfactory, it is necessary to make appropriate changes. Sometimes it is necessary to review the corresponding plans because of the influence of uncontrolled factors. Analysis of the marketing plan can be carried out by 3 methods: Analysis of marketing costs; Analysis of implementation; Marketing Audit. As part of the analysis of marketing costs, the effectiveness of various marketing factors is evaluated. It is necessary to find out what costs are effective and which are not, and make the necessary adjustments. Analysis of the results of marketing activities is a detailed study of sales results to assess the correctness of a particular strategy. A marketing audit is a systematic objective and critical assessment, review of the main goals and policies of the marketing functions of the organization when implementing this policy, with the achievement of the set goals.
Since there is a lot of competition on the market, it is at marketing events that companies should make the main accent. In connection with this, the development of a marketing plan is a top priority for enterprises. Accordingly, it is this document that is most important in comparison with others for a number of reasons:
Marketing solutions are a priority because they determine on the basis of which products or services it is better to specialize in the future, at what price to promote their products in the market where to conduct trading activities territorially, what kind of advertising campaigns to conduct.
The data reflected in the marketing plan affects other parameters (from questions related to pricing, which determine when developing a plan, financial indicators depend, in accordance with the decision to release a new product, a production plan is being built).
In addition, the main function of any enterprise – to connect the wishes of the buyer and business opportunities, for which marketing is responsible. Therefore, the definition of the company’s mission, the implementation of SWOT analysis, setting common goals and developing a development strategy also turn into a marketing task. Of course, before you start developing a marketing plan, you want to determine exactly what kind of benefit the document will bring to your business.
To increase the marketing growth of iPhone 7, the company has to increase the sales by developing smarter moves, looking at the psychology of consumers and developing the marketing strategy from development to analysis stage. The marketing plan is relevant to compare with the map thanks to it you can understand where the company is now, where it is heading, how it plans to achieve its goals.
In order to clearly define the need for a marketing plan, we briefly describe the difficulties that arise in a company where this document is not available. Here we will consider the results that the firm receives after the formation of the marketing plan. There are several factors that have to be considered by Apple in marketing iPhone 7. They include;
- The problems caused by the lack of a marketing plan
- Results of the marketing plan development
The company has several options for development, but it is not decided in which of them it is better to invest money.A list of attractive directions of development is defined, unattractive ones are rejected. It is not known which buyers should be targeted first and a group of target consumers was defined and their description was obtained. It is not known what kinds of products should be developed, which ones to improve, which ones to refuse.
Developing a strategic marketing plan is an important procedure for an enterprise. A plan of this type is designed for a period of more than three years. There is also a tactical plan with a validity of fewer than three years, as well as an operational one – up to one month.
As a result, the focus of the marketing plan will be on the advantages of your company (since you will know exactly what your customers prefer specifically). Moreover, by identifying your weaknesses, you will correct existing shortcomings and improve your activities. (Lantos, 2015)
Conclusion
For effective marketing strategy of iPhone 7 against its main competitor Samsung S9+, one should not forget about the expected costs, current and projected market trends, which may appear in the near future. Consider in which regions your activities could be most successful, which demographic groups should be targeted, and also pay attention to competitors working in the same territories.
The development of a marketing plan also involves the appointment of persons responsible for certain areas of activity and development of your enterprise. Determine which specialists of the company will better cope with the solution of marketing problems, and set the terms of their responsibilities. Also, you should think about which evaluation system of the results of these professionals should be applied in the enterprise.
References
Armstrong, G., Kotler, P., Harker, M., & Brennan, R. (2015). Marketing: an introduction. Pearson Education.
Baker, M. J. (2014). Marketing strategy and management. Palgrave Macmillan.
Cantallops, A. S., & Salvi, F. (2014). New consumer behavior: A review of research on eWOM and hotels. International Journal of Hospitality Management, 36, 41-51.
Chaffey, D., & Ellis-Chadwick, F. (2016). Digital marketing. Prentice Hall.
Godey, B., Manthiou, A., Pederzoli, D., Rokka, J., Aiello, G., Donvito, R., & Singh, R. (2016). Social media marketing efforts of luxury brands: Influence on brand equity and consumer behavior. Journal of business research, 69(12), 5833-5841.
Hofacker, C. F., Malthouse, E. C., & Sultan, F. (2016). Big data and consumer behavior: Imminent opportunities. Journal of Consumer Marketing, 33(2), 89-97.
House, R., & Street, L. R. (2016). CULTURAL MARKETING STRATEGY.
Hult, G. T. M., & Ketchen, D. J. (2017). Disruptive marketing strategy. AMS Review, 7(1-2), 20-25.
Jaiswal, A. K., & Gupta, S. (2015). The influence of marketing on consumption behavior at the bottom of the pyramid. Journal of Consumer Marketing, 32(2), 113-124.
Jaworski, B. J. (2018). Commentary: Advancing marketing strategy in the marketing discipline and beyond. Journal of Marketing Management, 34(1-2), 63-70.
Kimmel, A. J. (2018). Psychological Foundations of Marketing: The Keys to Consumer Behavior. Routledge.
Lantos, G. P. (2015). Consumer behavior in action: Real-life applications for marketing managers. Routledge.
Menon, A., Bharadwaj, S. G., Adidam, P. T., & Edison, S. W. (2015). Effective Marketing Strategy-Making: Antecedents and Consequences. In Proceedings of the 1997 Academy of Marketing Science (AMS) Annual Conference (pp. 224-224). Springer, Cham.
Olson, E. M., Slater, S. F., Hult, G. T. M., & Olson, K. M. (2018). The application of human resource management policies within the marketing organization: The impact on business and marketing strategy implementation. Industrial Marketing Management, 69, 62-73.
Tomczak, T., Reinecke, S., & Kuss, A. (2018). Introduction. In Strategic Marketing (pp. 1-18). Springer Gabler, Wiesbaden.
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