Task 1: Importance of Mission Statement in Marketing
The marketing process is one of the key elements of the business management of a company. The plans and the strategies of marketing are the key to the success of a business organization. The concept of marketing involves all the promotion activities that helps in the process of improving the sales and increase the profit level of the company. With the help of the marketing and promotion activities, it is possible for a company to communicate to the people and also share the detail description of the products and services they are providing (Hollensen 2015).
The ideas that are shared within the marketing activities depend on the strategies that are set by a business organization. According to Kotler et al. (2015), the marketing tools help a company to attract the customers during the time of new product launch and also in the process of retaining the customers. The strategies that are used in the marketing depend on the types of products or services that are sold by the company.
The current study focuses on providing the basic ideas related to marketing and also upon the different theories that are being used in different phases of marketing.
1.1 Importance of Marketing
It is the duty of the marketing manager of a company to prepare a well-researched promotional plan and also ensure that all the employees understand the importance of the marketing plan. All the employees of an organization also need to have clear idea about the plan that is being implied in order to promote the sales.
Proper marketing plan is at the heart of all types of business plan and it is also believed to be the key for the success of all types reputed business organization. All the activities related to advertising, public relation, sales and promotion all comes under the domain of marketing (Weinstein and Pohlman 2015). It is essential to have every company to have a definite mission that needs to be fulfilled within a given period of time. Every reputed business brands have a definite mission statement that helps to raise the level of brand awareness among the people. The strategy of the marketing plan or the mission aims to fulfill the long-term vision of a company. All the business organization needs to have a definite purpose. This helps to define the reason for the existence of the business. In most cases the purpose of the business is to increase the wealth for share holders and also to satisfy the needs of the customers.
Task 2: Building Strategy for Marketing
Later it is the strategy along with scope of the strategy, which helps to fulfill the aim of the mission statement. The most important part of the business is to offer high products and service to its customers. The mission of a company also includes the geographic area, where a company wants to expand their business domain and also depends on the types of products they want to sale in the market. The mission statement also depends on the sector, in which a company is aiming to do their business. For example the Microsoft Corporation, which is the leading software company in the world, has mission statement of enabling people and business throughout the world and to realize their full potential. On this note the company has able to deliver developed software that has able to deliver world class performance in the department if information technology. Amazon, which is one of the leading e-commerce business platforms, has the mission to be Earth’s most customer centric company, where all the customers can discover all types of products that they want to buy from the online sites with the best available price. Forbes is regarded as one the popular media brands, whose mission is to deliver correct and quality information to the people that can help to change the life of the people and also affect their decision making capability.
The strategies that made for the marketing and promotional activities depend on the mission of the company. It is only through effective marketing strategies that help all the major business brands all over the globe to fulfill their mission. It also helps the workers of the company, by providing them with high level of motivation and also helps the company to gain competition advantage within the market.
Stage 1: Analysis
It is essential for every business organization to analyze the market before they make up the marketing strategies (Chernev 2014). There are various marketing tools that are used by business organization to analyze the market before the launch a new product. Perfect analysis of the external environment of the market is one of the key to gain success and gain competitive advantage in the market. The PESTEL analysis is one of the key marketing tools that help to determine the external environment of a market (Meffert 2013). This tool helps to analyze the political economic social technological environmental and legal aspects of a market.
Tools and Techniques for Market Analysis
1.2) Tools and Techniques for analysis
The growth and decline of business in a market can be determined with the elements of this tool. The political environment of a market helps to decide the policies made by the government for doing business in an area. On the other hand, economic factors help to decide the interest rate inflation per capita income of the people in an area. The sales and the demand rate of a product or service in an area depend on the social culture and lifestyle of the people (Peñaloza et al. 2013). For example people in the people living in the in urban areas will have the habit of having fast food rather than the people living in the rural areas.
1.3) Tools of market analysis that can be used in particular situation
In the recent days, the use of technology is one of the essential parts in all types of business process, which helps top deal with all types of campaign and promotional activities. With the increased popularity of the digital marketing it is crucial to have well-developed technological infrastructure to gain the advantage and seek the attention of all potential customers. It is also the marketing duties of all the business organizations to ensure that the business strategies do not affect the local environment of an area. The legal aspect of an area is also one of the important parts of the business. All the companies have to consider the legal aspects of the market. This will help them to ensure that the marketing strategies they prepare do not interfere in the laws made by the local authority.
It is also important for a company to analyze the internal environment, which helps to understand the potential that of an organization. Menon et al. (2015), have mentioned about the importance of SWOT analysis, which is the key tool to access the internal environment of a company and that helps in the case of deciding upon the marketing strategies. With the help of the SWOT analysis tool, it is possible a company to decide identify the internal strength and weakness along with the opportunity that they can get and also access the threats that exists in the market.
For an old and popular business the reputation of the brand can be considered to be one of the biggest strength. For example if a world class company like the Microsoft Corporation is planning to launch new products other than software, they can use the high brand value of the company in the marketing activities and also to seek attention of all potential customers. On the other hand, for a new company or startups, the biggest weakness is the lack of awareness among the public, which will not allow them in the process of business opportunity. It is also the duty of the marketing managers to ensure that they make the most of the business opportunity that is there in a consumer market. For example, in the present days, with the advancement of easily available technology the market for electronic products has good potential of as people of all class are totally dependent on electronic gadgets. This opportunity can be used by all reputed electronic companies. On the other hand, with the rise of tough level of competition and also entry of new entrants in the market with innovative style of products, it is essential for all reputed companies to change their marketing strategies accordingly. For example, as the use and the demand of smart phones among all class of people have drastically increased in the present days, many new companies are entering this segment of the consumer market with new and innovative styles of products. This is a major threat to all the reputed and old smart phone manufactures like Apple Inc and Samsung as the new brands are providing the high quality products at much lower price. Moreover, the aggressive styles of marketing that are used by these companies are also one of the major reasons of concern for the old companies.
PESTEL Analysis
1.4) Role of Market research in business
With the help of marketing research and the data that are collected for a given area, it is possible for all companies to deal with the marketing. With the help of the marketing data that is available, it is possible for the marketing managers of a company to make important decisions related to promotional activities. The tools of internal and external assessment can be used for this purpose can also be used for this purpose and thereby the plans and strategies related to marketing can be implemented (Baker 2014).
2.1) Relation between marketing analysis and strategy
With the data and information that is obtained from the business analysis, the plan of the business can be made. The marketing plan contains the blue print and documents that are used as a guideline for all promotion and market campaign activities. The marketing plan must include all the strategies that will help to raise the brand awareness of the company among the potential buyers.
2.2) Competitors impact on marketing strategy
The marketing plan is one of the most important business activities that help a company to deal making profit with the sale of a newly launched product. During the launch of iPhone the Apple Inc had to adopt an innovative style of marketing plan that has helped the company to target the potential customers. With the help of the marketing analysis, the Apple Inc was able to seek the attention of all potential customers. With the rise of demand of electronic cell phones among people of all class, the company had made the plans that have enabled them to penetrate the market of smart phones. The use of marketing mix with the 4Ps of marketing is used by the Apple Inc to implement the marketing plan.
2.3) Relation between market growth and strategy
The product that is launched by a company is the first element of the marketing mix (Vinerean et al. 2013). In case of Apple, the iPhone is the product that is launched in the market. It is also essential for a company to decide the price of a product depending upon the target group of people and also upon the quality of products that is being used (Sheth and Sisodia 2015). As iPhone that is launched by Apple is of premium quality and aimed mainly for the richer section of the people of the society, it is important for Apple to keep the price at the higher side as keeping low price can compromise on the quality of the products and also upon the premium quality of the product that is being obtained. The place is also an important element, which helps to decide the location of that a company is planning to launch its products. In case of Apple, the place of the location of launch is mainly in the United States and the European Market. The company has also major place of operation in the Asian market.
SWOT Analysis
2.4) Sustainable competitive advantage
The promotional activities of Apple are done mainly through electronic and print media. They also funds and organize various public events in order to increase their popularity in the market and also raise the level of brand awareness.
2.5) Factors that influence customers’ choice
The 4Ps of marketing mix is one of the major tools used by the Apple Company to directly influence the public. The factors of this tool that is a major part of the marketing plan will also helps to decide the choice made by the customers. For example the price of the newly launched iPhone will help to decide upon the customers, who will make the choice of purchasing the product. Hence, the price and product quality are two of the most important factors that decide upon the decision of the buyers (Yeoh et al. 2013).
3.1) Difference between market segment and product differentiation
According to Lacey (2015), the product differentiation and market segmentation are two of the most important part of the marketing strategy planning. The product differentiation helps to define the description of the product that is used in the marketing planning activities. All the detail description of the products and service that is provided by a company helps to attract the potential customers. On the other hand with the help of marketing segmentation, the company can break down or classify all target customers using various parameters that ensure that they are able to reach to every potential customer with the help of their marketing plan (Štefko et al. 2015).
3.2) Different targeting approach
In order to gain distinction from other rival companies, who are selling the same kind of products in the market and also to gain competitive advantage, every company needs to implement unique and innovative style of marketing activities that help them to develop the brand awareness among the public. The unique logo and the tagline that are used all brands help them to differentiate from all other similar brands and also allow them to occupy a definite position within the market. The company can also provide unique attractive offers in order to gain the attraction of the buyers. Companies can provide money back guarantee for defective products and also have efficient customer care department that aims to resolve all the queries and issues faced by customers before and after a product is being sold. It is easy for large scale and reputed companies to easily differentiate their products. On the other hand, for small scale business they need to use aggressive style of marketing for making differentiation of the marketing products.
3.3) Process and function of positioning
Market segmentation helps the companies to target the customers mainly on the basis of parameters like geography, demography, psycography and behavior of the customers. With the help of market segmentation, it is possible for the companies to position themselves in the market. Many marketing experts use the STP approach, where at the beginning the segmentation of the market is done and then the marketing plans are made based on the target group of customer and finally the brand is positioned in the market (Goi 2015). For example the target segment of Apple mainly includes the people in the rich section of the society and also whose life is highly dependent on cellular devices.
4.1 The process and the parameters that are used in the marketing mix tools is the key execute the marketing plans. This along with the process development process helps in the policy of brand awareness. It is essential for all business organization to ensure that there is a high level of brand awareness among the target customer groups (Ryglová 2014).
4.2 The overall process of product development and branding are few of the key process of marketing implementation process. The brand image is also the key to success of any business organization. Hence, to ensure significant market share, it is essential to have high brand value in the market (Bianca et al. 2016).
4.3) The communication is one of the key purposes of all types of marketing activities, which enable any company to maintain healthy relation with all the group of customers.
4.4)All the description regarding the products is communicated by the company to all its potential customers. Hence, the communication is one of the essential parts of the marketing mix strategies (Gvozdetskaya et al. 2016).
4.5)With the help of channel management of a company ensures that the all the products are being supplied to the customers with proper methods of distribution. With better method of channel management, it is possible for a company to easily fulfill the demand of the customers (Brennan and Parker 2014). Moreover, companies having better channel and distribution system will easily be able to gain competitive advantage over the rivals.
The commercial sectors are the leading economic sector of a nation that contributes to the economic growth. The marketing strategy for commercial sectors includes ways to attract more customers. They also use aggressive methods to gain competitive advantage over their rivals.
On the other hand, in case of non- profit organization, the aim of marketing strategy is to promote the cause of their function and the reason for their importance within the society (Tiago and Veríssimo 2014). The marketing plans of such organizations also aim to promote the vision and mission of the organization, which is similar to that of all commercial organizations.
People of all section of the society are affected due to the marketing activities. All the decisions made by the buyers and choice of the brand depend on the marketing activities that are being used by all the major business companies. The process of marketing also helps in the process of increasing the awareness among the people of the society and thereby helps them to make better decision about choosing the brand.
Conclusion
The marketing strategy and plan is one of the important parts of the process of business management. It is with the help of effective business plan that is prepared by a company, which helps to decide the level of success of a company. All companies need to use definite tools of marketing that will help them in the process of preparing a proper plan of marketing depending upon the type of products and also upon the target population. It is also important for a company to provide detail description of the product or service that they are offering to the customers.
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