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Developing and Implementing Strategy

by Mia J. If you have any questions related to your online a

There are five strategies involved in successfully developing and implementing a market strategy. They are speed and agility, killing the old formula, innovating with marketing, putting creativity out there and embracing the volatile uncertain complex and ambiguous world, also known as VUCA (Hellar, 2015). VUCA is based on the fact that the millennial generation has grown up and they are the main audience who do the purchasing part, along with Baby Boomers. The strategy should be done in such a way that, the marketing is meant for the buyer, while the product is meant for the child (Miller & Nobles, 2013). Marketing towards a child does not have much significance or impact.

Definitions of Marketing

1.      Marketing as a Business Philosophy: According to this approach, only marketing and innovation produce results and everything else is only costs that the company bears. In companies like Procter & Gamble, marketing is defined as searching for opportunities and successful communication, pricing and distribution. (Iacobucci, 2014)

The philosophy uses the marketing mix of product, price, promotion, and place. The combination of all 4 caters to the target market. The 4 Pā€™s are also known as factors that can be controlled, such as brands name, styling, quality, pricing strategy, market coverage, warehousing, public relations and publicity (Miller & Nobles, 2013).
 Marketing Concept: Marketing concept is based on the idea that customer needs should be analyzed and decisions should be made such that these needs are satisfied. The approach undertaken is to be better than the competition. This is a modern method of marketing where the focus is on customer needs and aligning the activities of the company to the customer (Iacobucci, 2014). It is based extensively on market research and the definition of segments, targets, and their positioning. 

About Mia J. Freshman   If you have any questions related to your online a

5 connections, 0 recommendations, 33 honor points.
Joined APSense since, October 23rd, 2018, From birmingham, United Kingdom.

Created on Dec 14th 2018 04:41. Viewed 102 times.

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