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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 P’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.
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About Mia J. 
If you have any questions related to your online a
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Joined APSense since, October 23rd, 2018, From birmingham, United Kingdom.
Created on Dec 14th 2018 03:41. Viewed 509 times.
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