CHAPTER
ONE
Introduction
Background
of Study
Marketing
strategy is the result of decisions being made about how a particular product
or service will be promoted to its target customers. Marketing strategies are
used to increase sales, launch new products and generally provide profit for a
company. Strategies involve the construction and implementation of the
marketing mix. Marketing practices have existed as long as commerce has, but
marketing did not become a formal discipline until the 1950s. At this point,
businesses began to investigate how to be better serve and satisfy their
customers and deal with competition. Consequently, marketing became the process
of focusing business on the customer in order to continue providing goods or
services valued by consumers. Marketing includes a plethora of decisions that
affect consumer interest in a company: advertising, pricing, location, product
line, promotions, and so forth. The majors concerns of marketing are usually
referred to as the "four Ps" or the "marketing mix":
product, price, place, and promotion.
Marketing
strategy is a conscious approach to achieve organizational goal and objectives.
Strategy can be formulated by individuals, groups, and organizations. The
organizations can be families, corporations, nations, or groups of nations. In
modem times, strategy can be formulated by complicated and sophisticated
programmed software operating on computerized systems, personal computers, or
computer networks.
Marketing strategy is a term generally refers
to a company plan that allocates resources in ways to generate profits by
positioning products or services and targeting specific consumer groups.
Marketing strategy focuses on long-term company objectives and involves
planning marketing programs for companies to realize its goals. Companies rely
on marketing strategies for established product lines or services as well as
for new products and services.
Marketing
strategy has its roots in the basic concepts of marketing and strategy.
Marketing strategy was probably used the first time that two humans engaged in
trade, i.e., an "arm's-length" transaction. Certainly, early
civilizations, such as the Babylonians, the Chinese, the Egyptians, the Greeks,
the Romans, and the Venetians, had developed marketing strategies for their
trading activities. They probably discussed appropriate strategies for given
situations, and even taught these strategies to friends, family members, and
subordinates. The actual function of marketing, i.e., the distribution function,
was performed whenever exchange occurred. Business strategy is usually
discussed and developed in the context of competition. It is associated with a
struggle for scarce resources. The aim of the "aggressor"
organization is to improve its position vis-à-vis "competitors." The
competitors, i.e., "defenders," can be other organizations,
suppliers, distributors, or customers. The competition is the enemy. Words such
as "campaign," "attack," "battle," and "defeat"
are frequently used. This, of course, is also the operating framework for
individuals, families, groups, countries, and alliances when formulating
political or military strategy.
Hence, marketing involves
establishing a company vision and implementing policies that will enable a
company to live up to its vision or maintain its vision. Marketing strategy is
the process of planning and implementing company policies towards realizing
company goals in accordance with the company vision. Marketing strategies
include general ones such as price reduction for market share growth, product
differentiation, and market segmentation, as well as numerous specific
strategies for specific areas of marketing.
Again,
competition was more or less unknown in the immediate past banking era, there
was little or no need for marketing strategy which include, innovation, product
development, public relation, promotion, and marketing research. The banks then
concentrated mainly on advertising as their only marketing strategy. The trend
in the banking industry in recent times provides an interesting example of a
service industry that has in the past paid very little attention to the
development of strategic marketing for marketing banking services.
However, Competition is the primary
motivation for adopting a marketing strategy. In industries monopolized by one
company, marketing need only be minimal to spur on increased consumption.
Utilities long enjoyed monopolized markets, allowing them to rely on general
mass marketing programs to maintain and increase their sales levels. But most
companies face some form of competition, no matter what the industry, because
of deregulation and because of the globalization of many industries.
Consequently, marketing strategy has become all the more important for
companies to continue being profitable.
What,
then, is the key to a consistent proactive marketing strategy? First and
foremost it is a philosophy that dedicates resources of the firm to ensuring
that the wants, needs, and demands of the customer are the firm’s focus. This
customer-focused mentality is the foundation of the strategy that makes up the
entire marketing process.
Second,
it is a plan, supported by the firm’s philosophy. Once the philosophy is in
place, a plan can give direction, guidance, and a structure for proactive
strategies that will increase sales and improve business relationships. Often
firms find themselves dedicating resources to marketing activities—from trade
shows to flyers—and spending money on marketing that is not targeted to the
right audience at the right time. This is reactive marketing with a shotgun,
rather than a rifle. Conversely, a proactive, focused marketing plan can
provide guidance for targeting the right audience at the right place and at the
right time, which in turn maximizes the return on investment and increases
revenues. Third, marketing is a process of creating value for the customer. It
is a set of activities to educate, communicate with, and motivate the targeted
consumer about the firm’s services or the company’s product and services.
Traditionally,
this set of activities, the “marketing mix,” is represented by four parts, the
well-known “4 P’s of Marketing”: price, product, placement, and promotion. But
to create a marketing strategy and plan that touch on all areas necessary to
position a product in the market to maximize sales revenues, there are multiple
areas to be tackled. A firm’s strategic goals are based on both internal and
external knowledge, insight, and in-depth analysis. Without a strategic plan,
resources are spent on events, activities, and functions that may not generate
revenue. To make the most of each naira earned by the firm, all functions must
work together to create a well-oiled machine. The marketing plan, which is
based on a full understanding of the market, the firm, and the customer needs,
dovetails directly with the strategic plan to provide a road map for the firm.
This road map is the ultimate tool for guiding leaders toward making decisions
that will provide sustainable growth to the company.
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