Introduction to Strategic Marketing
A rising pace of globalisation in the market is continually urging the business establishments to operate within a strategic context of work. In relevance to which, a strategic management is hereby referred to a prior preparation of varied business related goals to combat the arising state of competition in the market (Andreasen, 2012). It is however with a prime intercession of the top administrative bodies of the enterprise to implement the formulated plans for the business. It together involves other upper managerial bodies along with the proprietor's of the business who together tend to make a prompt analysis of their accessible resources.
It is with a fundamental consideration of making an optimum utilisation of the available resources with another assessment of certain prevalent forces in the market. These driving forces are basically with reference to depict the extrinsic and intrinsic factors of the environment that greatly impacts upon the undertaken decisions of the ventures (Brodie and et.al., 2013). The present report is together based upon a similar concept of strategic management with regard to outline the marketing objectives of a specialist marketing consultants business named Total Marketing Solutions (TMS). Into which, it has referred to align the marketing strategies of the business with that to their stipulated targets to evaluate the factual effectiveness of their undertaken plans.
1.1 Role of Strategic Marketing in TMA
Marketing is referred as one of the most eminent consideration of almost each and every organisation where they are hereby required to undertake certain effective strategies to commercialise their proposed goods and services (Foxall, 2014). This will in turn refer to enhance their sales prospective where they will hereby prefer to initiate with a planned approach for the same.
It is however with a need base concern of following the stipulated principles of strategic marketing that are as referred below-
It is the foremost principle of marketing in which the cited entity is hereby required to refer their targeted set of market for building some prompt strategies of marketing their offered commodities. It is basically done by segmenting the market as per a chosen strategy that are usually based on the demographic and geographical traits of a particular marketplace.
It is yet another tactful mean of opting for a strategic consent of marketing where TMS should also refer to test their concentrated ideas with their consumers before launching them in the market (Homburg, Stierl and Bornemann, 2013). A focussed group interrogation is referred to be a beneficial mean for the same in which the quoted firm can refer to target a selected base of customers.
Advertisement and Distribution
A majority of organisations tend to launch their respective products and services on an elementary basis before, i.e., either at local or regional basis before opting for an expanded set of market. It is basically done to discover whether their introduced commodities are meeting an expected level of sales or not. It is however important for the marketeers of TMS to ensure an optimum channel of distribution to outreach all their targeted set of customers. This can be identified by exploring the distribution means of the contenders with a similar consideration of acknowledging some precise measures of promotion and publications, etc.
Managing Product Life Cycle
It is where all proposed products and services of a company is required to surpass four principle stages of life cycle. This involves introduction, growth, maturity and decline where after acquiring a well recognised position in the market, growth is referred to be the most prominent stage for TMS. Into which, they will hereby refer to create their preferential brands in order to increase their market shares (Kotler and et.al., 2015). However, the strategies that are required to be created for marketing tends to become more intensified during the next two stages of maturity and decline.
The stage of maturity exists where large number of customers will start using certain commodities of TMS on whose basis they can also refer to differentiate their offered products and services. It is basically as a mean of attaining a contending benefit in the market with a newer evolution in their existent technical means. It should be however with some other sort of developments in their proposals that will in turn assist them to enter in a state of decline. It is where they are hereby required to get a clear perception about their reinforced measures of differentiation, etc.
1.2 Relationship Between Corporate Strategy and Marketing Strategy
Both these strategical perspectives are often referred to collide with one another where a marketing strategy is directly in reflection to focus upon such action plans that are related to the decisions of product pricing, distribution and development, etc. This deviate the perpetual consideration of corporate strategy where they are less concerned about the preceding objectives of TMS with a major focus upon the sales and overall initiatives of raising the profitability. An elementary significance of a strategy is to build reflective plans in accordance to the set goals of an enterprise like TMS (Morgan, 2012).
This is for instance to build brand strategies by targeting affluent customers to portion the overall market with high margin of profitability and less volume. Thus, on specifying the clause of a corporate strategy, it is evident that these plans are more convergent on the status of profitability. Whereas, the marketing strategies includes such plans that includes production and sale of commodities where they hereby rotates around the 4 vital principles of marketing that are product, price, place and promotion. A corporate strategy involves the conception of creating an organisational structure with some other pertinent concerns of diminishing the debts in the balance sheet in order to improve the overall context of profitability.
As a result to which, the corporate strategy of TMS will hereby refer to reduce their dependency on a single commodity by increasing their product lines by either merging with another compatible business or buying it entirely to create economies of scale. A marketing strategy on another hand involves a newer creation of products with a beneficial unique selling point (USP) to sell it to a targeted set of customer with a particular base of referring to them. This is basically to target them on varied alternatives of segmentation by opting for either demographic or geographical propositions (Palmer and et.al., 2016).
These strategies of marketing also involves some other considerations of pricing to set a reliable structure of cost that will be based upon their requisite clauses of profit and brand management. A mere relationship among these two strategies can be addressed where the administration of TMS is continually required to interact with their marketing team in order to acknowledge the alignment of both the strategies. It is where the marketing strategies should aptly meet up with the corporate strategies of the business in order to benefit their overall concern of profitability.
1.3 Development of Marketing Strategy
A rising state of globalisation is continually necessitating the organisations to adopt a strategic way to carry out their work where marketing is referred to be the most prominent consideration of almost all sort of organisation. It is with another fundamental consent of attaining a contending benefit in the market with a prime assistance of adopting some distinct ways of marketing as compared to the active number of competitors (Theodosiou, Kehagias and Katsikea, 2012). This requires a pertinent strategy to achieve the same where the marketers of TMS are thus liable to follow the below described tact for developing a strategic agenda of marketing, that involves-
Identification of Business Goals
It is reflected to be a foremost concern of TMS in order to proceed with a prime determination of business objectives that will in turn support in creating some eminent plans for marketing the proposed commodities. This however necessitates them to enhance the awareness of goods and services by reaching to a newer segment of customer. An elementary criteria by referring to the five leading constituents of SMART objectives is referred to be an assistive mean for the same.
Stating the Goals of Marketing
It is the next pertinent measure in which the above concerned objectives of corporate governance will hereby bridge some reliable objectives of marketing in order to set a momentous standard of future prosperity (Wilson and Gilligan, 2012). The marketing goals should however reflect a long term agenda of success that should be also revised every year in order to meet up with the changing demands of the market.
Carrying out a Market Research
It is the subsequent measure needed to be considered by TMS on order to investigate the occurrent activities of the market by together gathering a reliable set of data about its pertinent growth, size, demographics and societal trends. It however requires a constant approach of the marketeers to continually observe any changing tendency of their market.
Identification of Potent Customers
It is the next step while developing a prime strategy of marketing in which, the marketeers of TMS are hereby required to determine potential set of consumers (Barney, 2014). It is basically to target their identified needs to fulfil them on time with a regular scrutinization of any changed prospect by together finding out newer set of customers.
Profiling the Rivals
A prime identification of the contenders is also referred to be a major concern to develop proficient strategies of marketing. It is where the marketeers of TMS should hereby refer to profile their active set of competitors in order to acknowledge their applicable strengths and weaknesses and take accordant steps of improvement.
Developing Accordant Strategies to Support the Discovered Goals of Marketing
It is the eventual step in the entire procedural of development where in this particular stage, TMS is hereby required to build accordant action plans to attract more number of customers (Chandra, Styles and Wilkinson, 2012). This is for instance to gain a prior attention of youngsters to create awareness in them and create liable strategies with more online presence by using recent tools of social media like Facebook and Twitter, etc.
2.1 Approaches To Internal Environmental Analysis
An internal analysis of the environment is supported by the realistic profile of a company where it is mainly carried to determine their core competencies and weaknesses. It is where the development of company's profile is a prime responsibility of the company's auditors and managers where they hereby refers to seek out some key functional areas to build future policies (West, Ford and Ibrahim, 2015). It is relatively linked with another analysed structure of the external market in order to evaluate their present competencies. However, in order to formulate such effective strategies by linking it to the plan of management, it is extremely indispensable to make a perfect blend of a careful planning.
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Herein, it should align with an efficient execution and a coordinated operation by together referring to some other proficient areas like production, finance, marketing, accounting, human resource management and research development, etc. A collaborative sense of working by all accountable bodies also have a direct consequence on the business performance where the devised strategies should together fit into the adopted culture of the organisations like TMS (Yadav and Pavlou, 2014).
This will in turn aid them to make an optimum utilisation of the key organisational skills and resources. Value chaining is yet another principle tactic that includes certain primary and secondary activities of support to depict an identification tool to determine the moving assets of TMS and control their intrinsic environment.
2.2 Approaches To External Environmental Analysis
It is evident that the extrinsic environment and its outcome on the internal environment and organisational functioning is a complex procedure than conducting a mere analysis of the internal environment. This involves the demographic traits and socio- cultural perspectives of the customers that are required to be assessed by TMS. Technical measures are yet another constituent while analysing the external environment of a market where the adopted technology of TMS should relevantly correspond with their future considerations of the market (The Chartered Institute of Marketing, 1996 – 2016).
The driving and regulative surrounding of a market is a vital concern for TMS that has been considered to lead into a feasible strategy. Changes in the economic stipulations in the form of booms and recessions should be hereby considered as a vital opportunity for the establishments like TMS that will tend to overcome the future threats of the businesses. It is also in regard to resolve the problems associated with competition and labour markets where it must be strategically balanced to interpret the specific value of TMS so as to ensure their feasible strategies that are critical to their success.
2.3 Integrating Internal and External Analysis
It is crucial to consolidate the obtained knowledge by analysing both internal and external factors of analysis in order to create some efficient strategies of marketing. It is basically to unite the views of both the environmental components where this sort of analysis relates to a significant term of SWOT (Cranfield University, 2016). This is basically a four stage model that will help TMS to recognise their strengths and weaknesses which are internal to the entity.
It is however clubbed with other two elements of this conceptual model termed as opportunities and threats that are external to the firm. SWOT analysis is fundamentally carried out to review the existent marketing strategies adopted by TMS as an assistive tool to formulate further requisite strategies of marketing.
3.1 Decisions and Choices Made at a Corporate Level
The corporate level strategies are concerned about benefiting the entire organisation where they are considered about all strategic decisions of a business that in turn entails their fiscal performance, human resource management, business acquisition and mergers, etc. Overall a precise allocation of resources including budgeting, etc., to make an optimum utilisation of the accessible resources (Giannakis, Harker and Baum, 2015). With respect to which, there exists varied decisions and choices at the corporate level of TMS that are as delineated below-
Value Creating Strategy
This particular strategy is with a major concern of reducing the functional and operational costs of TMS with a prime concern of enhancing their efficient dimension of business. It is basically done with a greater role of diversification in it that refers to offer more than a single product to the customers within the market. It is basically an attempt to dominate affluent shares in the entire market by exploiting their economies of scale.
Value Neutral Strategy
It is yet another principle strategy that is usually adopted at the time of dealing with any opposing force like that in the preceding action plan (Kim, Im and Slater, 2013). Into which, organisations like TMS do not tend to showcase a major concern of resource allocation that includes both financial and manpower sources. This strategy thus supports in the operational plans of the business by initiating with a regulative supervision to create synergy among the departments.
3.2 Assessment of The Decisions Influencing Marketing at Business Unit or Functional Level
Functional strategies of business is a vital area of operational management that is based upon a specific division of an organisation like TMS that includes their varied divisions of human resources, marketing and finance, etc. This is to specify the functional strategy of a business, this will involve some principle concerns like product development, etc. This is for instance to undertake a prime decision of TMS where they have formulated a strategy to sell their products and services to their consumers (Kozlenkova, Samaha and Palmatier, 2014).
Wherein, a functional strategy of TMS is a part of their broader strategical plan. This section is however to analyse such decisions of marketing that largely influences the undertaken decisions of business at their functional level. It is mainly with respect to a marketing oriented venture like TMS, where their marketing strategies created at a functional level largely tends to influence their other vital action plans.
However on referring to a typical strategy of marketing, this specifies a prime determination of customer's needs and assumptions that is in turn referred to give them a contending benefit in the market. These benefits may vary in terms of location, reputation, staffing and facilities, etc. It is where on identifying a prime strategy of marketing, the marketeers of TMS will hereby refer to identify the factual preferences of their customers and further pass on this data to the operational department (Ngo and O'Cass, 2013).
It is basically to design and build such commodities at a pertinent cost that in turn fulfil their expended costs by together acquiring a larger base of customers. In context to which, their advertising department should hereby refer to develop such strategies of promotion where their proposed commodities should exists with prior support of customer service. It is therefore evident that the marketing strategies are directly linked with other corporeal strategies and thus influences them to a large extent.
3.3 Approaches To Competitive Positioning of TMS
Competitive positioning is basically to define the way in which TMS will hereby refer to differentiate their offerings with that to their active number of contenders in the market. It is greatly impacted by a vital structure of positioning in the market that is further influenced by the profile of the market that refers to the size, scope of growth and total number of competitors, etc. Another proposition includes the segment of customers that depict such prospective group of consumers with analogous needs and demands (Shank and Lyberger, 2014).
A prime analysis of competitors is yet another vital requisition so as to evaluate the strengths, weaknesses, opportunities and threats of TMS. It is with an ultimate analysis to determine a substantial method to deliver value to the clients and users. Porter's five forces model will hereby assist TMS to appropriately position themselves in the market on referring to the five leading elements of this abstractive framework. This helps them to recognize any threat of new entrants, competitive rivalry, power of supplier, buyer's power and threat of substitute product, etc.
4.1 A Range of Strategies To Contribute To The Competitive Advantage of Business
Competitive advantage has a greater role in the concept of strategic management implicated by a business organisation like TMS where it defines such attributes of a business that largely assists them to outperform their rivals in the market. There exists numerous such attributes that involves availability of natural resources, highly proficient personnels and high barriers for any new entrants, etc. However, a prime attainment of competitive advantage is hereby suspected to be a major challenge for the entities like TMS where they should hereby refer to inculcate varied strategies to configure the same. In context to which, there exists such substantial strategy known as Porter's Generic Strategies with its four leading constituents as described below-
This strategy is usually adopted in a broader set of market with a prime objective of becoming the lowest cost producer in the overall industrial sector. A large scale production of goods and services is thus referred over here which is basically a conventional method by sanctioning a larger exploitation of economies of scale.
It is yet another prominent measure of this strategical framework into which, TMS on opting an analogous approach of cost focus, they are resultantly required to focus upon their stipulated strategies of pricing (The University of Chicago Booth School of Business, 2004-2016) However, this approach will not only halt on focussing upon their own tactics of pricing but they are together required to aim at the pricing strategies that are being adopted by their respective set of contenders.
With this pertinent set of competitive strategy, TMS is hereby required to focus upon larger set of markets to achieve a vital set of benefit at all across the globe. It will however require them to choose more than a single criteria of purchasing that is being referred by their buyers. Premium strategy of pricing is a worthy measure of this strategy that can be adopted to reflect high cost of production by rendering some additive features to the consumers.
This particular strategy is usually being adopted by the companies who are referring to differentiate themselves under smaller division of targeted markets (Barney, 2014). It is basically in accordance to identify and fulfil the actual preferences of the customers on time that needs them to focus on addressing the same.
4.2 Marketing Communication Strategies For TMS
Marketing communication is referred to be another prime agenda of TMS where a strategic context in it will significantly assist them to evolve their brand awareness. This mean that their targeted set of customers will hereby tend to interpret the provided information about the product as a mean of creating their own set of perception (Kotler and et.al., 2015). It is basically in regard to stipulate the attributional aspect of their proposed goods and services by positioning them in the market.
A strategic context of marketing communication will hereby aid TMS to retain their existent base of customers by strengthening their relationships. It is where the marketing communication strategy acts as a blueprint of the business plan to disseminate liable information regarding the products and create a vital awareness in the customers regarding their formulated brand. Below carried is the analysis of marketing communication strategies that can be adopted by TMS-
This particular strategy of marketing in order to communicate with the targeted set of audience is composed of total four vital characteristics in context to the applied tact of advertising by TMS. This includes a persuasive nature of existence, a non personal agenda, presence of a well known sponsor in it and its adopted mean of dissemination that involves the channels used for the transmission of messages.
It is yet another effective strategy of marketing communication in which, the marketeers personnels of TMS are hereby evident to use some direct channels of communication to interact with their targeted set of customers (West, Ford and Ibrahim, 2015). This involves some vital means like telephone, personal meeting along with some other electronic measures like emails, etc. It however requires a pertinent database of potential customers to precisely target them where this particular information can be acquired by carrying a primary research of the marketplace.
4.3 Enforcing The Strategies of Marketing Including The Implication of Resource and Management
It is crucial for TMS to adopt some efficient strategies of marketing that will assist them to develop a vital image of their brand. Additionally, on implementing prompt marketing and promotional strategies, TMS can also attain a contending benefit in the market over there competitors. Below described are some effective strategies of marketing that can be used by implicating resources and management in it-
It is recommended to TMS that their marketing team should refer to apply the strategy of segmentation. Under which, they are hereby required to choose an appropriate target market so as to serve their offered products and services to some potential set of customers. Therefore, with an efficient implementation of this particular strategy, this will assist them to target and capture a new marketplace.
It is yet another prompt strategy of marketing that will assist them to sell the proposed commodities of TMS by integrating with the evolution of long term amiable relationship with their customers. Into which, consumer's preferences will be a prime consideration of the venture whose fulfilment will be at a top most list of priority (The Chartered Institute of Marketing, 1996 – 2016). It is basically to ensure a reinforced volume of sales by the company where TMS should together refer to employ some additive means of advertisement through television and contemporary means of internet like Facebook, etc.
This will not only aid them to fetch a liable interest of their targeted set of customers but will together showcase a well planned structure of their business to customers (B2C) marketing. This will also help them to fulfil their corporate social responsibilities (CSR) that will in turn provide a better scope of creating better relationship with their consumers.
The above report has outlined certain significant measures to enforce a strategic management of business in context to a conferred organisation named TMS. It was however with a prime composition of their undertaken strategies of marketing with a foremost part that has referred to define the principles of strategic marketing. It is with a subsequent section to speculate the methods used by the establishment to conduct an analysis of strategic marketing in order to pioneer varied decisions in support of it. This report has together comprised with an eventual part to acknowledge the scope of such impelling strategies of marketing that can be applied to attain contending benefit in the market.
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