MARKETING STRATEGY

Marketing Strategy

Marketing is an activity performed by all business organizations. It is an activity that creates and sustains exchange relationships among those who are willing and able to buy and sell products, services, satisfaction and even ideas. In the present day business, marketing encompasses all the activities related to identifying the needs of customers and taking such actions to satisfy them in return of some consideration. In marketing it is more important to do what is strategically right than what is immediately profitable.

The term marketing constitutes different processes, functions, exchanges and activities that create perceived value by satisfying needs of individuals. Marketing induces or helps in moving people closer to making a decision to purchase and facilitate a sale.

Marketing in recent decades has gained a lot of importance because of a number of factors. Rapid economic growth, globalization, technological upgradation, ever- increasing human needs and wants and increasing purchasing power of people are some of the factors which have made marketing as a central activity for every business.

A business organization faces countless marketing variables that affect the success or failure of strategy implementation. Some examples of marketing decisions that may require special attention are as follows:

1. The amount and the extent of advertising. Whether to use heavy or light advertising. What should be the amount of advertising in print media, television or internet?

2. The kind of distribution network to be used. Whether to use exclusive dealerships or multiple channels of distribution.

3. Whether to be a price leader or a price follower?

4. Whether to offer a complete or limited warranty?

5. Whether to limit or enhance the share of business done with a single or a few customers?

6. Whether to reward sales people based on straight salary, straight commission, or on a combination of salary and commission?

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