By the end of the 1990s, the UK retailer Marks and Spencer experienced dramatic falls in profits and declining share price. From May 2000, the business turned around. For the year ended March 29. 2008, Marks and Spencer reported revenues of £9,002 million. Inmarch 2000, Tibbett and Britten started in UK central warehousing operating a new contract covering of wines, beers and spirits. (Seth and Randall, 2001)
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Marketing strategy is the process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase improving the company’s performance.The Chartered Institute of Marketing has defined Marketing as “the management process that identifies, anticipates and satisfies customer requirements profitably”. “Marketing is the process of planning and executing the conception, pricing, promotion and distribution of goods, ideas and services to create exchanges that satisfy individual and organizational objectives.” (Lancaster and Raynolds 2002)
The overall purpose of marketing planning and its principal focus is the identification and creation of sustainable competitive advantage. In principles various types of step come in under in it like concept, mission and vision of a company, sequencing and scheduling of activities, time scaling, monitoring and control, systematic approach and resource requirement.
Porter’s Generic Strategies
According to Porter, organizations at the business level may pursue overall cost leadership and focus or differentiation strategy. (Griffin, 2008)
Overall cost leadership
A strategy in which an organisation tries to get a competitive advantage by decreasing its price as compare the cost of their competing firms called overall cost leadership. Timex uses anoverall cost leadership strategy. By keeping low costs, an organisation is able to buy their product at low price and still getting profit. In simple words, there is less differentiation in their products and the prices are very competitive.This means that these businesses offer standardised products to a market with relatively similar product needs by the customers and less differentiation wanted.
A strategy in which an organisation concentrates on a specific regional market, product line, or group of buyers. This strategy may have either a differentiation focus, or overall cost leadership. The idea of the focus strategy is to pick one segment of all of the available ones and identify their needs, wants and demands and cater to them specifically.While adopting a broad focus scope, the principal is the same the firm must discover needs and wants of the crowd customers.A focus strategy should target market segments that are less weak to substitute where a competition is weakest to.
A strategy in which an organisation through their quality of services and products pursue to differentiate itself from competitor. In this new creations and innovations occurs that make a product or service unique. These creations may be in design, brand image, technology, features or customer services.To put it in another way, if your products or services are different from those offered in the market by other competitors.
Limitations of generic strategic strategy
There are some limitations of generic strategy. Thereis lack of specification and flexibilities. Generally the value of timing strategy depends on resources and capabilities of the organisation. The actual strategies depend on time and position, suggesting a matrix view of Porter’s generic strategies and the typical timing strategies.
Advantages of generic strategic strategy
The main advantages of it market is obtaining market share and enhance ones reputation as being the leader. There is no guarantee that lead can be maintained. The another one is that cost is low and the quality is good.
Changes in marketing environment
Today fashion is ultimately about change. Every season there is new fashion and many of these changes by designers to satisfy customers, but others are because of influences beyond the control of designers and when all these are gathered together called marketing environment. There are many reasons for marketing environment like changes in supply and demand environment, rising expectation, technological change, competition, globalization, erosion of brands, micro market etc. (Easey, 2009)
Competition can be dealt very cleverly and easily. Whenever a new entrant comes in the market, offer competitive rates and give offers to customers.
Today’s marketing environment is influenced by global market. To meet the environment challenges, a company must be recognize and understand the culture, life style trends, national trends and so many other things that is beneficial for marketing changes. Due to globalization and technological changes there are some changes occurs in Marks and spencer within time to time as every organisation has to adopted some changes if its wants to grow in this fast development world.
Various types of technological changes are the reasons of changes in marketing environment. The lively capabilities framework analyzes the sources and methods of wealth creation and detain by private venture firms operating in environments of rapid technological change. Of all new technologies create a great impact on marketing environment.Now every business cannot afford to keep their machinery and computers updated all the time considering how fast new models and new technology is coming in today’s age.
E MARKET STRATEGY
E market strategy’s importance are indicated by Michael porter “the key question is not whether to deploy internet technology companies have no choice if they want to stay competitive but how to deploy it.”
It depends on the circumstances that at but extant e market strategy will be successful. It depends on the character of the product and services and behavior of buyers. Extended market mix depends on 7 ps. (2001) these are product, price, place promotion, people, process and physical evidence. But in e market there are some other steps:
We can see that e marketing implies new scope to be measured sideways of those innate from the conventional marketing. These scopes rotate around the concept of relational functions and they are must to be incorporated in any e marketing strategy in order to be capable and convey results.
NEW PRODUCT DEVELOPMENT
A new product can be a product or a service.”New products often glow with such promise, and their forecasts ring with such authentic precision, that entire business strategies defining an organization’s future are built upon them” (Thomas, 1993, p. 3)
There are two corresponding pathway concerned in the NPD procedure: one engages the idea generation, product plan and detail manufacturing; the other involves market investigate and marketing testing. Product development is a broad field of endeavor dealing with the design, creation and marketing of new products. New product development, is referred as the discipline is focused on developing systematic methods for guiding all the processes involved in getting a new product to market.
It can be the next revolutionary computer chip or a new holiday’s package. The point is the idea of new product development is always risky. It means turning an idea into a new product, once you have decided to go ahead with it. It covers,
Technical obsolescence is on high
In the same market increased number of competitions.
Reducing the risk as early as possible.
Setting a space, a price and a schedule.
Running the project team and keeping costs under control.
New product development is six step’s process. These are:
Screening and evaluation
New product idea’s transience is habitually high. Organizations need to produce a satisfactory flow of them to attain their enlargement objectives.
Functional areas of management mean the sum of total of all activities which are performed in an organization to achieve the objectives of the oganisation. No doubt those strategies are important in any organization. But there are some other parts which are very important to run an organization.There are some functional areas which contribute a lot to the achievement of an organization’s marketing objectives. (Frank and dark, 2009)These are here-
The sales department has a central role in publishing companies. It is well worth taking time to understand how it works. This is the subdivision which will have a vital effect on the sales of your book. Their participation and support are key to its success. The large publishing groups work rather another way from smaller firms.
Procurement services manager, departmental administrator, procurement services division, payments and income division, Accounting information systems division, payroll and pensions division.In finance department there are different parts like head of finance, Assistant head of finance and deputy head of finance. These play a crucial role in any organization. As financial should be very strong of any organization.
Strategic marketing has a huge range of activities that is covering various types of things. It is a method of planning, implementing and evaluating business organisation as an effective and pre-planned manner. There are different types of tools and techniques for a business and various types of method that is using by different organization time to time. We should have a perfect strategic marketing management plan for every business and through this we can monitor our business activity, sales, customer satisfaction. Marketing objects should be clear and measurable. To attain the specific goals we should have a good strategic marketing management plan to be implemented, so that we can get success.
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