Strategic and Competitive Advantage

Strategic and Competitive Advantage

Strategicand Competitive Advantage

Strategicand Competitive Advantage

  1. Marketing Strategies

Marketingstrategies are fundamental approaches employed by businessorganizations usually aimed at increasing sales while simultaneouslyupholding a competitive advantage in an industry (Winston &ampMintu, 2013). Developing a successful marketing strategy involvescarrying out an audit of a business’ internal and externalenvironment as well as the type of products to be marketed (Ottman,2011). Most marketing strategies employed by business organizationstoday are aligned top the 7Ps of marketing i.e. products, pricing,positioning, promotion, people, processes and physical environment.These concepts are adopted by organizations in combinations that aremost appropriate to their business setting.

Theproduct offered by a business is the most significant determinant ofthe marketing strategy employed (Shoham &amp Paun, 2015). Productmarketing strategies usually exploit the features of the product suchas branding, packaging, diversification and quality (Winston &ampMintu, 2013). Product marketing strategies mostly rely on theuniqueness of a particular product as an instrument that provides acutting edge for in the industry (Chari et al., 2014). Improvementson this type of marketing strategy often involve contemplating thepotential spin-off products. Pricing strategies are also widelyapplicable since they enable businesses to maximize profits and buildstrong relationships with the clients (Ottman, 2011). Positioning ordistribution channel adopted by a business is as much a criticalmarketing strategy as it could determine whether a client buys one’sproducts or not. Promotional strategies such as branding, publicrelations and advertising are important for businesses in highlycompetitive industries that seek to establish customer loyalty(Foley, 2014). As for people-oriented strategies, the idea is torecruit friendly and knowledgeable staff to facilitate customersatisfaction and ultimately increase sales (Solomon et al., 2013).Process marketing strategies are those that seek to improve thebuying experience for customers so that they are likely to repurchasethe business products. Finally, the physical environment informsmarketing strategy as it involves the physical office designs, shopdesigns are often intended to condition the customers to develop arepurchase behavior (Shoham &amp Paun, 2015).

  1. Implementation of Marketing Plan

Organizationsemploy different management strategies in the implementation ofmarketing plans that are often informed by the organizationalsituational factors. However, there are certain management strategiesthat are typical of any marketing plan implementation byorganizations. For the implementation of any marketing plan to besuccessful, it is important for organizations to analyze thepotential market for an organization’s products. Conducting marketresearch serves to provide the required drive that sustains theentire implementation procedure as it provides useful informationrequired to roll out the procedure (Kao, 2014). Analysis of potentialmarket is a marketing management strategy that sources criticalinformation required to build an organization’s brand presence(Hair &amp Lukas, 2014).

Conductingcustomer surveys is a management strategy also employed in theimplementation of marketing strategies to ascertain consumer behaviorsuch as preferences, financial resources and socio-economic status.Customer surveys are strategic marketing implementation strategiesthat inform the implementation of a marketing plan through theprovision of information on types of marketing promotions toimplement (Ottman, 2011). The use of posters, coupons and newslettersis often determined by this managerial strategy. Monitoring andevaluation is a critical management strategy in the implementation ofa marketing plan since it enables organizations to assess progressand take decisive actions that will ensure successful implementationof a marketing plan. Another key managerial strategy employed in theimplementation of marketing plans is the total quality management(TQM) approach. TQM is a management practice in the implementation ofmarketing strategies in which the implementation process and productsare critically screened to ensure high quality. This is astage-by-stage procedure, which ensures that each step of theimplementation processes meets the required standards.

  1. Integrative Marketing Strategies

Giventhat no single marketing strategy is completely efficient,organizations employ a combination of approaches to ensure costminimization and maximization of profits. For instance, mostorganizations today combine advertising and public relations in orderto effectively market their products to potential clientele bases. Inthis approach, organizations use the public relations departments asa firm base to leverage all the communication (advertising) tools toget the message across to their clients in a desired manner(Armstrong et al., 2014).

Strategiesthat are more aggressive have also been employed in varyingcombinations to reach clients especially in industries wherecompetition is very high. For instance, most business organizationstoday employ combinations of strategies such as street painting,floor clings and vehicle wraps to reach their intended customers.This strategy has come to be referred to as “thinking outside thebox”. Organizations today use their websites, Twitter and Facebookto broaden exponentially the customer access. The integrativemarketing strategy that involves the use of technology and socialmedia has not only enabled businesses to access more customers butalso reduces the communication and related marketing costs (Baker,2014). Better still, there are organizations that employ integrativemarketing strategies that involve both physical and virtual movementsto reach their customers. The choice of marketing strategycombinations employed by an organization is usually determined by theorganizations’ resources, nature of product to be marketed, theclientele base as well as the objectives of the organization (Winston&amp Mintu, 2013). However, the key intention of using integrativestrategies is to minimize costs and reach more customers i.e.maximize returns (Baker, 2014).

4.0Product Marketing

Marketinga product today is much easier given that the use of technology inmarketing is widely accepted and is also very effective. To market aproduct today, it would be more beneficial to employ an integrativeapproach that incorporates the use of social media as well as the useof “thinking outside the box” techniques to reach a wideclientele base. Using social media platforms is an effectivemarketing strategy since it reduces overhead costs while maximizingprofits through the law of averages in sales and marketing(O`shaughnessy,2014).).This kind of marketing is also advantageous especially if theproducts to be marketed are targeted at the youth who comprise thelargest proportion of internet users.

However,this marketing strategy may not be very effective fornon-standardized products that need to be tailored to specificcustomer conditions. For this case, a physical customer surveystrategy would be the most effective only that customer surveys arevery costly and time-consuming (Slater, 2015). The use of “thinkingoutside the box” may not be as much effective as the strategiesinvolved rely on customer attention yet some customers haveconditioned themselves to ignore advertisements as they consider themto be irritating (Armstrong et al., 2014). Essentially, the mosteffective marketing strategy is one that combines the variousmarketing strategies in proportions informed by the nature of theproduct, customer characteristics and resource constraints of theorganizations.

References

Armstrong,G., Adam, S., Denize, S., &amp Kotler, P. (2014). Principlesof marketing.Pearson Australia.

Baker,M. J. (2014). Marketingstrategy and management.Palgrave Macmillan.

Chari,S., Katsikeas, C. S., Balabanis, G., &amp Robson, M. J. (2014).Emergent marketing strategies and performance: the effects of marketuncertainty and strategic feedback systems. BritishJournal of Management,25(2),145-165.

Foley,K. E. (2014). Promotional Strategies of Local NonprofitOrganizations.

HairJr, J. F., &amp Lukas, B. (2014). Marketingresearch.McGraw-Hill Education Australia.

Kao,C. S. (2014). A Study of Marketing Public Relations Strategies forMicro Film.

O`shaughnessy,J. (2014). CompetitiveMarketing (RLE Marketing): A Strategic Approach.Routledge.

Ottman,J. (2011). Thenew rules of green marketing: Strategies, tools, and inspiration forsustainable branding.Berrett-Koehler Publishers.

Shoham,A., &amp Paun, D. (2015). Small Business Marketing Strategies: ACall for Customization. In Proceedingsof the 1993 Academy of Marketing Science (AMS) Annual Conference(pp. 553-557). Springer International Publishing.

Slater,S. P. (2015). The Tasks of Strategic Market Management: The Role ofMarketing. In Proceedingsof the 1989 Academy of Marketing Science (AMS) Annual Conference(pp. 667-667). Springer International Publishing.

Solomon,M. R., Dahl, D. W., White, K., Zaichkowsky, J. L., &amp Polegato, R.(2014). Consumerbehavior: buying, having, and being.Upper Saddle River, NJ: Prentice Hall.

Winston,W., &amp Mintu, A. T. (2013). Environmentalmarketing: strategies, practice, theory, and research.Routledge.