Marketing Strategy is the process through which organizations mix key resources to produce the desired set of market behaviors and outcomes. Organizations use marketing information to guide their strategic decisions and make a clear differentiation in the marketplace. A well-written Marketing Strategy assignment involves an exhaustive understanding of the business model, market segmentation, marketing mix, and the key markets.
Marketing assignment is one of the most common assignments for students in marketing. But sometimes students find this task difficult, especially when they don’t know how to go about it. As such, we are here to help you with this daunting task.
Assignment on Marketing Strategy of a Small Business
In recent years the world of business has changed vastly. We the people of different walks of life cannot be able to imagine that what is going to be the future picture if this change continues rapidly like this speed. Today there is very much competition in-between them and for that reason, every business organization is trying to provide better service for their customers and trying to market their product to the customers better than the competitors.
We have learned much about the Principles of Marketing. But don’t know how they are applied in real lives. To find this out i.e. how they are applied in real lives we were given this project.
For completing this project we needed information and to extract the information we had to choose a mobile phone service company. For this, we have chosen a company both having a good deal of customers and facing stiff competition in their business environments.
Taking information from them we have made our efforts to point out what are the marketing strategies and activities that these two companies sketch and undertake to remain unique, facing competitions and throwing challenges to their counterparts.
We tried our best to fetch all the possible information and include them in a relevant manner.
“Marketing is the social and managerial process, by which individuals or groups obtain what they need and want through creating and exchanging products and values with others by considering social well being.”
Principles of marketing
Marketing, the process by which a product or service originates and is then priced, promoted, and distributed to consumers. In large corporations, the principal marketing functions precede the manufacture of a product. They involve market research and product development, design, and testing.
Marketing concentrates primarily on the buyers or consumers. After determining the customers’ needs and desires, marketers develop strategies that are designed to educate customers about a product’s most important features, persuade them to buy it, and then enhance their satisfaction with the purchase. Where marketing once stopped with the sale, today businesses believe that it is more profitable to sell to existing customers than to new ones. As a result, marketing now also involves finding ways to turn one-time purchasers into lifelong customers.
Marketing includes planning, organizing, directing, and controlling the decision-making regarding product lines, pricing, promotion, and servicing. In most of these areas marketing has overall authority; in others, as in product-line development, its function is primarily advisory. In addition, the marketing department of a business firm is responsible for the physical distribution of the products, determining the channels of distribution that will be used, and supervising the profitable flow of goods from the factory or warehouse.
The marketing concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than the competitors do. Example-
“Love the Customers and not the product”
The concept rests on four pillars-
- Target market.
- Customers need.
- Integrated marketing.
Core marketing concepts are-
Need means the basic human requirements or the state of feel deprivation. People need food, air, water, clothing, and shelter to survive. People also have a strong need for recreation, education.
Needs become wants when they are directed to specific objects that might safety the need for example; an American needs food hamburger and they need rice to meet their hunger needs.
Are wants that are backed by buying power? Many people want a Mercedes only a few are able and willing to buy the one
A combination of quality, service, and price (QSP), called the customer value triad. A ratio between what the customer gets – benefits and what he gives – costs.
- Customers Satisfaction
Customers Satisfaction Depends on the product s perceived performance in delivering value relative to buyer s expectations.
Quality is the totality of features and characteristics of a product or service that bears its ability to satisfy stated or implied needs
Exchange is the act of obtaining a desired object from someone by offering in return
Transactions are the trade of values between two parties
Market means the set of all actual and potential buyers of a product or service. From in viewpoint of marketing, the market may be-
- Target Market
- Market Place
- Market Space
- Meta Market
Marketing strategy is the marketing logic by which the business unit hopes to achieve its marketing objectives
Strategic planning is the process of developing and maintaining a strategic fit between the organization’s goal and capabilities and its changing market environment. It involves the following-
- Defining a clear company mission.
- Setting supporting objectives.
- Designing a sound business portfolio.
- Coordinating functional strategies.
Most large companies consist of four organizational levels. They are corporate level, divisional level, business unit level, and product level.
Defining a market-oriented mission
A mission statement is a statement of the organization’s purpose- what it wants to accomplish in the larger environment. It acts as an invisible hand that guides the people in the organization to do their activities. Good missions have three major characteristics. They are as follows-
- There must be limited number of goals.
- It must stress on the major policies and values that the companies want to honor.
- It must define the major competitive scope.
Besides this management must consider some aspects before making the mission statement. These aspects are-
- Mission statement should not too broad or too narrow.
- Mission should be realistic.
- Mission should be specific.
- Mission should fit the market environment.
- Mission should be based on its distinctive capabilities.
- Mission statement should be motivating.
Setting company objectives and goals
The company’s mission statement should be turned into detailed supporting objectives for each level of management. Generally, objectives are those goals, which are specific concerning magnitude and time. These objectives must match with the mission statement. The objectives must be-
- Quantitivly Expressed.
Designing the business portfolio
Business portfolios are the collection of businesses and products that make up the company. Business portfolio planning involves two steps.
- The company must analyze its current business portfolio and decide which business should receive more, less or no in investment.
- It must shape the future portfolio by developing strategies for growth.
Analyzing the current business portfolio
The major activity in strategic planning is business portfolio analysis. Portfolio analysis is a tool by which management identifies and evaluates the various businesses making up the company. By analyzing the current business portfolio management put their strong resources into their more profitable business and phase down or drop its weaker business.
In this case, the first step is to identify the strategic business unit (SBU). SBU is a unit of the company that has separate missions and objectives and that can be planned independently from other company businesses. Each business unit must have some characteristics. They are as follows-
- Independent planning for each SBU.
- Each SBU must have own set of competitors.
- There must be an independent manager responsible for each SBU.
In this case, the next step is to assess the attractiveness of each business unit. There are in this case the next step is to assess the attractiveness. The best-known portfolio-planning method was developed by the Boston Consulting Group, a leading management consulting firm.
Few Strategies to Be a Pro At Marketing Assignment
Once you have worked on the title you want to write your assignment on, you will be able to write it freely. You may be given a detailed topic, but how to shorten it to select the title; half of your work gets completed.
Now that you know what to write, it’s time to find out how to write. Determine the format of the fundamental marketing assignment you want to present to your teacher.
Marketing is both an art and a science. Every other company in the world is following the marketing concept now, and a lot of examples exist regarding marketing. Why not add them to your assignment? So, whenever you state a point in your assignment then always go with an example to prove it.
The whole point of marketing assignments in MBA is to see what your vision is as a multidisciplinary management student. Your thinking process is different from that of your peers, and your assignment should reflect that as well. You can get high marks if the examiner finally appreciates your ideas and depth of analysis.
Design the Framework
When we do a marketing assignment, we should prepare an outline. Here, we have to be very careful that there are no important points they are missing. While designing an assignment framework, we should also add a list of contents, which will help the reader to know the topics of the entire assignment. So with the help of all these tricks, you will be able to make your assignments more attractive to the reader.
The wording and language you use in your marketing assignment or marketing homework should be very simple. It should be straightforward and understandable to readers. While writing your assignment, you should take into account the idea of the readers. Moreover, your language should be comprehensible and fathomable to the reader. Additionally, try to keep your marketing assignment short and to the point.
To make your assignments more attractive, the element of art should be added to them. Therefore, to make your marketing assignment stand out, make sure to use artistic and eye-catching elements it. Generate pictures, tables, etc. to make your assignment bright and appealing to the reader.
The role of the marketing plan has been discussed in this article and there has been proper identification of the elements of marketing. Marketing strategy is a very important area of business management. It’s the blueprint for maximizing revenue and maintaining the profitability of the company. This assignment will consist of analyzing the current market for a product or a service, defining the target audience or market segment, suggesting pricing strategies, and identifying promotional activities that would encourage potential customers to try out a new product offering.