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Marketing is the process of selling your products through your interpersonal and intellect skills.

Marketing is very important as by this process company creates value for their customer and
establishes a relationship which will help them in the growth of their business.
1.) Analysis on Components of Marketing Strategy
Segmentation
Division of market into different groups or segments on the basis of consumers, buying

i.

patterns, income groups, needs and behavior is termed as market segmentation. It


depends entirely on the customer how and where he want to spend money and thus it
becomes important for marketer to divide the market on the basis of customer
requirements accordingly. They can be divided on the basis of geographical, behavioral,
demographic and psychographic factors. Once such division is done Marketing strategy
plan is designed and implemented accordingly.
ii.

Targeting
Once the market has been divided, the market targeting evaluates the attractiveness of
each segment. There are four strategies that have been designed by the marketers to reach
target markets discussed as follows:
Mass marketing: It refers to advertise or promote a product in public with wide

audience regardless of market segment.


Concentrated marketing: In this marketing is focused to segmented market for
which needs and behavior of customers is identified and the products are

promoted accordingly.
Differentiated Marketing: In this different types of segmented market are
treated in their own unique way. Each market segment will have different kind of
benefits and offers that depends on the patterns on the basis of which market is
segmented.

Direct Marketing: In this marketing is done through personal interaction and

personal contacts via phone and mails.


Through Target Marketing, Marketer is focused to particular segment with their
respective plans and thus becomes easy for them to plan the marketing strategy
accordingly.
iii.

Brand and Market positioning


It is a marketing strategy in which marketer plan to place their product in market in such
way that it acquires effective and good place in customers mind. This can be achieved by
attractive advertisement and emphasizing on brand and product exclusive features. It
depends on communicating and identifying brand uniqueness and demonstrable value.
Market positioning thus becomes important to launch new brand in the existing
competitive market for which innovation with uniqueness is required. It is an effort to

iv.

convince the customer insight for a product or a brand.


Differentiating

v.

Micro and macro environment analysis

vi.

Product Promotion

vii.

Pricing Mechanism

viii.

Marketing Channels

ix.

Analysis on PESTEL, SWOT

x.

Analysis on Competitor

xi.

Consumer behavior(7 Ps)


a. Product:
Development of a Product is dependent on the customer requirement so it
should be kept in the consideration what customer actually needs.

A Proper marketing survey should be done about customer demand and

plan a strategy to develop something that will meet their requirement.


A product doesnt have to be physical entity it can be intangible also like

some policies etc.


One important thing that should be kept in mind providing customer

product according to their budget that suits them well.


Also it is important to monitor their requirements because they may
change according to time and trend.

b. Price:
Pricing for the product should be kept competitive (not the cheapest) and
planned properly because it is the source of revenue against the

expenditure that you spent for the development of the product.


Higher the price is more will be the expectation of the customer regarding

the services, packaging, material, presentation etc.


Existing customers are less concerned about the pricing but to make new

customers you need to more conscious about pricing and services.


c. Place:
Placing a product needs a careful attention because to attract the attention
of the customer you need to place the product properly that it is easily

accessible and visible to them.


Either you sell product in a shop or sell it online both needs proper place.
It should be available at the right place, at right time in right quantity for

which you should have knowledge about customers buying pattern.


d. Promotion:
After development of a product it is necessary to promote the same to
increase the sales. Thus Promotion of a product means to advertise and
market the product through some communication channels e.g.
advertisements on television or newspaper, online ads through Google Ad
Words, exhibitions, special offers etc.

Promotion should include the complete information about the product and

its benefits so that customers feel it is worth buying.


Promotion is two ways communication in which customer should also be
involved so that he can interact with the seller to tell what he expects and

seller should be able to explain.


e. People:
Another important component in marketing is the Staff/person selling the
product who is going to give an impression to the customer about the

company and the product.


How politely staff handles the product, how clearly he explains about the
product, how he convinces the customer to buy the product entirely

depends on the communication tactics for which they need proper training.
f. Process:
The process of marketing a product means building relationship with

customer for lifetime.


It is very important to attract new customers with effective
communication, smartness and knowledge about the brand and products as

well.
So it becomes the utmost responsibility of the seller to maintain the bond
that lasts forever and treat the customer as God ; respect them , follow

them entertain them properly.


g. Physical evidence:
Whenever a customer enters the ambience of your company he feels
himself to be at right place for which proper maintenance, cleanliness,

proper arrangement of product is required.


In case of online services, the website of the company should be
informative with proper linkages that it becomes convenient for customer

xii.

to do the purchasing.
Product Life Cycle

xiii.

Integrated marketing Communication

xiv.

Strategic Planning

xv. Business Portfolio


2.) Improve companys marketing strategy

References:
http://sys.vos.cz/pdf_view/AJ/Marketing_strategy_and_competitive_positioning.pdf
http://www.marketingmo.com/wp-content/uploads/2013/12/The-Strategic-MarketingProcess-eBook.pdf
https://www.radford.edu/content/dam/colleges/cobe/SBDC/Documents/8marketingstrategy.p
df
https://businesscolumnist.files.wordpress.com/2015/01/kotlerarmstrong.pdf
http://www.cim.co.uk/files/7ps.pdf
http://class.classmatandread.net/Branding/-branding.pdf
https://faculty.fuqua.duke.edu/~jrb12/bio/Jim/37.pdf
https://en.wikipedia.org/wiki/Positioning_(marketing)
http://www.businessdictionary.com/definition/market-positioning.html