The first & foremost task in marketing strategy is to understand customers & the marketplace. After completing this task, marketing managers prescribe a customer-driven marketing strategy.
Actually, marketing management is the art and science of choosing target markets & building profitable relationships with them & his aim is to find, attract, keep & grow target customers. He also tries to create, deliver & communicate superior customer value.
After designing a perfect marketing strategy, the marketing manager must answer two important questions. They are-
1. What customers will we serve ( what's our target market )?
2. How can we serve these customers best ( whats our value proposition)?
let me describe this:
Selecting customers to serve:
Every company must first decide whom it will serve; its mean who is their target market. For this reason, the company dividing the market into many segments & select the most profitable segment to enter.
It is true that marketing managers can't serve all customers in every way. When they go to do that, they always fail. That's why they select their customers so that they can serve them well & profitably.
for example, arong generally select higher class people for their product & treat them well & profitably.
Choosing a value proposition:
Obviously, every company must also decide how they will serve their targeted customers; it's mean how differently from competitors & try to create a position in the marketplace.
Actually, a brands value proposition is the set of benefits or values it promises to deliver to customers to satisfy their needs.
Have a look some examples: BMW promises the ultimate driving machine whereas smart car suggests opening your mind to the car that challenges the status quo; Youtube provides a place for people to connect, inform & inspire others across the globe whereas facebook helps connect & share with people.
Marketing management orientations:
Marketing management orientations are also called core concept & philosophy in marketing strategy.
It also designs strategies that help to build profitable relationships with target consumers.
There are five concepts under this orientation. They're-
1. The Production Concept: Production concept is an idea that customers will favor their products that are available & highly affordable. Based on this idea, the company should focus on improving production & distribution efficiently. Actually, it is an old concept. It is only helpful for leading brands.
2. The Product concept: Product concept holds that product that are most quality, high performance & high features contain, customers will favor these types of product. Based on this idea, the company devotes its energy to making continues product improvements.
In every marketing strategy, product quality & improvement are the most important parts. But another question may arise that only quality improvement can't ensure the goals. That's why, it also needs better manufacturing designs, packagings & pricings it attractively; placing in the convenient place; try to bring it to the attention of people who need it & try to convince buyers that it will be better for them.
3. The Selling concept: It is an idea in which customers will not buy enough of the firm's products unless the firm takes necessary selling actions & promotion efforts. Like insurance & blood donations are an unsought product. Buyers may not actually think of this product to buy that's why industries should take selling & promotion efforts. They only selling their product not to build a long run customer relationship. So, it is clear that this concept states that sell what the company makes rather than what the market wants.
4. The marketing concept: This concept holds that achieve organizational goals based on knowing consumers needs, wants & demands & delivered the desired satisfaction that consumers want & fulfill it better than competitors do. This concept mainly focused on building profitable customers relationship by delivering superior value.
5. The societal marketing concept: This concept is mainly based on companies overall marketing decisions should consider customers needs, wants & demands; companies goals;, customers long-run interest & society's long-run interests.
Describing the above five core philosophy in marketing strategy, it can be said that the marketing concept is the best for any business organization and company.
Actually, marketing management is the art and science of choosing target markets & building profitable relationships with them & his aim is to find, attract, keep & grow target customers. He also tries to create, deliver & communicate superior customer value.
After designing a perfect marketing strategy, the marketing manager must answer two important questions. They are-
1. What customers will we serve ( what's our target market )?
2. How can we serve these customers best ( whats our value proposition)?
let me describe this:
Selecting customers to serve:
Every company must first decide whom it will serve; its mean who is their target market. For this reason, the company dividing the market into many segments & select the most profitable segment to enter.
It is true that marketing managers can't serve all customers in every way. When they go to do that, they always fail. That's why they select their customers so that they can serve them well & profitably.
for example, arong generally select higher class people for their product & treat them well & profitably.
Choosing a value proposition:
Obviously, every company must also decide how they will serve their targeted customers; it's mean how differently from competitors & try to create a position in the marketplace.
Actually, a brands value proposition is the set of benefits or values it promises to deliver to customers to satisfy their needs.
Have a look some examples: BMW promises the ultimate driving machine whereas smart car suggests opening your mind to the car that challenges the status quo; Youtube provides a place for people to connect, inform & inspire others across the globe whereas facebook helps connect & share with people.
Marketing management orientations:
Marketing management orientations are also called core concept & philosophy in marketing strategy.
It also designs strategies that help to build profitable relationships with target consumers.
There are five concepts under this orientation. They're-
1. The Production Concept: Production concept is an idea that customers will favor their products that are available & highly affordable. Based on this idea, the company should focus on improving production & distribution efficiently. Actually, it is an old concept. It is only helpful for leading brands.
2. The Product concept: Product concept holds that product that are most quality, high performance & high features contain, customers will favor these types of product. Based on this idea, the company devotes its energy to making continues product improvements.
In every marketing strategy, product quality & improvement are the most important parts. But another question may arise that only quality improvement can't ensure the goals. That's why, it also needs better manufacturing designs, packagings & pricings it attractively; placing in the convenient place; try to bring it to the attention of people who need it & try to convince buyers that it will be better for them.
3. The Selling concept: It is an idea in which customers will not buy enough of the firm's products unless the firm takes necessary selling actions & promotion efforts. Like insurance & blood donations are an unsought product. Buyers may not actually think of this product to buy that's why industries should take selling & promotion efforts. They only selling their product not to build a long run customer relationship. So, it is clear that this concept states that sell what the company makes rather than what the market wants.
4. The marketing concept: This concept holds that achieve organizational goals based on knowing consumers needs, wants & demands & delivered the desired satisfaction that consumers want & fulfill it better than competitors do. This concept mainly focused on building profitable customers relationship by delivering superior value.
5. The societal marketing concept: This concept is mainly based on companies overall marketing decisions should consider customers needs, wants & demands; companies goals;, customers long-run interest & society's long-run interests.
Describing the above five core philosophy in marketing strategy, it can be said that the marketing concept is the best for any business organization and company.
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