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Marketing strategy refers to efforts undertaken by an organization to increase its sales and achieve competitive advantage. [1] In other words, it is the method of advertising a company's products to the public through an established plan through the meticulous planning and organization of ideas, data, and information.
There are two approaches to segmenting a market – a discovery approach or an analytic approach. Each approach is appropriate to the type of business and market they are approaching. [10] An analytic approach is a much more research and data based approach, where two sets of information are derived and used to segment the market. [9]
Marketing concept: This is the most common concept used in contemporary marketing, and is a customer-centric approach based on products that suit new consumer tastes. These firms engage in extensive market research , use R&D (Research & Development), and then use promotion techniques.
Positioning is part of the broader marketing strategy which includes three basic decision levels, namely segmentation, targeting and positioning, sometimes known as the S-T-P approach: Segmentation : refers to the process of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of ...
This is the most aggressive of the four strategies. It typically involves active programs to expand into new markets and stimulate new opportunities. New product development is vigorously pursued and offensive marketing warfare strategies are a common way of obtaining additional market share.
One common and useful technique is constructing a competitor array. The steps may include: Define the industry – scope and nature of the industry. Determine who the competitors are. Determine who the customers are and what benefits they expect. Determine the key strengths – for example price, service, convenience, inventory, etc.
The grounding of such technique is the belief that the success of an idea generation process is determined by the degree of contribution and integration to each other's suggestions, and specifically it is meant to overcome the possible creativity barriers brought up by issues such as interpersonal conflicts, different cultural backgrounds [5 ...
The AIDA marketing model is a model within the class known as hierarchy of effects models or hierarchical models, all of which imply that consumers move through a series of steps or stages when they make purchase decisions. These models are linear, sequential models built on an assumption that consumers move through a series of cognitive ...