MARK2051 What is marketing strategy? The process of matching the organisation’s strengths to the customer needs, with the aim of achieving a competitive advantage in the market. The combination of product, price, distribution and promotion most suited to a particular group of consumers. • Goal: the create a sustainable competitive advantage in the market • All the elements of the marketing strategy that lead to the development of the competitive advantage require good understanding of consumer behaviour Marketing strategy process: • 1. Segment: understand consumers a. Determine the dimensions (age, geography, subculture) b. Determine the heterogeneity c. Define the needs & goals 2. Target: choose consumers a. Evaluate each segment in …show more content…
Reducing the need gap below the point motiving change in behaviour for habitual buyers Gestalt psychology: the name given to the school of psychology that examines the process by which information about a stimulus is organised and categorised by the human brain into patterns. Th ink sw ap Do cu me nt Cognitive interpretation: a process whereby stimuli are placed in existing categories of meaning Affective interpretation: the emotional or feeling response triggered by a stimulus Lecture 4 – Stimulus Perception Stimulus: an object or an event in the external environment becomes a stimulus when it comes into contact with the consumer’s sense organs Sensory organs Eye Principles of visual perception o Trichromatic theory There are 3 cones: 1. S cones – sensitive to blue 2. M cones – sensitive to green 3. L cones – sensitive to red o Opponent process theory There are 3 mechanisms that respond to a pair of opposites: Blue-yellow Green-red Black-white o Gestalt • Ears Senses airborne chemical molecules • Related to memories & emotions • Consists of 10 million rods embedded in the olfactory epithelium – responding to different chemicals Th Olfactory ink sw Detects different physical characteristics of pressure waves: • Pitch: perception of the frequency of sound waves (umber of wavelengths that pass a fixed point in a unit of time) • Loudness: the perception of the intensity of sound (the pressure exerted by sound
Sound waves: Changes in pressure caused by molecules of air or fluid colliding and moving apart again.
The human brain is capable of perceiving and interpreting information or stimuli received through the sense organs (i.e., eyes, ears, nose, mouth, and skin) (Weiten, 1998). This ability to perceive and interpret stimulus allows the human being to make meaningful sense of the world and environment around them. However, even as the human being is able to perceive and interpret stimuli information through all sense organs, stimuli is most often or primarily interpreted using the visual (eyes) and auditory (ears) sense organs (Anderson, 2009). However, for the purpose of this paper, the visual information process will be examined.
According to the Merriam-Webster, the definition of gestalt psychology is: the study of perception and behavior from the standpoint of an individual 's response to configurational wholes with stress on the uniformity of psychological and physiological events and rejection of analysis into discrete events of stimulus, percept, and response
Marketing strategy is a method of focusing an organization's energies and resources on a course of action which can lead to increased sales and dominance of a targeted market niche. A marketing strategy combines product development, promotion, distribution, pricing, relationship management and other elements; identifies the firm's marketing goals, and explains how they will be achieved, ideally within a stated timeframe. Marketing strategy determines the choice of target market segments, positioning, marketing mix, and allocation of resources. It is most effective when it is an integral component of overall firm strategy, defining how the organization will successfully engage customers, prospects, and competitors in
Marketing techniques available: A marketing strategy is an overall marketing plan designed to meet the needs and requirements of customers. The plan should be based on clear objectives. A number of techniques will then be employed to make sure that the marketing plan is effectively delivered. Marketing techniques are the tools used by the marketing department. The marketing department will set out to identify the most appropriate techniques to employ in order
In the marketing world, before releasing a product onto the market a company would carry out research in all spectrums to investigate the targeted audience. Once market research is completed, marketing or advertising is carried out so that the targeted consumers can purchase and the company receives an earned profit from sales. Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably (Chartered Institute of Marketing, 2009). Marketing strategies need to tick off consumer needs and demand. Companies follow a set of marketing strategies to be able to achieve their set mission goals. Strategies like segmentation, targeting and positioning of the market is used to analyse the
The main purpose of developing a marketing strategy in any organisation is to make sure that its capabilities are coherent with the market environment in which it operates in, not just for the present but also for the future to come (Hooley, Piercy and Nicoulaud, 2012). Without a clear knowledge of the conditions of the external environment and how these conditions can affect the business over time, it is difficult for a business to make fundamental decisions. By aligning both the marketing and general business strategy ensures that everything within the business is in sync, strategies are designed to gives members of an organisation a clear picture of how they will achieve their goals. In order to be effective strategies work hand in
Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services. A marketing strategy is composed of several interrelated components called the marketing mix: The Marketing mix consists of answers to a series of product and customer related questions.
A good marketing strategy should be drawn from market research and focus on the right product mix in order to achieve the maximum profit potential and sustain the business. The marketing strategy is the foundation of a marketing plan.
Enhanced smell will intensify our ability to distinguish scents, and an amplified sense of touch will enable us to discern environmental stimuli such us changes in barometric pressure.”
Gestalt psychology is based upon the idea that we experience things as unified wholes. This approach to psychology began in Germany and Austria during the late 19th century in response to the molecular approach of structuralism. Rather that breaking down thoughts and behavior to their smallest element, the gestalt psychologist believed that you must look at the whole of experience. The problem that gestalt theory confronts is that of an extended event, whether an action,
The main objective of organization is to attain sustainable competitive advantage in the market. To achieve objective it has developed a broad strategy and there are other department which has also developed their own strategy. A suitable marketing strategy is the easiest way to attain corporate objective. Marketing strategy emphasizes on the customers more who are the value creators of the organization. The more value will be created the more competitive advantage is achieved. We can relate our corporate strategy with marketing strategy as follow.
Examples include eyes, nose and skin. The eyes are the main sensory organs being tested in this experiment. Eyes allow us to detect visible light which is reflected on images and allows us to see them. (McMillan 35)
What is Marketing Strategy? The object of marketing strategy is to increase sales and a supportable competitive advantage in the marketplace. Marketing strategy includes short and long-term actions that divide up the strategic plan of the company including the formulation, evaluation and selection of market-oriented strategies. Marketing objectives contribute to the goals of the company. A good marketing strategy is derived from market research, which allows the business to focus on what the right product mix is to be able to achieve the maximum profit potential for a sustainable the business. Marketing strategy is the groundwork of any marketing plan.
Strategic Marketing can help you make sure you choose the right products and services that your consumers need. A marketing strategy looks at all aspects of selling activities, helps each strategy support the next and makes sure all departments involved are aware of what the others are doing.