Task: Respond to the Discussion A discussion response is meant to allow a person time for personal reflection in order to respond thoughtfully to a topic following a group discussion in which ideas and thoughts were exchanged on a particular topic or issue. Discussion:  According to many in the business world, a marketing strategy is a plan of action designed to promote and sell a product or service. A marketing strategy seeks to acquire and communicate a sustainable competitive advantage over rival companies by understanding consumers' wants and requirements. (Barone, 2021). This concept impacts the management of an organization; therefore, the team or essential personnel must meticulously plan, develop, and evaluate. A strategy is a course of action designed to accomplish a particular goal or objective. It is commonly believed that a process can be confused with a specific purpose or intent. Including the emphasis on marketing, we have the term's essential meaning and theory. (Russuni, 2018). The company would likely employ the four P's, product, price, location, and promotion, also known as the marketing mix when formulating a market strategy. Across all industries and business types, the significance of corporate sustainability has increased. 62% of executives believe a sustainability strategy is essential for competitiveness today, while 22% think it will be required in the future. (Haanaes, 2018). Sharing marketing expenses is advantageous for businesses; therefore, promoting partnership marketing is fundamentally and monetarily prudent. Data also demonstrates that organizations find expanding their customer base into a niche or new market challenging. This particular strategy also establishes a partnership that provides added value to an existing audience, is cost-effective, and contributes to developing brand identity, which is advantageous when introducing partnerships for a competitive advantage.

Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
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Task: Respond to the Discussion

A discussion response is meant to allow a person time for personal reflection in order to respond thoughtfully to a topic following a group discussion in which ideas and thoughts were exchanged on a particular topic or issue.

Discussion: 

According to many in the business world, a marketing strategy is a plan of action designed to promote and sell a product or service. A marketing strategy seeks to acquire and communicate a sustainable competitive advantage over rival companies by understanding consumers' wants and requirements. (Barone, 2021). This concept impacts the management of an organization; therefore, the team or essential personnel must meticulously plan, develop, and evaluate. A strategy is a course of action designed to accomplish a particular goal or objective. It is commonly believed that a process can be confused with a specific purpose or intent. Including the emphasis on marketing, we have the term's essential meaning and theory. (Russuni, 2018). The company would likely employ the four P's, product, price, location, and promotion, also known as the marketing mix when formulating a market strategy. Across all industries and business types, the significance of corporate sustainability has increased. 62% of executives believe a sustainability strategy is essential for competitiveness today, while 22% think it will be required in the future. (Haanaes, 2018). Sharing marketing expenses is advantageous for businesses; therefore, promoting partnership marketing is fundamentally and monetarily prudent. Data also demonstrates that organizations find expanding their customer base into a niche or new market challenging. This particular strategy also establishes a partnership that provides added value to an existing audience, is cost-effective, and contributes to developing brand identity, which is advantageous when introducing partnerships for a competitive advantage.

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