Get free samples written by our Top-Notch subject experts for taking online Assignment Help services.
Marketing principles are the ideas of marketing companies that are used for an effective strategy of marketing. Every company should follow SMART criteria that help them effectively to get profit with sustainable development. The principles are made for the promotion of the products or services. Some of the companies follow the principles of 4Ps and some of the companies made their strategies of marketing.
In this report, different principles of marketing are discussed and how these strategies help the organization to promote the growth of their products and services. The marketing mix and development of a strategy for marketing is a very important part of the growth and development of the company.
Objectives of marketing plans:
The marketing strategy helps the company to increase its growth and share in the market. This strategy helps the organization to focus on their limited resources and how these resources could be used on the greatest opportunities and that increases the sales in the market and helps to achieve a sustainable and constant advantage over the competition.
The Ansoff Matrix is a popular marketing strategy, also called an Expansion Grid of Market, this tool helps the organization to increase their growth with the help of their existing products. This matrix was developed by H, Igor Ansoff who was a business manager and mathematician. The four strategies of this matrix are:
This matrix is used to identify and explore the growth option that they can implement with their new and existing products in both new and existing markets. The risk varies between these quadrants and diversification is the riskiest.
The marketing mix means a pile of different marketing requirements that an organization implements to get desired responses in their target market. This mix consists of all the important elements that directly impact the demand for the products that the company offers to its customers. This marketing mix is used for the sake of promotion of the products or brands of the firm in their competitive market. Traditionally in this market mix, four important components are present. These four components are; Price, Product, Promotion, and Place, that is 4Ps, but in recent strategy, some other Ps also included in this marketing mix.
BCG is a model of marketing and it was created by the Boston Consulting Group. This model is very simple and this tool is used to analyze the position of a company in terms of its range of products. The design of this matrix to help the organization to focus on their products and customers services and in decision making that which product is to keep and which is not and in which products they should invest to get more profit and increase share in the market. This matrix model helps to calculate and examine sales over a quarter or a year and compare that revenue with the whole market.
Create a BCG model for Company -
Creating the Company Matrix needs information about the rate of growth and share of products market and services. Next, calculate sales over a quarter or a year and compare the revenue with the whole market. Then draw a matrix of four quadrants or find an online template. In the vertical axis of the matrix write "Rate of Market Growth" and along the horizontal line write " Relative Market Share, and divide the chart into four quadrants;
After making this chart place all the products and services in the quadrant basis of the growth and market share of the company.
Four quadrant meaning of BCG -
This model assumes the market share of a specific product that indicates the potentiality to generate cash for that product. A product that has a high share in the market which has a high rating in cashback and it has a relatively more brand position to its maximum competitors, these all features are the future success indicators. The growth rate of the market is an indicator for the outflows of the cash. The maximum rate of growth indicates a product is an incoming well but that product needs large cash injections to stimulate growth for the future. Every quadrants has an accurate meaning;
These Cash Cow products are the leaders of the market, these products are in the bottom right quadrant of the matrix and help to give more revenues than the company consumes.
First- to-market fall into this category and the products are to be stars. Star products have a strong market share and they generate more revenue. The companies are advised to give priority to their star products because the potentiality of these products is to be a cash cow when they sustain cash generation while the rate of growth is leveling out.
These products have an underwhelming rate of growth and market share and they cannot generate and cannot consume a large amount of cash.
This indicates a low relative share in the market and a high rate of growth, they have the potential to grow at a rapid rate.
STP marketing (Segmentation, Targeting, and Positioning), is the framework of three steps marketing, is the modern-day marketing core concept. This strategy helps the company to segment the company's market, target customers of the company, and each segment gets an offer from the position of the company as well as the communication ways to their benefits to specific segments of customers. This strategy is very much effective in marketing because it focuses on breaking the base of customers into smaller groups. These strategies reach and engage target customers by developing very specific marketing plans.
Around 59% of the customers say that they are influenced by personalization in their shopping decision and another 44% said that they are influenced by personalization to become regular and repeat customers of that specific brand.
STP marketing represents a shift from product-focused marketing to customer-focused marketing. This shifting helps the company to understand which customers are ideal for their business and how they should reach those customers. The targeted and personalized marketing efforts increase the success rate in the future.
The formula used to calculate marketing strategy is; Segmentation + Targeting = Positioning, which means that the positioning of the market comes from the collaboration of segmentation and targeting.
This formula define that each segment of STP requires a tailored marketing mix and positioning to ensure their success.
The first step of this marketing model and the main aim is to create different types of customer segments depend on specific criteria. Segmentation is of four types;
This is step two and the main aim is to determine which segments generate the most likely desired conversation. The ideal segment has some specific characteristics that are; growing actively, has a high-profit rate, and a low rate of acquisition.
This is the final step of this framework, allowing to set products and services apart from the competition. Three factors help to gain an edge of competition;
In this section different types of business strategies, their effectiveness to the business, and customer satisfaction through these strategies have been discussed. All the principles of the marketing mix, STP strategies, BCG matrix models all are discussed in detail. Every business has its specific strategies and goals to achieve long-term success. To expand the business and to promote the growth of the business every company should follow an active and perfectly planned strategy. To develop a marketing strategy here Ansoff Matrix is discussed because this matrix is very easy to use and it gives an effective result.
Get Better Grades In Every Subject
Submit Your Assignments On Time
Trust Academic Experts Based in UK
Your Privacy is Our Topmost Concern
Copyright 2023 @ Rapid Assignment Help Services
offer valid for limited time only*