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Different Aspects of Strategic Marketing in Business Organization

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Strategic Marketing

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Introduction

Strategic marketing is regarded as the effective process of promoting goods in the market so that large number of customers can be attracted easily. Further, it takes into consideration various types of techniques with the help of which business can easily differentiate itself from those of competitors in the market. Main focus is on delivering high value to the customers as per their expectations and in turn desired objectives of the company can be accomplished efficiently. Apart from this, it is well known fact that no business can survive in the market without effective marketing strategies and sometime it leads to decline in level of performance. Due to this reason effective promotional tools are required to be developed by business so that customers can be provided crucial data and this proves to be favorable for company in every possible manner (West, Ford and Ibrahim, 2015). Delivering remarkable value to the customers has become must for every business and it is one of the effective way through which challenges can be faced in business environment. For conducting the present study Total marketing solutions as a business has been considered where organization is indulged into practices of delivering marketing services as per the need and requirement of the target market. The entire report covers various tasks such as role of strategic marketing, analysis of how marketing strategy is developed, approaches to competitive positioning etc (Wilson and Gilligan, 2012).

ACTIVITY 1

1.1

Strategic marketing plays most important role in total marketing solution where it allows business in gaining competitive edge. Further, it provides base to the business in differentiating its products from those of competitors in the market by utilizing major strengths so as to deliver remarkable value to the target market. It enhances business performance in the market and in turn main focus is on accomplishing desired goals and objectives. Apart from this, with the help of strategic marketing it becomes easy to highlight the uniqueness in the product range and challenge associated with rise in competition level can be tackled easily. This marketing allows in sharing important information with the customers as per their needs where business can easily target its customers (Kotler, and et.al., 2015). Further, it is well known fact that without sharing crucial information with customers no business can survive in the market and due to this reason TMS has to indulge into practices of strategic marketing for obtaining large number of benefits.

The main goals associated with strategic marketing takes into consideration markets where business is required to compete, basis of firm’s competitive edge and what are the effective ways through which organization can enter into new market. So, all these key points are considered by TMS while considering the strategic marketing. It is only regarded as one of the way through which desired objectives can be accomplished easily by TMS and firm can easily deal with the issue of competition in the market (Shank and Lyberger, 2014). Apart from this, stakeholder management becomes easy for Total marketing solutions with the help of effective strategic marketing tools and through this opportunity prevailing in the business environment can be tackled easily. On the other hand, main role associated with strategic marketing is also to build brand image of business in the market which directly becomes reason behind success of enterprise in the market. So, in this way with the help of this it can be stated that strategic marketing plays most crucial role where business can easily focus on its long term objectives and it supports in accomplishment of such aims.

1.2

Direct relationship is present in between corporate and marketing strategy where both are important for accomplishing major goals of the business. Further, marketing strategy is considered to be integral part of corporate one where with the help of effective promotional tools it becomes easy to accomplish corporate objectives of the organization and leads to favorable outcomes (Foxall, 2014). Apart from this, corporate strategy of TMS is to enhance overall operations of the business at global level which can be only accomplished where effective marketing strategies are present and this allows company in obtaining favorable outcomes. Further, in corporate strategy directions are set so that business can easily focus on long term goals and objectives. Through marketing objectives it is highlighted what business wants to accomplish and in turn it acts as development tool for the business in every possible manner. Corporate strategy highlights the direction of the business along with other key areas such as establishing purpose along with the scope of the company, nature of the business etc. All these key elements are undertaken at the time of building marketing strategies and this directly acts as development tool for the company in every possible manner (Morgan, 2012).

Further, it is well known fact that absence of effective corporate and marketing strategy has adverse impact on Total marketing solutions. For instance if TMS has set targets to enter into the market of India for offering large number of customers. Then in such case marketing strategies have to be developed accordingly. Business has to develop strategies with the motive to develop awareness in the market of India so that customers can be attracted easily. Apart from this, organization has to rely strongly on marketing programs which can easily provide base in accomplishing major goals (McDONALD M.A.L.C.O.L, 2016). TMS has to necessarily consider both the strategies such as corporate and marketing one for strengthening its customer base especially in the new market. So, this can surely bring favorable results for company in terms of higher profitability level and market share. Therefore, with the help of this it can be clearly said that corporate and marketing strategy has direct link with one another.

1.3

Marketing strategy is developed by TMS by taking into consideration large number of stages as it provides proper direction to the business and in turn it becomes easy to accomplish desired goals and objectives. It allows organization to integrate all the major business activities through effective promotion of goods and services. The key stages which are followed by Total marketing solution at the time of developing marketing strategy are as follows:

Analyzing Environment: It is one of the most important stage where it is required for marketing managers of TMS to analyze internal along with external environment of the business. This directly supports in identifying the main challenges along with the opportunities present in the business environment. TMS with the help of different tools can easily its internal and external environment and proper plans can be developed for dealing with the key issues (Giannakis, Harker and Baum, 2015).

Setting objectives: It is the next key stage where TMS is required to set objectives for enhancing overall performance in the market. Further, the objectives can easily highlight what business wants to accomplish in near future for obtaining large number of benefits. The main objectives associated with TMS involve strengthening customer base, enhancing market share and profitability, introducing new services in the market etc. For accomplishing all such objectives it is must for business to have effective marketing strategies for its overall growth in the market. Identifying target audience: after identifying the main objectives TMS has to identify its key market and on the basis of same corrective actions have to be taken for satisfying their needs in efficient manner. Generally main target market of TMS is businesses where they prefer to purchase marketing services of the business and this supports in enhancing their overall performance. Business has to identify change in taste and requirement of the target market and on the basis of same services have to be offered (Barney, 2014).
Setting standard and dynamic strategy: It is the another stage where TMS has to set standards so as to reduce gap between actual and expected standards. Further, dynamic strategy has to be built where changes can be made easily.

Implementation: It is the end stage where TMS can easily implement the marketing strategy and can easily obtain benefit with the help of this.

ACTIVITY 2

There are many activities which have been carried out in the market by various business organization. By the working of such activities only the profit or loss of a company get effected. When a business organization has been involved in some kind of activity related to market it is really important to assess and analysis these activities in order to make a point on all the losses and profits which a company is having (Homburg,, Stierl and Bornemann, 2013). There are many approaches which has been used by companies to make an assignment. Basically there are 2 kinds of analyzation on business environment that is internal and external. Various kind s of approaches has been used in order to calculate the internal and external activity which shall denote the performance of a company and make all the necessary actions to be taken by an organization. TMS has been appeared as one of the great example of making an internal environment evaluation by operation of a particular approach that is SWOT. In SWOT approach of analyzation TMS company has focused on some particular area which will assist the company and its employee to understand market strategic value. SWOT basically deals with first of all strength. In order to build strong roots in the market it is very important for TMS make all the new comers understand what is strength of a company (Yadav and Pavlou, 2014). A strength can make good marketing in business world. To evaluate market strategy one must know the weakness of the company so that they can work on it and make the weaker part quite effective. A marketing strategy can be analyzed by taking up new opportunities which is next step to SWOT approach to internal environmental of marketing strategy. Opportunities always comes as a new chance to company for introducing new schemes and offers of company. Technology plays an important role in marketing strategies for internal environment. It is very important for TMS to adapt new technology by the time in order to take the production to next level and evaluate the production of company.

As there has been an approach to internal environment, there are some of the approaches which are present to assist the external environment. It is important for TMS while organising a programmed for trainee to introducing some external approaches for marketing strategies. The famous approach which has been used in market world is PESTEL approach to analyse the external environment of market strategy (Kim, Im and Slater, 2013).

PESTEL approach shall consist of-
P for Political Factor- while calculation external environment political factor plays a very important role. Political factor here denotes the political stability of that country where TMS is situated. A political factor shall include all the government policies which have been introduce to minimize the taxes and regulation. Government also introduce some policy which ensure the stability of company. It introduce some policy which ensure entry mode of company whether a company can enter into market or not.
E for Economic Factor- market strategy of TMS depends on the economic factors present in the external environment of market. It shall include inflation rate of a product, foreign exchange change, economic factor also include fiscal policy which shall provide TMS a point of relaxation in taxes which it has to pay, economic factor also denote unemployment rate (Ngo and O'Cass, 2013).
S for Social factor- social factor effect the sales of product and services. Social factor also include education level, it shall also include the gender demographic, culture implication has also being part of social factors.
T for Technology factor- technology plays a very important role in making up of a environment of business. It effect the production and sale of a company. New technologies shall be adopted by companies so that new innovations can be done in production by which the sale of product get increased. Technology factor also denote the rate of technology advance to be introduce by approach (West, Ford and Ibrahim, 2015).
L for Legal Factor- legal factor is very much important in governing market strategy as it shall include all the regulation which has been enacted by law. It shall also include various provision of competition, which is important to govern the market
E for Environment factor- environment factor shall consist of geographical locations like where TSM is situated. It will be beneficial if the company is situated at hub of region, the attitude of people towards environment.

Internal and external, both the approaches are equally important for the analyzation of environment of marketing strategy (Wilson and Gilligan, 2012). It is very important to understand the nature of market strategy because that shall give a result of all the changes which is to be made by a business organization in the level of production and sales. For an example TMS company shall apply both the approaches to company. These both approaches are integrated to each other as it will denote analysation of both the environment internal as well as external. Both the approaches are linked to each other as both approaches of internal and external shall discuss ans analysis the factors which are responsible for market strategy. For making the company production more effective it is important to apply market strategy to both internal and external environment because both the environment equally effect marketing of a company. It is important for any company to integrate both the approach of external and internal environment because it will give a high quality of production. Both the approaches are integrated to each other because the job of both approaches is same to do. The approach has a wider coverage of all the areas which shall effect the business of a company. For an example approach shall cover the legal factor present in market (Shank and Lyberger, 2014). Approach shall provide all the basic information of regulatory laws which have been issued by government in order to protect the interest of business organization. The approach shall also cover economic factor which shall let TMS to know the inflation rate of product present in market, it shall also let company to know what tax rate is applying on a product in market. These coverage has been done with the application of PESTLE where as on the other hand SWOT cover all the attribute of company. For an example by applying this application TMS shall came to know about the strength, by which company shall on which part he has to work on for maintaining marketing strategy. Both the approaches gives an overall view for a company to understand a marketing strategy and what plans shall be introduced for future (Morgan, 2012).

2.1

Different type of decisions at taken at corporate level within TMS which are linked with the success and growth of business in the market. Further, large number of strategies are framed which allows business in gaining competitive edge and in turn leads to favorable results. Moreover, the main attributes of strategic decision is that they have long term influence on the business and allows company to set future direction (Chandra, Styles and Wilkinson, 2012). This assist in delivering large amount of support to company and leads to favorable outcomes. Decisions at taken within the business at different level and they are associated with the success of company such as at top, middle and lower level. Apart from this, the most common decision taken at corporate level is associated with introduction of new services for which market research has to be carried out by company with the help of which it becomes easy to understand need and requirement of target market. Development of marketing strategy is another decision taken where it highlights which marketing strategy can support in promotion of services and can be advantageous for business in every possible manner (Kozlenkova, Samaha and Palmatier, 2014).

All the range of decisions have to be taken through proper analysis so that long term position of the business cannot be adversely affected due to this reason. Further, large numbers of techniques are undertaken for analysis purpose such as porter, SWOT etc. Decisions taken at corporate level are also linked with expansion and diversification where it allows business in gaining competitive edge. At corporate level TMS can decide which marketing strategy to adopt for benefit of its business such as social media or any other. In short, this advanced tool can easily allow organization to grab the real growth opportunities present in the business environment and along with this other type of challenges can be tackled easily. So, these are some of the major decisions which are taken at corporate level and they are associated with the long term growth of TMS in the market along with obtaining other type of benefits (Brodie and et.al., 2013).

2.2

Business unit is considered as the segment of organization which highlights the range of functions of the company. Further, at functional level major functions of the company are carried out for enhancing market performance. For instance if TMS has taken decision in relation with introduction of new services in the market then it influences marketing at business unit and functional level. Further, marketing strategies have to be designed accordingly such as in case of business unit information in relation with new services is necessarily required to be shared. Through this purchase decision of target market can be influenced easily and in turn it can have positive impact on the brand image of organization operating in the market. Moreover, marketing at functional level is also affected where business is required to focus on key functions so that its overall performance can be well maintained with the help of this (Palmer and et.al., 2016).

Decisions linked with expansion influences business unit and functional level marketing where business has to work on development of marketing strategies accordingly and same can allow in enhancing market share along with the profitability level. In short the overall marketing activities associated with business unit and functional level are regarded to be most important and this can be favorable for organization in every possible manner. Generally functional level requires effective marketing strategies so that target market can easily understand about the nature of business and same can be beneficial for TMS in long term. Influence of decisions taken at corporate level on marketing at business and functional level is quite high which has to be undertaken by entity. Without modifying the marketing activities at functional and business unit it is not possible for business to focus on its major goals and its overall performance can be affected. Therefore, with the help of this it can be stated that decisions at corporate level influences marketing at business unit and functional level (Theodosiou, Kehagias and Katsikea, 2012).

2.3

Competitive positioning is linked with the ways which are undertaken by organization in order to differentiate its products from those of competitors in the market and allows in delivering value to the customers. Further, different approaches are present which TMS can undertake to position itself competitively as compared with its key competitors. It is possible for organization to carry out competitor analysis with the help of which their strengths and weaknesses can be known along with the type of services rendered to them. This will support in identifying the main loopholes where company is not performing efficiently and improvement is needed in every possible manner (Andreasen, 2012). Apart from this, real target market of TMS is only large businesses and due to this reason it is necessary to carry out in-depth analysis for the purpose of understanding their need and requirement. This approach to competitive positioning is strongly beneficial for business where it can easily allow in gaining competitive edge and can support in delivering large number of benefits. Analyzing major risks present in the market is also one of the ways of competitive positioning. No doubt TMS carries out operations in the market where many risks are present and due to this reason it is necessary for organization to take corrective actions to deal with the same. Without risk analysis it is not at all possible to grab the range of opportunities being present in the business environment. Moreover, analysis of internal and external environment are also beneficial for competitive positioning as by knowing internal strengths and weaknesses TMS can take corrective actions for performing well as compared with its competitors. So, this can be favorable for company in every possible manner where the major loopholes can be identified which affects its performance. This can built internal strength of the firm to deal with the market challenges and can provide benefits for long term such as rise in market share along with profitability. All the approaches undertaken for competitive positioning are quite unique and can support in satisfying market needs in better manner.

ACTIVITY 3

In the market, there is crucial competition between the organisation as there are many companies present in market which deals with various kinds of production and supply of services, it is very obvious that competition shall be carried out by organisation and they have to maintain an advantage regarding competition because by gaining advantage in the competition a company can resist in market. There are various kinds of strategies which have been introduce in order to promote the advantage in competition. Porter have introduced various kinds of strategies which deals with advantage in business competition. In order to gain the advantage of competition advantage in business TMS has to apply approach which shall consist of

Cost Leadership- in cost leader ship a firms tries to set a lower cost producer in its industry. Generally the sources of a cost advantage are varied and depend upon the structure of industry. When the producer introduce any services at lower cost the consumer shall get attracted to it and hence the demand shall get high (Foxall, 2014). By maintaining a low cost for a particular moment of time the company shall be able to sustain in the market for a period of time by which it can take over all the other industry by establishing a cost leadership. The main m,motive of cost leadership it to effect and gain all the benefits of competition in business. By lowering down the price of a product consumer shall get attract and the industry shall get over on other.

Differentiation- in order to sustain the advantage of competition of business TMS must differentiate in its service which shall increase the value of firm and the number of customer who has been coming to avail the services. By differentiation a industry precieve importance in the market by which the competition get affected and resulted into some of the advantages
Focus- the focus strategy shall focus on the advantages to be gained by cost and its target segment.

It is very important for any company to make aware of the product an services in which it is dealing it is because when the consumer has not be knowing about the services he shall not be able to avail it by which the company shall not be able to sell its production so it is very important for a company to make aware the consumer about the product. The consumer should know all the basic information about the product that when it has been manufactured and when it is ready to avail by the consumer (Barney, 2014). For making such awareness Marketing communication strategies has been use by the business organization in order to provide the basic information and to know the base of a consumer. The strategies are:-

Uncover the USP- USP of any company is very important ans it is very important for a consumer as well as for the company to know what USP a company has. It is very necessary to aware about the USP of a company. When USP has been communicated perfectly to the customer it shall derive the sales and production of a company.
Manage Leads and Client data- a relationship shall be establish between a custmore and a employee to make them aware what services has been provided by the firm. Such relationship has been made by calls or telecommunication, records and files. Such communication shall be established by a employee in between the customer in order to make them aware about the services which they are providing in market. By the use of such strategy a market communication can be set up.

Consisting Messaging- in order to establish a marketing communication, constant messaging is very important. In this few tag line and logos have been used as brand voice where it shall speaks about the brand. TMS should use few tag lines and logos in order to maintain a communication between the customer and it will promote the marketing of TMS also (Theodosiou, Kehagias and Katsikea, 2012).

Marketing strategies play an important for all the business organization. It is very essential for a company to adapt and implement business strategy in order to promote the production and services of company. TMS has applied all the marketing strategies in order to make the production of a company more effective as well as it is very essential that a customer who has been availing the services should have proper awareness about the product. The awareness of any product can be established in market by use of marketing communication strategies. While on the other hand there are some of the strategies present which shall help TMS to establish its root in market environment. These strategies are:-

Understanding the Factors- it is very essential for a great marketing to understand what factors are important which can influence marketing of a firm. There are various factors like social, economic, political which shall effect marketing. Strategies of market shall include SWOT as well as PESTLE to govern market (Andreasen, 2012).
the marketing strategy also include such variation which will solve the problem of customer. There are several strategies present in market and implemented by firm which shall resolve the problem of customer. It is very important to listen to the problems which have been faced by customer because marketing also deals with the customer satisfaction and once the satisfaction has not been achieved then the purpose of a company and marketing shall not been established properly. TMS has implemented these marketing strategies by use of various resources. Management also plays very important role in implementing the strategies of marketing. For a proper application of any strategies introduced for marketing, it is essential that they should be used in a planned m,manner. Without a proper management of such strategies the goal of marketing shall not be achieved (Ngo and O'Cass, 2013).

Conclusion

The project report which have been prepared above concluded about various aspects of marketing strategies. It has been seen in the report that various marketing planning has been discussed in context to business organization. The report has shown the the use of SWOT and PESTLE. And how TMS has successfully implemented it. It is very important for an organization to know what are the various factors which can effect the internal and external environment of a company and here in this report a full detailed description has been given regarding the use of approaches and meaning of such approaches. The project also concluded with various ways in which the companies have applied their marketing strategies. It has also been shown by the project report that competition is an important aspect in marketing and there are various strategies by which TMS had tried to grain advantages. The project report has framed a very good example of TMS in applying all marketing strategies.

References

  • West, D., Ford, J. and Ibrahim, E., 2015. Strategic marketing: creating competitive advantage. Oxford University Press.
  • Wilson, R.M. and Gilligan, C., 2012. Strategic marketing management. Routledge.
  • Kotler, P., Burton, S., Deans, K., Brown, L. and Armstrong, G., 2015. Marketing. Pearson Higher Education AU.
  • Shank, M.D. and Lyberger, M.R., 2014. Sports marketing: A strategic perspective. Routledge.
  • Foxall, G., 2014. Strategic Marketing Management (RLE Marketing) (Vol. 3). Routledge.
  • Morgan, N.A., 2012. Marketing and business performance. Journal of the Academy of Marketing Science, 40(1), pp.102-119.
  • McDONALD, M.A.L.C.O.L.M., 2016. 5 Strategic marketing planning. The marketing book, p.86.
  • Giannakis, D., Harker, M.J. and Baum, T., 2015. Human resource management, services and relationship marketing: the potential for cross-fertilisation. Journal of Strategic Marketing, 23(6), pp.526-542.
  • Barney, J.B., 2014. How marketing scholars might help address issues in resource-based theory. Journal of the Academy of Marketing Science, 42(1), pp.24-26.
  • Chandra, Y., Styles, C. and Wilkinson, I.F., 2012. An opportunity-based view of rapid internationalization. Journal of International Marketing, 20(1), pp.74-102.
  • Kozlenkova, I.V., Samaha, S.A. and Palmatier, R.W., 2014. Resource-based theory in marketing. Journal of the Academy of Marketing Science, 42(1), pp.1-21.
  • Brodie, R.J., Ilic, A., Juric, B. and Hollebeek, L., 2013. Consumer engagement in a virtual brand community: An exploratory analysis. Journal of Business Research, 66(1), pp.105-114.
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