M.COM. SEMESTER - III
BUSINESS STUDIES (MANAGEMENT) MARKETING STRATEGIES AND PRACTICE
Q.3.
Write the steps involved in formulating and implementing Marketing Strategies.
ANS:
The process
of development and implementation of Marketing Strategies can visualized with
the help of figure 1.2. The framework depicted in the figure for planning and
executing marketing strategies involve many interrelated decisions about what
to do, when to do and how to do. These decisions are taken on the basis various
market situations and analytical tools and frameworks.
The Process
of Formulating and Implementing Source: Marketing Strategies A Decision-Focused
Approach, Walker O., Mullins J.
As seen in
the figure, the business level objectives and strategies are drawn from
corporate level strategy and objectives which is turn are formulated after
thorough environmental analysis.
The process
for formulating and implementing the marketing strategy for specific situation
comprises of the following steps:
1.
Determining Objectives:
The
objectives to be achieved by the marketing strategy are determined on the basis
of business objectives and strategy. The business objectives help in
determining what the firm wants the marketing department to achieve.
2. Analysis
of Marketing Environment:
Before
determining the strategies, it is very important to thoroughly analyse
customers, competitors and company itself. These factors are highly dynamic. As
a result the strategy formulated may get modified during its implementation.
The four Cs analysis help in preparing a good marketing plan. The four Cs
include:
i. The
Company’s Internal Resources:
the
company’s internal resources, capabilities and strategies at different level
need to be examined exhaustively to formulate a workable strategy.
ii. The
Environmental Context:
The
macro-external environmental factors like socio-economical factors, political
factors, technological factors etc. in which a market exists have to be understood
with absolute detail for selecting right strategy for marketing.
iii. The
Competitors’ Analysis:
The trends
in competitive environment with close and continuous observation of competitors’
strengths and weaknesses help in determining upcoming opportunities. This
analysis helps in anticipating future environment in which the strategy has to
operate.
iv.
Understanding Customers:
Characteristics
of the current and/or potential customers is the focal point of all different types
of market analysis. Customers’ needs and wants, desires and demands and details
help in developing more realistic market strategies.
3.
Integrating Marketing Strategies with other strategies of firm:
The
strategies formulated at all levels need inputs from the market of the firm to
make it workable. On the other hand, the marketing manager need to frame
marketing objectives and strategy for a particular product-market on the basis
of available resources and capabilities of the firm. The manager also need to
understand first the allocation of these resources done at corporate and
business level.
4.
Opportunity Analysis of the Market:
The major
elements of marketing strategy should be consistent with the firm’s realities,
that is, the external environment and the firm’s own capabilities and resources.
Therefore, after understanding the attractiveness and potential of the market
through the four Cs analysis, it is important to identify, analyse, measure and
utilize the opportunities offered by the market.
i.
Understanding Market Opportunities:
The
environment of the market served and industry to which the firm is a part when examined
gives clearer picture of constraints (threats) imposed and opportunities
offered by the external micro and macro environment. Appropriate framework to
study these factors should be used so that none of the factors go unnoticed.
ii.
Measurement of Market Opportunities:
After
identifying the opportunities it is important to develop an evidence-based
forecast for anticipating future environment. During this process, the marketing
manager needs to find more sources of data for verifying his own analysis and
filling the gap of information. Marketing Strategies and practices
iii. Decisions
for Segmentation, Targeting and Positioning:
The customers
may have different preferences, personal characteristics, reasons for purchase,
circumstances etc. They may have different sources of information and methods
of procuring the product. Hence, the manager has to divide the current and
prospective customers into distinct subsets on the basis of similarities in
their characteristics, called as segments. After dividing the customers into segments
the firm needs to examine its strength and weakness in each of them. The
segment which offers viable opportunity should be targeted.
After
selecting the target segment, the firm should make a decision on how to
position the product or service it is offering. For this firm needs to decide
on which attribute of the product or service will appeal to the customers of
the targeted segment.
5.
Formulating Situation-based Marketing Strategies:
The
selection or formulation of marketing strategies depend upon demand of
production or service, prevailing competitive conditions and life cycle stage
the product is in. These three conditions are highly dynamic, therefore, the
firm need to frame appropriate strategies for different combinations of these
conditions.
6.
Implementation, Evaluation and Control of Marketing Strategies:
Success of
even a well-framed strategy depends upon its effective implementation. For
successful implementation, the manager should examine the resources (including
human resources like skill, experience etc.), organisational structure,
coordination between different components and control mechanism of the
organisation. The manager may have to modify or alter the resources, structure
and coordination pattern to make the strategy more effective. The manager should
also develop a mechanism to evaluate the implementation and check whether the
marketing strategies are helping the organisation to meet its marketing and
ultimately its organisational objectives.
7.
Developing Marketing Plan:
A formal
marketing plan needs to be developed and reviewed so that the loopholes of the
plan and ambiguity can be eliminated. A typical marketing plan can be divided
into three major parts.
i.
Assessment and Analysis of the Current Situation: This part of the plan entails:
·
Analysis
of Current and Potential Customers
·
Company’s
relative strengths and weaknesses
·
Competitive
Situation and major trends of the industry
·
Major
opportunities and threats in the upcoming time
·
Forecast
and estimate of sales potential
ii.
Details of Strategy:
·
of
strategy in terms of actions for the 4Ps with their timings and locus.
iii.
Resource Implications and Control Measures:
·
Requirement
of resources for the new strategy with their mobilization and allocation plan
·
Developing
mechanism to evaluate the effectiveness of strategy implementation and measures
to control it
·
Developing
plans for contingency arising due to sudden changes in competitive scenario or
other external environmental factors.
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