Essay on Marketing Strategies
hubspot. com/blog/tabid/6307/bid/5256/Sales-Vs-Marketing-Whose-Job-is-it-to-Generate-Leads. aspx Content: The decision content includes market opportunity analysis, brand development, advertising, pricing and basic sales force management decisions. It also includes a simplified profit analysis. Decisions by Quarter Quarter 1: Setup your company, evaluate market opportunities and prepare for test market. • Determine desired image of company Designate a company name • Analyze market opportunities—evaluate segments, geographic markets, and potential competition – Evaluate market survey results in End User Profile • Establish corporate goals and strategic direction – Select target segment – Establish strategic direction • Select test markets – Open sales office Quarter 2: Go to market to test your strategy and market assumptions. • Create customer value—match components to benefits desired (quality function deployment (QFD)) – Design 1 or 2 brands Marketing strategy—evaluate tactical options and choose marketing mix – Brand price – Price promotions – Sales priority • Develop media plan and budget—ad copy design, media selection, and ad frequency – Place advertisements in media • Sales force management—number employed, and training – Hire salespeople assign to service or target segments – Open new sales office (optional) Quarter 3: Evaluate test market performance and revise your strategy, become a learning organization. • Evaluate performance – Financial performance—profitability analysis Market performance—customer opinion of brand designs, prices, advertising, and sales force – Competitor tactics—segments targeted and selection of marketing tactics • Revise marketing tactics as needed and continue test marketing Quarter 4: Evaluate your position in the market and adjust your strategy. • Evaluate performance – Financial performance—profitability analysis – Market performance—customer opinion of brand designs, prices, advertising, and sales force – Competitor tactics—segments targeted and selection of marketing tactics • Adjust strategy—make incremental changes in tactics use activity based costing (ABC) to evaluate profitability of brands – evaluate profitability of division – conduct demand analysis to estimate brand, price, advertising, and sales force elasticity Quarter 5: Monitor, improve, and execute. • Evaluate performance – Financial performance—profitability analysis – Market performance—customer opinion of brand designs, prices, advertising, and sales force – Competitor tactics—segments targeted and selection of marketing tactics • Skillfully adjust strategy • Improve brands, pricing, and sales force
Quarter 6: Monitor, improve, and execute (continue). • Manage strategy • Skillfully adjust strategy to unanticipated competitive moves • Continuously improve brand features, pricing, and sales force Final Quarter: Report to the board. • Evaluation of financial and market performance • Review of business – Comparison of actions taken against your marketing goals – Review of significant events that affected the company and/or market • Assessment of current situation and market (Also, how is the current market different than it was in the early quarters? ) – Customers Competition – Company strengths and weaknesses – Major problems/opportunities to be dealt with in next year http://marketing. about. com/ Marketing Careers By Laura Lake, About. com Guide A career in marketing can take you in several different directions. Marketing is comprised of many facets and activities. You will find that there are many opportunities in marketing, is there a career path that is right for you? Explore the different career opportunities and decide which one fits you best. 1. Overview of Careers in Marketing 2. Careers in Advertising 3. Careers in Brand Management . Careers in Market Research 5. Careers in Public Relations Overview of Careers in Marketing There are many options to careers in marketing, but how do you know which one is right for you? Marketing can be defined as being the intermediary function between product development and sales. Think of it as the storehouse for such things as advertising, public relations, media planning, sales strategy, and more. It’s the marketing professionals job to create, manage, and enhance brands. • Breaking Into the Career Field of Marketing • Marketing vs. Advertising: What’s the Difference? How Do You Know if a Marketing Career is Right for You? Ads Careers in Advertising In Advertising you will work with all aspects of marketing from strategy to concept to the execution of the strategy. You will find that most jobs on the business side of advertising include Account Management, Account Planners, and Media Buyers. • Advertising Manager • Advertising Sales Director • Account Executive • Account Coordinator • Media Director • Media Coordinator • Media Buyer Careers in Brand Management Brand management is the career track you hear about most often.
It is the key function in the consumer products industry. Brand managers are often likened to small business owners because they assume responsibility for a brand or brand family. They are always focused on the big picture. It is their job to distill the brand’s essence, map out their competitors in their brand’s category, identify marketing opportunities, and be able to effectively communicate the unique benefits of that product or service. • Brand Manager • Product Manager • Product Development Manager Careers in Market Research Market Research involves researching the intended target.
That target can be companies or individuals. In order for a company to capture a market it must first be able to understand that market. Research involves the first process of understanding the consumer, what their needs are, what their purchasing habits are, and how they view themselves in relation to the rest of the world. • Market Research Director • Market Research Manager • Market Research Supervisor • Market Analyst Careers in Public Relations It is the responsibility of the Public relations department to manage the communication with the media, consumers, employees, investors, and the general public.
They are considered the spokespeople for the company. They will often write press releases to promote new products or to keep the investment community informed of business partnerships, financial results, or other company news. If they are based out of media relations they will spend their time responding to information requests from journalist or pitch stories to the media. • Public Relations Specialist • Public Relations Director • Corporate Communications Manager • Book Publicist • Press Secretary