In order for the company to follow a strategic growth plan, it is important that it understands and takes into account the vagaries of anticipated demands for the products by the factors that may or may not conform to market rules and regulations. The challenges of unarticulated elements like the presence of grey market and manipulated demand and supply chain by some vested interests, needs to be met by the innovative strategic methodology of marketing and sale of its mainstream products. Consumers are the mainstay of any business and therefore, efforts must be made to develop better understanding with customers with regard to consumer demands and correlate it with the product so that appropriate market strategy could be developed. In the present market scenario a more aggressive approach to market its goods and services need to be adopted to meet the challenges of the changing time.
In the recent times, internet has redefined the communication with its far reaching implications and has become one of the most important parts of any business strategy. "The Internet with its low-cost entry and ease of use quickly changed how information was exchanged and removed the distance barriers for business partners. The idea of trading on the Internet has generated great interest especially among the smallest companies, formerly excluded from EDI1 usage (Gottardi et al. 2004). With the fast changing business equations, a reassessment of business strategy has become imperative and organizations need to have an online presence to exploit the vast potential of internet for their business interests.
Emerging markets are crucial in the era of globalization and can be defined as the new area with high income and where the demand for the product can be created with relative success. The company needs to formulate marketing and communication strategy in a way that would not only uphold a high standard of corporate ethics but it must be able to ensure and exhibit understanding of the cross cultural values and handle issues with sensitivity. Any strategy that is formed needs to be localized to suit the local conditions.
Marketing Communication Objectives & Communication tools
Market strategy planning and effective communication is one of the most crucial aspects of a firm entering a new market. The strategy is planned around two core areas. The first one defines the market factors and basically involves intermediate markets, private agreement, economic transactions and exchange of goods. This is an interaction between the prospective customers and business partners which include forging alliances with the local production units and government. The second core area constitutes the non market factors which have direct and indirect impact on the overall performance and operation of the firm. Hence the market plan basic consists of the following salient