Evaluation of Video Marketing Strategy Adopted by John Lewis Partnership - Research Paper Example

The paper "Evaluation of Video Marketing Strategy Adopted by John Lewis Partnership" is an excellent example of a research paper on marketing. At the heart of any business strategy is a marketing strategy (Fatma & Kumari, 2013, p.186). It is defined by David Aaker as a process that can allow an organization to concentrate its resources on the optimal opportunities with the goals of increasing sales and achieving a sustainable competitive advantage (Aaker, 2008, as cited in Baker, 2008, p.3). In other words, utilizing appropriate marketing strategies could enable the business companies to pursue ultimate profit as well as to maintain a leading status in the industry. For example, Fatma and Kumari (2013) have done a study to examine the different strategies of Maruti Suzuki. Maruti Suzuki is a leading manufacturer of four-wheelers in India. They found out that the competitive strategies of this company such as the 4Ps marketing strategies had facilitated healthy profit and customer satisfaction (ibid., p.188). Thus it is profound to assess a company’s marketing strategies, as they are of vital importance to the company’s profit and survival.

A marketing mix is the set of controllable, tactical marketing tools that a company uses to produce the desired response from its target market. This includes all that a company does to influence demand for its product and a tool to help marketing planning and execution (Keller et al, 2011).

The formulation of the marketing mix is called the 4Ps –Product, price, place, promotion, people, process, and physical layout.  A brief description of each P is given below:

Product: This is a clear definition of exactly what the product/service is using the following variables among others;

• What it does
• How to use it
• How it compares to other products in the market
• Stage in the product life cycle
• It's packaging
• Size/models
• Features and benefits

Place: These are activities that make the product available to consumers. Variables include:

• Where will the product/service be sold
• How to distribute it
• How to store it

Price: This is the amount of money paid by customers to purchase the product/service (Daly, 2012). Some of the variables include:

• Discounting structure
• Retail/wholesale price structure