Companies are spending billions towards research and development in order to create innovations in their product lines. Firms like Apple are generating their core competence in the market based on innovations and research and development (Ireland, Hitt, & Hoskisson, 2011, p.82). The increased competition in the market has also led to marketers spending huge amounts towards improving their positioning and brand image in an attempt to create a distinction between the products and services offered by the competitors in the market (Davis, 2009, p.148). The present study would analyse the marketing strategies adopted by various organizations in an attempt to create segregation and generate competitive advantage in the market. The study would specifically focus upon marketing strategies with real life examples in the industry so as to help generate competitive advantage for business organizations. Analysis The role of marketers in the present business is essentially to analyse the needs and wants of the customers and design product mix in a manner that tends to satisfy the unfulfilled needs of consumers. Marketers are spending billions on conducting marketing research in order to analyse the demands of the consumers and design an optimum product mix that can be used to generate competitive advantage in the market. Marketing research can help marketers and strategists in determining the gaps in the present level of product or service offering and the demands of the consumers. These gaps can be consequently help in generating a product mix that would help enhance the positioning of the organization. Market research can also help companies find the perceptions of their brands among the members of the target market audience. Strategists can then take up policies that can help in improving their image through the feedbacks gathered from the research (Duboff & Spaeth, 2000, p.106-108). One such example can be found in the case of South Central Bell Company that was continuously losing its market share. Using market intelligence tools and conducting market research, the company was able to able to identify the reason behind the debacle and take up corrective measures that helped it to again regain its lost position in the market (Hair, Bush & Ortinau, 2007, p.116). Pricing is another critical strategic aspect that can be used to generate market advantage in business. Companies are trying to generate organizational excellence by using technological innovations like Total Quality Management, Kaizen and Six Sigma to ensure minimal operational costs. Examples of this form can be traced in the business strategies of companies like Toyota that has generated competitive advantage based on Just in Time approach (Imai, 1997, pp.4-6). Predatory pricing is one strategy that is very commonly used by marketers to gain market share and eliminate competitors. This strategy involves selling products at lowest rates that helps them capture a large share of the market (Greene, American Bar Association & Section of Antitrust Law, 1996, p.55-56). However critiques have also slammed the benefits of using this strategy as they believe that predatory pricing strategy leads to unfair competitive
Marketing and Strategy Assignment Instructions: Survival of the Fittest? Table of Contents Marketing and Strategy Assignment 1 Instructions: 1 Survival of the Fittest? 1 Table of Contents 2 Introduction 3 Analysis 3 Conclusion 9 References 10 Introduction The age of consumerism and globalisation has led to considerable pressure on business organizations to segregate their product and service offering from the rest of its competitors…
Marketing research is the first step in the introduction of a new product. Without the accurate market information, introduction of a new product is likely to fail. This step ensures that the company confirms the actual state of the consumer market.
an be further used in improving their product’s value offering, devise attractive marketing strategies, attracting the customers and efficiently penetrating their target markets in order to reach their core customers. Market segmentation can be regarded as an adaptive strategy
Some of these strategic recommendations are based on the value curve analysis which is done in the context of education industry of UK and University of East Anglia.
University of East Anglia, one of the most
This organization has strong presence in several emerging global places. Starbucks is operating its business practices in several global countries with its 20,891 retail coffeehouse chains.
Terrorism is the major political threat affecting the business performance of
The inventor has been working on the design on this new product while working hard to boost the sales. The product currently retails for $49.95 and can be found in Minneapolis-St. Paul area in restaurants and bars. So
The company needs to be aware of its strengths, weakness, opportunities and threats before it plans to invest into a particular market or enhance its market presence in the competitive market. A marketing strategy is said to be effective
Good quality products from cheaper brands may fail in the market whereas cheaper quality products from better brands may excel in the product. That is why all companies are giving more importance to branding while they formulate marketing strategies.
The Wall Street Journal by Tita (2014), Parker Hannifin is reported to have introduced robotic legs for disabled people targeting the global communities. The device is called ‘Indego’, which can be used by people who are restricted to a wheelchair or having lower-body
In this paper only one target market will be considered that is the hard adventure market. Although the proportion of the hard adventure market is quite lower than that of the soft adventure market as discussed
12 pages (3000 words)Essay
Got a tricky question? Receive an answer from students like you!Try us!
Let us find you another Essay on topic Marketing and Strategy Assignment for FREE!