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Essay sample - Marketing Strategy of Lenovo (Chinese Brand) for entry in Foreign Market
Pages 20 (5020 words)
Strategic marketing is one of the most significant elements in business. It helps to outperform the competitors and helps in making marketing decisions for expansion in marketing operations to increase profitability. According to Mintzberg’s phenomenological approach he defines strategy as a “plan, ploy, pattern, position and perspective”. …
Every company requires good marketing knowledge and creative skills to sell their products in the market. Strategic marketing plan of an organization helps in segmentation of market, targeting of consumers and positioning of their products & services towards their target market. Strategic marketing plan depends on the formulation of different marketing strategies and its implementation by top level management of an organization (Kotler, 1972, p.40). In this present era, market has become highly competitive and volatile. So, in this competitive and volatile market, a strategy is needed by an organization for offering their products or services to the market which will enable them to do better business than their substitutes offered by the rival firms. To develop a marketing strategy for business the top management should focus on two main elements product and market. According to Ansoff’s Product-Market matrix to get competitive edge and expand business for high profitability an organization have to penetrate or develop the market otherwise develop or diversify its product line (Product/Matrix Grid (Ansoff), n.d.). The Product-Market matrix conveys, when there is an existence of market and demand for existing product an organization must follow market penetration model by cost leadership or cost differentiation marketing strategy. ...
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