Marketing Concepts

Marketing Concepts

Strategies and Tactics

It is extremely important for the marketing managers to look at the available resources of the company for which they are designing the marketing plan or for which they are about to select the marketing strategies. The concept of Big M and Little m was introduced by the market researchers that help the marketing managers of the organizations in adoption of marketing tactics and strategies that come under their desired concept. Big M is the concept that is mostly applicable on the corporations and multinational organizations that have huge capital. The corporations and multinational organizations can spend more on marketing of their products and services without any issue. On the other hand, the concept of little m is for those organizations such as partnership or proprietorship based that have small capital for investment. These kinds of small business related organizations can use only the conventional strategies and tactics in marketing of their products and services, but on the other hand, the corporations as well as the multinational organizations can invest huge amount of money in marketing of their products and services at ease. All the marketing activities of the organization need to be designed by the marketing managers of the organization keeping in view of the organizational resources (Wahab, 2010). The marketing strategy is a process that can help an organization in concentration of its resources and manage the available opportunities with the help of developing goals and objectives such as achieving a sustainable competitive advantage and enhancing the level of sales or profitability of the company. All the short and long term activities that is essential in the field of marketing is included in the marketing strategy and it helps in analyzing the strategic position of the company and in evaluation and formulation of market oriented strategies and tactics that would help in contribution towards the established goals and objectives of the company. Organizations can face huge loss if they are unable to manage the marketing expenditure in an effective way. Marketing tactics is a set of strategic methods that intend to promote the services and products of an organization. It is extremely important for marketing managers to pay special attention towards the marketing tactics than the marketing strategies, as if the marketing tactics are undermined in the marketing plan the organization would not be able to accomplish the set organizational objectives such as increasing ...