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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 customer satisfaction and building brand loyalty. Diversification, vertical integration, horizontal integration and intensification are some of the most well known marketing strategies that are given by Porter.
Global versus International Marketing
There is a huge difference between global marketing and international marketing but there are many researchers who still consider both these terms in a similar fashion. Global marketing considers the world as a single market and the products and services that are designed are of similar usage all over the world and these products and services are designed and manufactured in such a way that everyone all around the world ...
Reflection and Review
The term “marketing plan” has been thrown around but there are many businesses which do not have the understanding of what it means to have one. Perhaps one of the most vital aspects of any business is its marketing plan. Any business cannot get off its ground unless it would sell its goods and services that are being produced. However, this is what marketing is all about. If the term marketing means how sales are made than the purpose of marketing plan would be the figuring out of the sales that will be made. The importance of marketing in business plan is like considering the sea without water (Clow, 2012). Marketing plan is the actual portion of business plan that prepares the business to be proactive in the market. Without covering this part of business plan the business would not compete which means it kept standing a step behind those who keep themselves prepared. A good marketing strategy is the way for businesses to overcome its future shortcomings as it prepares a long term sales strategy of the business growth.
Overall, having a good marketing plan will keep a control over the business practices and shows that when any business remains in control it can step towards the profits. The idea that, measurable milestones will tell about whether you are on track or not (Clow, 2012). Therefore good and established marketing strategies play most crucial and vital role in business growth.
The leanings from this session are also in regards to the marketing plans and strategies that are needed for any business start. The core learning from this session is about how companies can expand and grow their business lines in the global market place and how they can cater the market position among other leading brands that are existed in the market. The studies tell about the global marketing strategies and business activities that are to be highlighted before introducing a new business idea in the marketplace. Through this a clear picture of all the market positions can be observed and judged that weather the proposed idea can be applicable in the practical world or not. The plus point of these marketing plans is that it highlights all the possible obstacles that are to be faced to cater maximum targets in market.
This study can be termed as the “Right planning for right market”. I termed it this, because it explains proper marketing strategies that are needed for the expansion of the products which are discussed. However, this explains the core need of the right targeted market as well. The session explains all the possible areas that shows the importance of marketing plan for any company and has given clear understanding on how the company can design its marketing strategies (Clow, 2012).
By being the supervisor, what I can learn from these studies is the right method of doing business and catering right target market with high retention power by becoming a magnet for ...
The study of the 7P's of Tatty Devine
Table of Contents
Mission of the Company1
Analysis of 7P2
7P Analysis of Tatty Devine4
Mission of the Company
The mission of the company is to:
To make the most original jewellery in the world (Tatty Devine (2013)
Tatty Devine is an independent British company. In the United Kingdom, the company is famous for designing and manufacturing original jewelery. Tatty Devine is the name of a jewellery business in London. The products of the company are handmade and based on the principles of fairness and fun. The products of Tatty Devine are sold in boutiques all around the world. Tatty Devine was set up by Harriet Vine and Rosie Wolfenden. Tatty Devine has become the cult classic of British fashion. The jewellery products are designed by designers themselves. The brand introduces two main collections each year (Miller, 2012, pp. 10).
Analysis of 7P
Marketing mix is the core of a marketing plan. Marketing mix can be defined as a set of tools that allow marketers to achieve their objectives. The marketing mix concept is the core concept of marketing theory. However, in recent years, the concept of marketing mix has been modified in different contexts. The 7Ps is an extended framework for marketing mix which can be applied to consumer goods, marketing situations, and others(Needham, 1999, pp. 102).
Marketing mix is also referred as the 4Ps of marketing. This is a way used to translate marketing planning into practice. Marketing mix is not a theory but a conceptual framework which facilitates managers to devise specific marketing strategies in a way that suit the needs of customers (Belohlavek, 2008, pp. 80). The tools of marketing mix are used to develop both long term and short term strategies. The concept of marketing mix has long dominated marketing research since it is influential in the development of marketing theory and practice (Wenderoth, 2009, pp. 60). The reasons that make marketing mix a powerful tool include the separation of marketing from other business functions, delegation of marketing tasks, and an easy way to handle strategies. If devised carefully, the components of marketing mix can change the competitive position of a firm. Marketing mix also allows companies to develop a competitive advantage by enabling them to allocate their resources in an effective and efficient manner (Bowman and Gatignon, 2010, pp. 101).
In the marketing framework, the product, promotion, and pricing strategies are controlled by the manufacturer. However, the distribution function is delegated to intermediaries. In this regard, the services of distributors should also be considered. The presence of place in the 4Ps network suggests that importance of distribution framework in marketing mix. Intermediaries also allow people to explain features of a product and market them. The training of intermediaries is, therefore, a crucial element (Masterson and Pickton, 2010, pp. 145).
The traditional marketing mix consists of four critical elements including product, price, place, and promotion (Akrani, 2010, pp. 14).
According to Stewart (2013), product can be defined as anything that can be offered to a market for the ...