Literature the specific products the company sells., the

Literature Review

1.    
Jorge
Mongay (2006)

We Will Write a Custom Essay Specifically
For You For Only $13.90/page!


order now

A
marketing strategy is made of several interrelated elements. The first and most
important is market selection. (Brown, A., Sommers, & E., 1982) which is
directly related to choosing the markets to be served. Product planning
includes the specific products the company sells., the makeup of the product
line, and the design of individual offerings in the line. Another element is
the distribution system: the wholesale and retail channels through which the
product moves to the people who ultimately buy it and use it. The overall
communications strategy, employs advertising to tell potential customers about
the product trough radio, television, direct mail, and public print and
personal selling to deploy a sales force to call on potential customers, urge
them to buy, and take orders. Finally, pricing, is an important element of any
marketing program and is one of the most directed marketing elements in the
creation of value for shareholders (Doyle, 2000). The company must set the
product prices that different classes of customers will pay and determine the
margins or commissions to compensate agents, wholesalers, and retailers for
moving to product to ultimate users.

2.    
Kavita
Kumara

Have
you ever heard of the three R’s of environment viz. Reduce, Reuse, and Recycle
which are important to supports green marketing. Green marketing is used for
environment friendly products that are considered to be green like low power
consuming electrical appliances, organic foods, lead free paints, recyclable
paper, and phosphate free detergents. Companies are finding that consumers are
willing to pay more for a green product. Green marketing in a broader sense is
corporate social responsibility because it helps business to become a socially
responsible as well. In different research conducted in India High level of
awareness about green marketing practices was found among the Indian consumers.
However, this is not widespread and is still evolving. In this review based
paper, main emphasis has been made of concept, need and importance of green
marketing. Data has collected from secondary sources. It considers the main
issues in adoption of green marketing practices. The paper explains the context
of Indian market and explores the challenges with green marketing.

3.    
Jain
(1993)

“Marketing
strategy is mainly indicated by the marketing WORKING PAPER. JM-A1-2006 5
objectives, customer and competitive perspectives and product/market momentum (i.e.
extrapolation of past performance to the future), form the basis of marketing
strategy”………. “Marketing strategy is developed at the business unit
level. Within a given environment, marketing strategy deals essentially with the
interplay of three forces known as the strategic 3 C’s: the Customer, the
Competition and the Corporation. A good marketing strategy should be
characterized by a) clear market definition, b) a good match between corporate
strengths and the needs of the market and c) superior performance, relative to
the competition, in the key success factors of the business. Marketing
strategy, in terms of these key constituents, must be defined as an n endeavor
by a corporation to differentiate itself positively from its competitors, using
its relative corporate strengths to better satisfy customer needs in a given
environmental setting. Based on the interplay of the strategic three C’s,
formation of marketing strategy requires the following 4 decisions: 1. Where to
compete. (Definition of the market). One or various segments… 2. How to
compete, that is, it requires a means for competing. 3. When to compete, that
is, it requires timing of market entry. ………………… “In its strategic
role, marketing focuses on a business’s intentions in a market and the means
and timing of realizing those intentions. The strategic role of marketing is
quite different from marketing management which deals with developing,
implementing and directing programs to achieve designated intentions. To
clearly differentiate between marketing management and marketing in its new role,
a term -strategic marketing. – has been coined to represent the latter”.

 

 

 

 

4.    
Nashwan Mohammed Abdullah Saif , Wang
Aimin

Marketing strategy is an essential part of
conducting business operation as it directly influences the outcome and result
of firm performance. Since one regard of a marketing plan affects all of the
others, coordinating business projects is significant when reducing
interference and maximizing company profits. In terms of the program
perspective the marketing strategy standardization/adaptation is important in
the sense it can separate marketing mix elements to be standardized or adapted
in the international market.

In a nutshell on the 4Ps of marketing strategy,
a company should be constantly developing new products in consideration of
product life cycle (PLC)- the product element is the new product itself,
getting the price right involves examining customer perceptions and rival
products as well as costs of manufacture, promotion involves engaging in a
range of promotional activities e.g. competitions, product tasting etc, and
place involves using the best possible channels of distribution such as leading
retail chains. The product is the central point on which marketing energy must
focus. Finding out how to make the product, setting up the production line,
providing the finance and manufacturing the product are not the responsibility
of the marketing function. However, it is concerned with what the product means
to the customer. Marketing therefore plays a key role in determining such
aspects as:

·       
the appearance of the product – in line with
the requirements of the market;

·       
the function of the product – products must
address the needs of customers as identified through market research;

The product range and how it is
used is a function of the marketing mix. The range may be broadened or a brand
may be extended for tactical reasons, such as matching competition or catering
for seasonal fluctuations. Alternatively, a product may be repositioned to make
it more acceptable for a new group of consumers as part of a long-term plan.

Additionally, we came to a general
conclusion that, if marketing strategy is successfully implemented, it really
does impact all types of firm performance, that is, sales, financial and
customer company performance. The conceptual review suggests that the impact of
marketing strategy on comprehensive company performance exists. The prepared
theoretical model of this study, links standardization/adaptation of
international marketing strategy with the company performance, which
encompasses not only the external and internal antecedent factors that
influence the decision and outcomes of these decisions, but also the influence
of the marketing strategy on decisions of international marketing strategy and
company performance. Future studies should focus on constructing a research
model that connects company performance as the outcome of
standardization/adaptation decisions, as well as an antecedent of these
decisions.

 

 

5.    
Holly
Paquette University of Rhode Island, [email protected]

In
conclusion, research has determined that retailers can increase awareness of
their brand by being creative when engaging customers on social media sites.
“As more shoppers are using social media (e.g., Twitter, Facebook, MySpace, and
LinkedIn) and rely on them for marketing shopping decisions, promotion through
these media has become important” (Shankar et al. 2011, 32). According to
Curran et al. (2011), social media sites such as Facebook are better than other
advertising avenues because it stores information on all its users thus
ensuring marketing reaches a retailer’s specific target market. Social media
sites are a great stage for retailers to create an experience and retailers can
use information stored on social media sites to improve user experience with
their brand. Furthermore, Hill, Provost, and Volinsky’s (2006) research
establishes that a firm can benefit from social networks to predict the
likelihood of purchase intention. This can be done by taking into account a
firm’s choice of network (i.e. Facebook, Instagram, Pinterest etc.) and by
examining that network’s data. Assessing a network’s data substantially
improves a company’s marketing efforts because it provides the company with
vital information on the network’s users, which helps determine the best social
media tactics for that particular site (Hill, Provost, and Volinsky’s 2006).
Based on this study, it can further be argued that knowing which social media
sites a company’s target market utilizes is another key factor in guaranteeing
that online marketing will be successful. Sorescue et al. (2011), stress that a
retailer must go beyond the advertising aspect of social networking sites and
find groundbreaking ways to use them as a way to conduct conversations with
consumers, instead of a one-way communication network. Sinclair and 21 Vogus
(2011) determined that large companies are regarding social media sites as
strategic tools and some businesses are even hiring employees to oversee their
social media pages. “Consumers are no longer passive receivers of marketing
messages; instead, they are using Facebook, MySpace, YouTube, and Twitter to
voice their opinions-both positive and negative” (Sinclair and Vogus 2011,
293). Consumers’ participation with a brand on social media reinforces the need
for retailers to be active participants in social networking sites and the
virtual brand communities they create. Since social media sites can be
exploited for the information it provides on consumer behavior with regards to
their purchasing intentions, research further suggests that businesses should
incorporate social networking sites into their business model or promotional
mix. A business model is a system of codependent structures, activities, and
processes that serve as a firm’s organizing logic and create value for
customers, itself, and its partners (Sorescu et al. 2011). Mangold and Faulds
(2009) recommend that social media should be regarded as an integral part of an
organization’s integrated marketing strategy and should not be taken lightly. As
Curran et al. (2011) points out, almost 1 in every 13 person in the world is an
active Facebook user, which points to the potential of finding a ready market
for any product or service. Social networking sites are being utilized to
enhance a company’s brand appeal and increase their target market because “new
technologies allow for more personal, targeted communications, as well as
increased consumer participation in the creation of marketing and brand related
information” (Cappo 2033; Jaffe 2005 as cited in Muñiz and Jensen Schau 2007,
35). Mangold and Faulds (2009) stress that traditional communication examples,
which relied on the classic promotional mix to create integrated marketing
communications, must give way to a new paradigm that includes all forms of
social media as potential tools in designing and 22 implementing integrated
marketing communication strategies. Retailers are paying attention when it
comes to social media because it provides a key component that businesses have
struggled to collect for years: feedback (Gonzalez 2010). Feedback from
consumers has always been important when it comes to product, brand, and
business model development. Since, most studies have examined social media
marketing in terms of suggesting how to incorporate it within a business plan,
and how to gauge consumers’ responses, it is important that further research
address which strategies work. Although some studies have started to touch upon
influences and factors that affect consumers’ responses, previous research does
not clearly state if social media marketing is valuable to retailers’ in terms
of return on investment. Moreover, research based on a small retailer’s
perspective is limited. How have smaller firms utilized social media within
their business model? How successful has social media been with increasing
their customer base, brand awareness, and sales? It has become clear that when
marketers from large corporations present a new product or brand, they consider
both traditional and nontraditional media in which to place advertising in
order to make sure they reach their target market (Cheong and Morrison 2008).
Small retailers also need to start utilizing nontraditional methods of
marketing in creative and engaging ways to make certain that they attract a larger
number of consumers. Sorescu et al. (2011, 11) states “another way in which
retailers can engage customers is by selling not just products, but an entire
experience that – while centered on the products, adds an entirely new exciting
layer to the retail setting.” Additional research is warranted regarding which
social media marketing tactics are effective for small retailers. Further
studies could look into both the positive and negative longterm effects of
social media marketing on a small firm. Small retailers have a smaller budget
and tighter constraints yet provide more personal retailing, therefore a study
examining how these 23 aspects factor into a small store’s social media tactics
would be beneficial. Studies should also suggest how small retail businesses
could initiate and maintain social media marketing to improve relationships
with their customer base. To stay relevant retailers need to keep up with the
changes to ensure that they will be noticed by consumers, reinforcing the fact
that more research would be valuable to all parties involved: retailers,
marketers, and scholars. “Anyone who’s not engaged in some form of social media
is making a mistake in today’s world given the volume of people who have
embraced and utilize social media” (Le Veque as cited in Gonzalez 2010, 84).
Social media opens up a whole new world for small retailers by providing an
endless array of potential interactions with consumers, which is the main
reason why there is a need for an increase in studies examining the impact of
this new phenomen