Sultanov Ravshan

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INTI International University *

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Marketing

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Nov 24, 2024

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Marketing The term “marketing” encompasses a broad range of strategies designed to identify, reach, and convince prospective buyers. These marketing strategies include:  Market research. Whether you’re in business-to-consumer or business-to- business marketing, conducting market research can help you better understand your target audience.  Advertising and promotion. Connect with consumers by advertising a product or service yourself, or hiring an advertising agency that will create a campaign that aligns with your goals.  Social media strategy. Reach potential buyers where they spend their time by creating conversations about your product or service on social media.  Public relations. Reach out to media outlets to broaden the reach of your brand.  Customer acquisition and retention. Build relationships with consumers and the media to expand the reach of the message.  Print marketing. Connect with prospective customers via signage, newspapers, magazine ads, and other traditional distribution channels.  Digital marketing. Reach consumers via internet marketing on social media, video platforms, search engines, blogs, and other digital marketing channels. The role of marketing to an organization; The role of marketing in an organization is crucial as it encompasses various activities aimed at creating, communicating, and delivering value to customers. Marketing plays a pivotal role in driving business growth, establishing brand awareness, fostering customer relationships, and ultimately achieving organizational objectives. Creating Awareness and Demand: One of the primary functions of marketing is to create awareness about products or services and generate demand among potential customers. (Kotler, 2016) Understanding Customer Needs and Preferences: Effective marketing involves conducting market research and analyzing customer behavior to gain insights into their needs, preferences, and purchasing patterns. (Ferrell, O. C., & Hartline, M. D., 2019) Building and Managing Brands: It involves creating a strong brand identity, positioning the brand in the marketplace, and consistently delivering a positive brand experience to customers. A well-managed brand enhances customer loyalty, differentiates the organization from competitors, and

contributes to long-term business success. (American Marketing Association., n.d.) Developing and Implementing Marketing Strategies: Marketing is responsible for developing comprehensive marketing strategies that align with the organization's goals and objectives. This involves selecting target markets, identifying positioning strategies, setting pricing policies, determining distribution channels, and creating promotional plans ( McDonald, M., & Wilson, H., 2019) Driving Sales and Revenue: Marketing activities directly contribute to sales and revenue generation. By effectively promoting products or services, reaching out to potential customers, and facilitating the sales process, marketing efforts play a critical role in driving business growth and profitability. (Baker, n.d.) The relationship is between marketing strategy and corporate strategy. Marketing strategy - A marketing strategy focuses on how to attract and retain customers for the goods and services your business offers. (Thompson, 2019) The marketing strategy asks: Who is the ideal customer? What does this customer need and how does your business satisfy that need? How will you go about attracting this customer? How can you talk to this customer to get them interested in your product Corporate strategy - The specifics vary from company to company but, ultimately, the corporate strategy should force you to make the following clear choices (Thompson, 2019) : What products or services should you develop? How should you design your organization? How will you allocate your resources between the various job functions and projects? How will balance the level of risk versus return across the organization? A marketing strategy is a business-level document that describes how a company will target, position, advertise, and sell its products. A corporate strategy consists of stated actions that the organization should take to attain its long-term goals. The corporate strategy is centered on the high-level goals of the corporation that are aimed toward its long-term expansion. This suggests that business strategy does not necessarily correspond to specific activities or what employees can achieve on a daily basis. A marketing strategy, on the other hand, is a functional level strategy that emphasizes specific activities that can be taken to achieve a particular aim. (grin.com, n.d.) The corporate strategy is your company's car engine. It drives the business towards its long-terms goals. The marketing strategy is a business-level strategy document, defining how you will attract customers to your product.

How a marketing strategy can lead to competitive advantages. Competitive advantage - The term "competitive advantage" refers to the distinctive qualities or advantages that enable a business to outperform its rivals and achieve greater success in the marketplace. It is a company's competitive advantage over rivals that enables it to draw in clients, increase sales, and realize long-term profitability. Several things can provide you a competitive advantage, including excellent product quality, cost leadership, special skills, a solid brand reputation, cutting-edge products, or strong customer relationships. A well-crafted marketing strategy can indeed lead to competitive advantages for a company. Here are some ways in which marketing strategy can contribute to gaining a competitive edge: (Kotler, P., Kartajaya, H., & Setiawan, I., n.d.) (1,3,4) (Lamb, C. W., Hair, J. F., & McDaniel, C, 2021)(2,5) The type of competitive positioning a Craft Supplies organization can adopt; Competitive positioning refers to the strategic approach a company takes to differentiate itself from competitors and create a unique place in the market. Here are some common types of competitive positioning for Craft Supplies organization: Differentiation: Effective marketing strategies can assist a business in differentiating its goods or services from those of rival businesses. A business can establish a distinctive brand identity and value proposition by emphasizing distinctive qualities, advantages, or positioning. This distinction may draw clients and estabilish a competitive advantage. Targeted Segmentation: Identifying and targeting specific customer segments is part of a strong marketing strategy. A company can tailor its marketing efforts to effectively reach and engage its target audience by understanding its customers' needs, preferences, and behaviors. This focused strategy may boost client satisfaction and loyalty, giving business a competitive edge. Effective Branding and Positioning: A well-developed marketing strategy includes brand positioning and effective communication to create a strong brand image. Consistent messaging, memorable branding elements, and a clear value proposition can help a company stand out from the competition and gain a competitive advantage by influencing customer perceptions and preferences. Customer Relationship Management: A customer relationship management (CRM) marketing strategy can aid in the development of strong and long- lasting customer relationships. A company can gain an advantage over competitors by providing exceptional customer service, personalized experiences, and ongoing engagement. Innovation and Adaptability: A marketing strategy that emphasizes innovation and adaptability can assist a company in remaining competitive. A company can develop innovative products, services, and marketing approaches by continuously monitoring market trends, customer needs, and technological advancements. Being responsive to shifting market dynamics can provide a competitive advantage.

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Cost Leadership: Differentiatio n: Niche Market: Focus Strategy: Innovation Leadership: Craft Supplies can focus on becoming the low-cost provider in the market by implementing efficient operations, economies of scale, and cost control measures. This positioning aims to offer products at competitive prices, attracting price-sensitive customers. Craft Supplies can differentiate itself by offering unique and superior products or services compared to competitors. This can involve factors such as innovative designs, high-quality materials, exclusive partnerships, or customized solutions. Differentiation positioning targets customers who value unique offerings and are willing to pay a premium. Craft Supplies can focus on serving a specific niche market segment with specialized needs. By tailoring products and services to cater to the specific requirements of this niche, Craft Supplies can position itself as the go-to provider for that particular market, creating a competitive advantage. Craft Supplies can adopt a focus strategy by concentrating on a specific customer segment or geographic market. This allows the company to understand and serve the needs of that particular target audience better than broader competitors. By focusing on a specific market, Craft Supplies can develop expertise and build strong customer relationships. Craft Supplies can position itself as an industry innovator by consistently introducing new and creative products or technologies. This positioning requires a strong focus on research and development, staying ahead of market trends, and continuously offering innovative solutions to customers. It's important to note that CraftSupplies can also combine or customize these competitive positioning strategies to create a unique value proposition in the market. The specific choice of positioning depends on factors such as market dynamics, target customers, resources, and competitive landscape. How a marketing strategy is developed; Developing a marketing strategy involves a systematic process of analyzing the market, understanding customer needs and preferences, setting marketing objectives, and designing tactics to achieve those objectives. Here is a general framework for developing a marketing strategy:

Developing a marketing strategy involves a systematic process of analyzing the market, understanding customer needs and preferences, setting marketing objectives, and designing tactics to achieve those objectives. Here is a general framework for developing a marketing strategy: 1. Market Analysis: Conduct thorough research and analysis of the market in which the company operates. This includes analyzing industry trends, competitive landscape, customer segments, and target market characteristics. Evaluate the market size, growth potential, and key factors that influence customer purchasing behavior. 2. Customer Analysis: Gain deep insights into the needs, preferences, behaviors, and demographics of the target customers. Utilize techniques such as market research, surveys, focus groups, and customer feedback to understand their motivations, pain points, and expectations. 3. SWOT Analysis: Evaluate the company's internal strengths and weaknesses, as well as external opportunities and threats. Identify the unique capabilities and resources that can be leveraged, and determine potential areas of improvement or vulnerability. This analysis helps to identify competitive advantages and challenges. 4. Marketing Objectives: Define clear and specific marketing objectives that align with the overall business goals. These objectives should be measurable, realistic, and time-bound. Examples may include increasing market share, expanding into new markets, improving brand awareness, or driving customer loyalty. Market Analysis: Conduct extensive research and analysis of the company's target market. This includes investigating industry trends, the competitive landscape, customer segments, and the characteristics of the target market. Examine the market size, potential growth, and key factors influencing customer purchasing behavior. Customer Analysis: SWOT Analysis: Marketing Objectives: Target Market and Segmentation: Value Proposition: Marketing Mix and Tactics: Implementation and Control:

5. Target Market and Segmentation: Based on the customer analysis, select the target market segments that offer the greatest potential for success. Divide the market into distinct segments based on common characteristics, such as demographics, psychographics, or buying behavior. This allows for more tailored marketing efforts. 6. Value Proposition: Develop a compelling value proposition that communicates the unique benefits and value the company offers to its target customers. Differentiate the product or service from competitors and clearly articulate the reasons why customers should choose the company over alternatives. 7. Marketing Mix and Tactics: Determine the specific marketing mix elements to reach the target market effectively. This includes decisions regarding product, price, distribution (place), and promotion (including advertising, public relations, digital marketing, etc.). Design marketing tactics that align with the overall strategy and objectives. 8. Implementation and Control: Develop an implementation plan outlining the timelines, responsibilities, and resources required to execute the marketing strategy. Establish mechanisms for monitoring and evaluating the performance of marketing initiatives against predetermined metrics. Adjust the strategy as needed based on the feedback and analysis of results. It's important to note that developing a marketing strategy is an iterative process, requiring ongoing evaluation, adaptation, and refinement based on market dynamics, customer feedback, and internal capabilities. Kotler, P., & Keller, K. L. (2016). Marketing Management. Pearson. Aaker, D. A., & McLoughlin, D. (2010). Strategic Market Management: Global Perspectives. John Wiley & Sons. Hooley, G., Piercy, N., & Nicoulaud, B. (2017). Marketing Strategy and Competitive Positioning. Pearson. Список литературы McDonald, M., & Wilson, H., 2019. Marketing Plans: How to Prepare Them, How to Use Them.. American Marketing Association., n.d. Dictionary. Retrieved. [Online] Available at: https://www.ama.org/resources/Pages/Dictionary.aspx Baker, M. J., б.д. б.м.:б.н. Ferrell, O. C., & Hartline, M. D., 2019. Marketing Strategy. Cengage Learning.. s.l.:s.n. grin.com, б.д. www.grin.com. [В Интернете] Available at: https://www.grin.com/document/498857#:~:text=Corporate%20strategy%20comprises %20of%20defined,market%2C%20and%20sell%20its%20products. Kotler, P., Kartajaya, H., & Setiawan, I., 2017. Marketing 4.0: Moving from Traditional to Digital. John Wiley & Sons.. б.м.:б.н.

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Kotler, P., Kartajaya, H., & Setiawan, I., 2017. Marketing 4.0: Moving from Traditional to Digital. John Wiley & Sons.. б.м.:б.н. Kotler, P., Kartajaya, H., & Setiawan, I., б.д. Marketing 4.0: Moving from Traditional to Digital. John Wiley & Sons.. б.м.:б.н. Kotler, P. &. A. G., 2016. Principles of Marketing. Pearson.. s.l.:s.n. Lamb, C. W., Hair, J. F., & McDaniel, C, 2021. Essentials of Marketing. Cengage Learning.. б.м.:б.н. Thompson, J., 2019. Corporate Strategy Vs. Marketing Strategy. [В Интернете] Available at: https://smallbusiness.chron.com/corporate-strategy-vs-marketing-strategy-63753.html

Sultanov Ravshan

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