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Marketing strategy refers to efforts undertaken by an organization to increase its sales and achieve competitive advantage. [1] In other words, it is the method of advertising a company's products to the public through an established plan through the meticulous planning and organization of ideas, data, and information.
A marketing plan can also pertain to a specific product, the introduction of a new product, the revision of current marketing strategies for existing products, as well as an organisation's overall marketing strategy. The plan is created to accomplish specific marketing objectives, outlining a company's advertising and marketing efforts for a ...
The output of strategic planning includes documentation and communication describing the organization's strategy and how it should be implemented, sometimes referred to as the strategic plan. [10] The strategy may include a diagnosis of the competitive situation, a guiding policy for achieving the organization's goals, and specific action plans ...
The Marketing strategy is a plan that shows how the firm's marketing activities will help to achieve the overall strategic goals. Marketing management is focused on developing the marketing program or Marketing mix (also known as the 4Ps ) and is concerned with the implementation of specific action plans designed to achieve objective ...
Strategic thinking is a mental or thinking process applied by individuals and within organizations in the context of achieving a goal or set of goals.. When applied in an organizational strategic management process, strategic thinking involves the generation and application of unique business insights and opportunities intended to create competitive advantage for a firm or organization.
The marketing plan also helps layout the necessary budget and resources needed to achieve the goals stated in the marketing plan. It is able to show what the company is intended to accomplish within the budget and also makes it possible for company executives to assess potential return on the investment of marketing dollars.
Psychological pricing (also price ending or charm pricing) is a pricing and marketing strategy based on the theory that certain prices have a psychological impact. In this pricing method, retail prices are often expressed as just-below numbers: numbers that are just a little less than a round number, e.g. $19.99 or £2.98. [ 1 ]
In marketing, brand management is the control of how a brand is perceived in the market.Tangible elements of brand management include the look, price, and packaging of the product itself; intangible elements are the experiences that the target markets share with the brand, and the relationships they have with it.