4 pages/≈1100 words
Business & Marketing
An international company wants to develop its three year marketing strategy. Explain and assess the different factors they need to consider when doing so. (Essay Sample)
An international company wants to develop its three year marketing strategy. Explain and assess the different factors they need to consider when doing so. 1-make sure it include the 7ps: people, process, product,promotion,physical evidence ,place and price . And more focus on ( price, promotion , product and place) 2-make sure to include SWOT and PEST analysis 3-ensure all quotes,summaries and paraphrases are correctly referenced in the text of the essay 4-make sure it is double spacing 5- From 900 to 1100 words 6- reference should be from : business studies 4th edition and AQA business studies for AS 4th ed source..
Name: University: Course: Tutor: Date: An international company wants to develop its three year marketing strategy Introduction Developing a marketing strategy for any international company commands strict scouting of the target market. There is dire need to know that there diverse needs, customs, demand and taste for most international market audience for any international company. Thus developing a three year strategy commands stringiest strategy planning and implementation. This will support the market share index in the next three years that the organizations sources to advance. Thus, for an international company to develop its three year marketing strategy they should first scout for internal and external SWOT and PEST analysis. This is as marketing is a continuous process as planning so as to understand the market segment. Furthermore when developing a strategy for new advancement, there is need to incorporate the seven “P’s” as a basic marketing formula of understanding the target audience (Gronroos, 1994, p 23). This paper is going to address how an international company should develop its three years marketing strategy through consideration of various diverse factors. The Seven P’s Strategy Development When developing three year marketing strategy it is essential to employ the seven “P’s” formula as the marketing principle which will orient them with their target audience. The basis of incorporating the seven “P’s” generally is essential for re-evaluating and evaluating the business activities (Jones, Et al, 2008, P 159). Product: The international company should evaluate their mix of products and services, this will instill if the customers are comfortable with their quality and value. Then the international company shall improve the quality of the existing mix of products and services through high tech research. Price- For the international company to gain market share they would need to revise their prices now and then. This will allow their prices to be competitive and also profitable (Hall et al, 2008, p 147). Thus periodically reviewing of the prices, promotions and discounts will cluster lasting and royal relationship with the customers. Place- through the three year strategy one emphasis should be detailed is the availability of the mix of products and services supply. There will be implementation which ascertains that there is constant access and availability of their mix of products and services. Outsourcing for vendors to assist in easier distributions and development of websites will also oversee easy transactions and availability (Wind, et al, 2008, P17). Promotion- Numerous promotional plans shall be implemented to emphasize on recognition of the mix of products and services being sold. Major promotions should cater for incentives such as royalty points, and investing in indoors and outdoors advertisement campaigns. People-The Company shall source to include all the stakeholders concerned. Intensive staff training shall be emphasized in order to facilitate for the people’s diverse custom. Constant training programs will facilitate customer services and retention like how HP was able to gain its recognition in the market (House and Price, 2009, p 84). Process-This shall also be facilitated through proper employees training programs e...
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