Marketing Strategies: Essential Insights for Competitive Advantage

Introduction Of The Marketing Strategies Assignment Sample

It is impossible to emphasize how important marketing is to any company's success. At its foundation, marketing is about figuring out as well as comprehending the needs of the intended audience, then developing approaches to connect as well as interact with them. Increasing brand awareness is one of marketing's main significance. Creating contacts as well as turning them into sales depend heavily on marketing. In general, marketing is crucial for companies of all sizes as well as sectors (Alruthia, 2020). Thus, it can be clear from the discussion of that one of the main reasons behind conducting this study is to shed light on the topic of various concepts related to marketing and how in general companies use those to achieve competitive advantages.

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Marketing

Definition of Marketing

Identification, anticipation, as well as satisfaction of client requirements and needs by means of the development, advertising, as well as delivery of goods or services is referred to as marketing. Organizations may grow revenue, develop awareness of the brand, as well as accomplish their objectives with the aid of an efficient marketing approach (Wilkie, 2007).

Marketing mixes 7’Ps

The phrase "marketing mix" describes a group of factors that perhaps a company could manage to enhance customers' buying choices. Marketing mix usually comprises of the "4 Ps" which are product, pricing, place, and promotion, that are four crucial parts. The "3 Ps"—people, process, and physical evidence—are three main components that might be added to the marketing mix to further expand its scope which is identified as extended marketing mix (Dominici, 2009).

Below given are some of the contemplations that companies must provide for each of the 7Ps:

Figure 1: 7Ps of marketing

Source: (Dominici, 2009).

Product	When creating the items, businesses must take into account elements like design process, functionality, package, as well as advertising. For instance, Apple's iPhone features a stylish, intuitive design.
Price	While determining the rates, businesses should take pricing tactics, promotions, and other elements that influence potential value into account. As an illustration, Walmart's daily low pricing approach places a focus on quality as well as economy.
Place	Businesses must think about how easily accessible, convenient, and visible their distribution methods are. For instance, the virtual storefront of Amazon provides ease and quick delivery.
Promotion	In order to successfully engage the intended audience, companies need to think carefully about the theme, intonation, & schedule of their promotions. In order to promote social networking and interaction, Coca-"Share Cola's a Coke" campaign, by employing personalised labelling.
People	In order to provide customers with a great experience, businesses must take into account the abilities, coaching, as well as customer service of their staff. Ritz-Carlton Hotels, for instance, place great emphasis on superb customer service.
Process	To streamline the operations, businesses must take into account elements like quality assurance, order processing, and client feedback as major process. For instance, Zappos' accommodating post- purchase highlights the importance of customer pleasure.
Physical Evidence	To give customers a satisfying auditory and visual experience, businesses must take into account aspects like store layout, visual merchandising, and packing. For instance, Apple's store outlets use branding and have a minimalist approach (Dominici, 2009).

Marketing and Competition

SWOT Analysis

The factors and situations in a marketplace or sector that influence the competitiveness conduct of companies engaged there in are referred to as the competitive environment. Assets, capacities, and key competencies are examples of internal factors for a business. PEST analysis is an example of an external component (Chuchulayna, 2019). A long-term planning method called a SWOT assessment is employed to recognize a company's strengths, weaknesses, opportunities, and threats. It entails an evaluation of elements that can affect a company's success both inside and outside. Strengths and weakness are considered as internal aspects and opportunity and threat as external factors (GÜREL, 2017).

Figure 2: SWOT

Source: (GÜREL, 2017)

One of the top merchants in the UK, Tesco has a number of advantages strengths that might give it a competitive edge. Following are three qualities Tesco has and how they can give the business a competitive edge in the UK market.

Strong Brand Image	Tesco might benefit from having a strong brand image in the UK market by drawing in brand-loyal consumers who are prepared to pay more for its goods and services.
Effectual Supply Chain:	Tesco may benefit from this efficient logistics system to acquire a competitive edge in the UK market by being able to provide cheaper pricing as compared to its rivals and by making sure that consumers can choose from a variety of goods.
Variety of Products	Tesco can obtain a competitive edge in the UK market by establishing a broad demographic and by being capable of selling additional products to those consumers.

The following two outside economic chances that Tesco can use to develop new advertising prospects are outlined.

Increasing Internet Buying Demand	. Tesco has the chance to take advantage of this by developing its digital skills and increasing its internet shopping options.
Increasing Health and Wellness Awareness	Tesco has the chance to take advantage of this by growing its selection of organic and healthy products and using the strength of its brand to promote itself as a reliable source of healthy food options (GÜREL, 2017).

Ansoff Matrix

Describe Ansoff Growth Matrix

Ansoff's Development Framework aims to assist organizations in recognizing and assessing potential learning experiences in view of two primary elements: items and markets. It comprises four quadrants:

Market penetration	Product Development	Market development	Diversification
This tactic involves boosting the revenue of current products in current geographies.	This tactic entails creating fresh products for current market conditions	This tactic entails developing within fresh geographies with the already active items.	This tactic entails creating fresh goods for fresh markets (Peterdy,Kyle, 2023).

Using Ansoff’s Matrix to analyses growth strategies

The Industry Penetration and Product Innovation quadrants of the Ansoff Matrix may be applied by Apple Inc., a technological business that makes consumer gadgets and software, to determine its growth plan.

• Market Penetration: Apple can grow sales of its current items in its current markets by increasing market penetration. For instance, Apple may introduce fresh marketing initiatives to draw in new clients or coupon codes to encourage repeat business from current clients. Offering current products to markets where the corporation already has a presence and is familiar with client needs tends to make this strategy relatively lower in risk.
• Product Development: Apple may create new goods for existing markets using the product development quadrant. Apple, for instance, may release updated models of its current goods, like iPhones and iPads, with additional features or aesthetics. This tactic entails creating as well as implementing new items, which might or might not prove commercially successful, making it a little risky as compared to market penetration (Dudovskiy, 2021).

Digital Marketing

Using marketing to improve performance and growth

Digital marketing is the process of advertising goods or services through online technologies like webpages, email, smartphone apps, social networking sites, google search, and other electronic content. Many tactics and methods are used in digital marketing to connect with and interact with clients digitally. There are five important tools of digital marketing which are:

• Search Engine Optimization (SEO)
• Social Media Marketing
• Email Marketing
• Pay-Per-Click (PPC) Advertising
• Content Marketing (Desai, 2019)

Digital Marketing tools

• SEO: SEO is a long-term tactic that can bring about continual advantages. The corporation may retain and enhance its exposure in search results over time by consistently improving Samsung's website for pertinent terms and keywords.
• AdWords: Samsung can use AdWords to focus precise keywords associated with its goods and services. This implies that only individuals who are actively looking for those terms will see its ads, increasing the likelihood that they will be pertinent and successful.
• Social Media Marketing (SMM): Companies may reach particular groups through social media sites like Facebook and LinkedIn according to their characteristics, pReferences, and habits. As a result, Samsung will be able to develop tailored advertisements that will probably be of interest to its target market and result in an increase in leads and sales.
• Content Marketing: Samsung has the chance to interact with its clients through content marketing and forge better bonds. Samsung can show that it knows its consumers and therefore is dedicated to giving value by producing content that speaks to their concerns and interests (Desai, 2019).

Conclusion

So, from the overall study the main purpose of the report has been accomplished that is understating the various underlying principle of marketing. The study has helped in making clear the business should ought to know how to use the above discussed various marketing strategies in order to gain competitiveness and also to develop their functioning. It can also be concluded from the study that all the principle of marketing are equally important for both SMEs and MNCs.

Bibliography

Alruthia, M., 2020. The Importance of Marketing Strategies, s.l.: Bangor University.

Chuchulayna, R. Y.-., 2019. COMPETITIVE ADVANTAGES AND COMPETITIVE STRATEGIES OF SMALL AND MEDIUM-SIZED ENTERPRISES, s.l.: South-West University "Neofit Rilski".

Desai, V., 2019. Digital Marketing: A Review, s.l.: Bharati Vidyapeeth Deemed University.

Dominici, G., 2009. From Marketing Mix to e-Marketing Mix: a literature overview and classification. International Journal of Business and Management, 4(9).

Dudovskiy, J., 2021. Apple Ansoff Matrix, s.l.: BRM.

GÜREL, E., 2017. SWOT ANALYSIS: A THEORETICAL REVIEW. Journal of International Social Research, 10(51), pp. 994-1006.

Peterdy,Kyle, 2023. What is the Ansoff Matrix?. [Online]
Available at: https://corporatefinanceinstitute.com/resources/management/ansoff-matrix/
[Accessed 06 March 2023].

Wilkie, W. L., 2007. What Does the Definition of Marketing Tell Us About Ourselves?, s.l.: American Marketing Association.