Marketing Strategy-
An effective marketing strategy is strategically comprised of multiple components that help promote a product or service. First, it includes the target market, or the intended audience to whom a company is marketing a particular product or service. Also required in a marketing strategy is the marketing mix (also referred to as the four Ps) (i.e., the variables the company puts together to meet the needs of the target group). The development of an effective marketing strategy plays an essential role in a company's success.
To prepare:
• Review the Business Victoria and Chief Outsiders articles provided in this week's Learning Resources:
• Although not required, it is highly recommended thatyou read Chapter 2 in your course text if you have already obtained a copy.
• Review the "3 Questions to Evaluate a Marketing Campaign" media piece provided in this week's Learning Resources.
• Search online for a marketing case study or example on which to focus for this Assignment. Keep in mind that the case study or example you select must allow you to satisfy the requirements of the assignment.
Note: When searching for case studies, you may want to explore the Walden Library or use a search engine such as Google. Be sure to search for key terms included in the prompts above.
Submit by Day 7 a 250- to 350-word paper in which you:
• Identify the company you selected and evaluate its present marketing strategy. Provide evidence to support your evaluation.
• Determine what, if anything, the marketing manager should do to change the current strategy. Provide reasons for the suggestions you would make to the marketing manager.
• Support your work with specific citations from the Learning Resources and any additional sources.
Required Resources
Readings-
• Gundlach, G. (2007). The American Marketing Association's 2004 definition of marketing: Perspectives on its implications for scholarship and the role and responsibility of marketing in society. Journal of Public Policy & Marketing, 26(2), 243-250.
• AK Advisory Partners, LLC. (n.d.). Creating a successful marketing strategy. Retrieved July 23, 2014, fromhttp://www.akadvisorypartners.com/files/Creating-a-Successful-Marketing-Strategy.pdf
• Boundless. (n.d.). Marketing orientation. Retrieved July 22, 2014, fromhttps://www.boundless.com/marketing/an-overview-of-marketing/the-marketing-orientation-evolution/marketing-orientation/
• Business Victoria. (2014). Marketing strategies and tactics. Retrieved fromhttp://www.business.vic.gov.au/marketing-sales-and-online/increasing-sales-through-marketing/marketing-mix-strategies-and-tactics
• Chief Outsiders. (n.d.). Market positioning strategy. Retrieved July 22, 2014, fromhttp://www.chiefoutsiders.com/strategic-services/market-positioning-strategy/
• Info Entrepreneurs. (n.d.). Create your marketing strategy. Retrieved July 23, 2014, fromhttp://www.infoentrepreneurs.org/en/guides/create-your-marketing-strategy/
• Klausner, A. (2013). Creating a successful marketing strategy. Retrieved fromhttp://www.forbes.com/sites/advisor/2013/04/17/creating-a-successful-marketing-strategy/
• University of Kansas. (n.d.). Section 4. Segmenting the market to reach the targeted population. Retrieved July 22, 2014, from http://ctb.ku.edu/en/table-of-contents/sustain/social-marketing/reach-targeted-populations/main
Media
• Alanis Business Academy. (2013). Episode 101: How to use market segmentation: Developing a target market [Video file]. Retrieved from https://www.youtube.com/watch?v=pCLQkgcjMjY
• FiveSix Media. (2012). Target marketing, segmentation, and positioning [Video file]. Retrieved fromhttps://www.youtube.com/watch?v=0ZW0SFwYjw8
• Laureate Education (Producer). (2013a). Business essentials - Overview of marketing [Video file]. Baltimore, MD: Author.