Successful Marketing Strategies

Running head: SUCCESSFUL MARKETING STRATEGIES 1

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SUCCESSFUL MARKETING STRATEGIES 2

Successful Marketing Strategies

Marketing strategy is paramount to business success in the ever dynamic and highly

competitive market where customers are well informed and require the best goods and services.

Accordingly, business experts continuously develop and implement strategies that not only

attract and maintain clients but also promote sales and increase profits. Marketing strategies are

vital to building a company’s brand since it creates awareness of product, place, and price

leading to easy identification. Successful marketing strategies, therefore, demand that a company

designs a desired image and position in the mind of consumers.

Planning a successful marketing strategy begins with a detailed and progressive

assessment of the market and its segments. In all cases, companies evaluate the political, social,

cultural, and technological trends which influence the market and then establish their position.

Riaz & Tanveer (2012) argue that successful strategies operate within a marketing plan that

defines company’s objectives, targets and creates performance measures alongside financial

budget. Comparatively, the firm evaluates suitable alternatives to maintain the status quo and the

road-map to attain the alternatives (Doyle, 2009). Also, management formalizes the marketing

strategy within a particular action plan that is frequently revised and updated to expedite the

process of the marketing campaign.

Ivy (2008) identifies fundamental aspects of product, price, place, and promotion as the

successful strategies that permanently establish a unique identity. Famously known as the 4Ps,

the strategies consider the item to produce, the cost per item, the system of delivery, and the way

to inform the customers about the products. The strategies are a simple marketing framework

that allows a firm to plan for its activities in advance and evaluates the most effective method of

meeting the customers’ needs.

SUCCESSFUL MARKETING STRATEGIES 3

The product strategy ensures that successful firms assess the customers’ needs and then

create the right item with the desired quality to meet their immediate and future demands. Riaz &

Tanveer (2012) affirm that the perfect good must offer value for the consumers. Identically, Price

is crucial since the worth of a product is equivalent to what the consumer is prepared to spend on

the good. Hence the price should be competitive to offer a reliable personal service that adds

value to the customers’ money while at the same time making profits.

Additionally, the goods should be available in the right place, time and quantity. The

place where the clients purchase a product and the method of distribution must be not only

appropriate but also convenient to the consumer (Kotler & Gertner, 2002). The place also refers

to the manner of displaying the goods to a group of customers. Moreover, promotion is a vital

tool as it defines the way a firm communicates its products and services to the consumers (Riaz

& Tanveer, 2012). Promotion includes critical aspects of advertising, public relations, branding,

corporate identity, sales management, and social media outreach. Promotion significantly

enhances dialogue with the consumers.

To conclude, the dynamic business environment, changing trends and high global

competition warrants the formulation and evaluation of marketing strategies to develop a

competitive brand image. The strategies essentially attract and maintain customers, promote

sales and increase profits. Studies identify the 4Ps strategies that include product, price, place,

and promotion as the most reliable, efficient and rewarding marketing strategies. The 4Ps

strategies ensure that the company produces the correct product, offer it at the perfect price,

distribute it to the right place, and develop better communication techniques to promote the

goods to clients.

SUCCESSFUL MARKETING STRATEGIES 4

References

Doyle, P. (2009). Value-based marketing: Marketing strategies for corporate growth and shareholder

value. John Wiley & Sons.

Ivy, J. (2008). A new higher education marketing mix: the 7Ps for MBA marketing. International

Journal of educational management, 22(4), 288-299.

Kotler, P., & Gertner, D. (2002). Country as brand, product, and beyond: A place marketing and brand

management perspective. Journal of brand management, 9(4), 249-261.

Riaz, W., & Tanveer, A. (2012). Marketing mix, not branding. Asian Journal of Business and

Management Sciences, 1(11), 43-52.

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