Marketing strategy

Target Markets and Marketing Segmentation 5.4. Market Trends 5.5. Pricing 5.6. Promotion 5.7. Place 5.8.

When Quiksilver announced the start of its women line Roxy in 1990, they defined the brand as a “fun, bold, athletic, daring and classy” brand for young women. Market segmentation is a crucial marketing strategy and Roxy utilizes the four bases that are commonly used for segmenting consumer markets including geographic, demographic, psychographic, and benefits sought segmentation. The geographic segmentation is ideally unlimited for the Roxy target market because the brand offers clothes for both warm and cold weather, however, it focuses mainly on the “beach lifestyle” and is generally more popular in beach towns. The demographic segmentation of the Roxy brand, is aimed to attract young women between the

Marketing refers to promote a product and or service by means of media like TV, radio, newspaper, and cell phone (Holliman & Rowley, 2014).

Thompson & Strickland (2013) believes that a successful organization’s strategy depends on people, capabilities, structure, and execution. Important as well are growth and innovation (P.. 286), which allows an organization to remain competitive.

This business plan is for Reek’s Bistro, a new medium-sized restaurant located in the Triangle area of North Carolina. The Triangle is made up of three primary cities of the Research Triangle metropolitan region, Raleigh, Durham, and Chapel Hill. Reek’s Bistro will focus on Mediterranean cuisine in an American style restaurant environment. An emphasis will be on natural foods that taste good and are good for you. The restaurant will procure locally grown produce, while offering additional services and products, such as catering and Reek’s Bistro brand items sold in grocery stores.

The target for Market Penetration strategy is to increase the market share and sales revenues by putting more marketing efforts, increasing the sales forces, increasing advertising expenditure and launching more sales promotion campaigns to promote existing products and services in existing markets. That means, Products and services haven’t been changed nor enhanced. Instead, this strategy is intended to penetrate the existing market deeper and wider with existing company’s current products and services. Existing market means both new customers of existing market or existing customers in existing market. There are several methods for market penetration. Firstly, companies do some advertising on production

“A marketing strategy employs the existing market offering to reach a new market segment, whether domestic or

They have a very clear strategy for the pursuit of their goal and vision. The market segmentation as well as the identification of target markets is the important element of each marketing strategy at which they are the basis for determining any particular of the marketing mix, which is product, pricing, place and promotion. Market segmentation reveals the company's market segment opportunities. The company has to evaluate the various segments and decide how many and which segments it can serve the best. In evaluating different market segments, a company must consider of three factors, that is, segment size and growth, segment structural attractiveness and also company’s objectives and resources. (Armstrong & Kotler, 2005)

Figure 2.4 Managing Marketing Strategies and the marketing mix. Page 49 (Reference Armstrong, G., Adam, S., Denize, S., Kotler,P., 2015. Principles of Marketing 6e.6th ed. Melbourne: Pearson Australia Group Pty Ltd

This process helps a firm or organisation in focusing its marketing effort towards a specific segment or a group of segments. Depending on the product, organisational goals, the size of the firm and the marketing resources available a firm may target only one ‘niche’ segment or alternatively focus on several related segments. Another method can be to start with one segment and add more when business grows successfully. Large companies often target all market segments and try to serve them by offering a large variety of products to suit all their needs, wants and demands.

In business marketing, market segmentation and targeting specific markets aids organizations by reducing the risks involved in decisions of how, where, when, and with whom the brand, product, or service will be advertised, directed, or promoted to. Positioning the product or service to the accurate target while controlling the marketing budget are tactics used by marketing professionals to assure reaching the largest target group and controlling costs (Boundless, 2014). Attracting the right customer is the ultimate objective of targeting specific markets by directing the research and efforts in a manner

Marketing strategy is a method of focusing an organization's energies and resources on a course of action which can lead to increased sales and dominance of a targeted market niche. A marketing strategy combines product development, promotion, distribution, pricing, relationship management and other elements; identifies the firm's marketing goals, and explains how they will be achieved, ideally within a stated timeframe. Marketing strategy determines the choice of target market segments, positioning, marketing mix, and allocation of resources. It is most effective when it is an integral component of overall firm strategy, defining how the organization will successfully engage customers, prospects, and competitors in

MARKET FOLLOWER STRATEGIES MARKET NICHE STRATEGIES ================ A. 1. MARKET LEADER STRATEGIES EXPAND TOTAL MARKET • New Users E.g.: perfume:--> non-users (mkt-penetration strat) --> men (new market strat) --> other countries (geo-expan strat) E.g.: J&J Baby shampoo: birthrate declining --> ads target adults --> leading brand • New uses Cereals: as snacks --> increase frequency of use OJ: “not for breakfast anymore” Du Pont nylon: parachute-->pantyhose-->blouses & shirts --> auto tires -->seat belts -->

Horizontal growth results in horizontal integration-the degree to which a firm operates in multiple geographic locations at the same point in an industry’s value chain. Horizontal integration for a firm can range from full to partial ownership to long-term contracts.

In general terms, marketing is all related to the places of buying and selling of goods and services to satisfy customers’ needs. Nowadays marketing is the most important issues for success of every business marketing is the activity, set of institution, and process for creating, communicating, delivering, and