Marketing Strategy, Essay Example

The process of planning and implementing the marketing mix to provide maximum utility to customers regardless of whether they are individuals or organizations is what can be defined as marketing. Marketing strategy is therefore a scheme that can be used by an organization to utilize its resources to target the best available opportunities to increase the turnover and of course attain a better competitive edge compared to other businesses in the same line.

QuickMBA (2007) describes the need to develop a marketing strategy when there is a high number of competitors who abide by the marketing concept and when the growth in the economy has stabilized. To achieve success in these conditions then the marketing management has to consider the marketing concept of setting up the organization close to the profitable utility of customer needs in markets that are quite competitive.

The most common marketing management concepts as Brown (n.d.) stated are production selling, marketing and societal marketing concept. These concepts are all geared towards satisfying the customer. For instance; the production concept works on an assumption that demand is greater than supply. This therefore encourages more production unlike marketing concept which assumes the vice versa. The marketing concept first considers the customer’s needs then tailors its production to what the customer requires. The selling concept equates demand to supply while societal concept tries to balance between the society’s interest, customer’s needs and the company’s profits.

The best option for Food Market, Inc would therefore be to launch more aggressive advertising campaigns and sales promotions since it’s under the selling concept and the best approach in a competitive market. The company should venture into the most advanced advertising and promotion strategies depending on the targeted customers.

References

Brown A. L. (n.d). Chapter 1 in review. Retrieved on October 25, 2009 from http://www.udel.edu/alex/chap1.html

QuickMBA (2007). Knowledge to Power Your Business. Marketing Strategy. Retrieved on   October 25, 2009 from http://www.quicjmba.com/MarketingStrat.shtml