Value Added Marketing

Essay by lafdaB-, September 2009

download word file, 10 pages 0.0 1 reviews

P - 1"Marketing consists of the strategies and tactics used to identify, create and maintain satisfying relationships with customers that result in value for both the customer and the marketer."Ref.- is defined as marketing plans taken over some period of time while tactics are actual steps made in order to follow the strategies. Marketing Plans are vital to marketing success. They help to focus the mind of companies & marketing teams on the process of marketing i.e. what is going to be achieved and how we intend to do it. Strategy and tactics are used once we identify the market segment. The first is single segment with a single product. In other words, marketers target a single product offering a single segment. For e.g., 'British Airways' Concorde is a high value product aimed exclusively at big business people and tourists will to pay more for speed. Secondly the marketer could overlook the differences in the segments, and choose to aim a single product at all segments, i.e.

the total market. This is typical in 'mass marketing' or where segregation is less important than cost. An e.g. of this is the approach taken by budget airlines such as 'G0 AIR'. Finally there is multi-segment approach; here a marketer will target a variety of different segments with a series of differentiated products. This is typical in Automobile Industry. Here there are a variety of products such as diesel, four-wheel-drive, sports and son on. Identifying is the most important marketing function involves efforts needed to gain data of consumers, competitors, and markets. Once a marketer is through with the process of identifying market and strategy for the same, they move on to the next step in the process of marketing, which is presenting their product or services in an innovative...