Problems - questions Assignment Example | Topics and Well Written Essays - 1000 words

Problems - questions - Assignment Example Being focused at advertising a product or a service, marketing is imperative in creating customer loyalty. Additionally, it ensures long term positive relationship between a product and a consumer. Two key companies that have succeeded based on their effective marketing strategies are Coca-Cola and Nokia. Through their extensive advertising strategies Coca-Cola and Nokia have emerged as world leaders in the soft drink and telecommunication industries respectively. Section B Question 1 Market segmentation entails dividing the wide target market into group of consumers who have similar requirements. After dividing the large target market into subsets, a company then provides products and services that meet the needs of their consumers. Consumers market can be segmented according to geographic aspects, psychographic factors, consumer’s behaviors, occasion as well as benefits derived from the products (Kotler, et al 56). Targeting involves focusing at a particular group of custome rs and adopting appropriate marketing strategies to sell products on the targeted group. Being part of the market mix, target market is vital in ensuring the success of any product. According to Kurtz there are seven major steps that marketers can adopt in segmenting their market as depicted by the flow chart below. Selecting target audience Identification of customer needs Adopting valuation approach that includes barriers to entry and accessing market Testing the segment Modifying market mix Positioning entails creating a strong image in the minds of targeted audience regarding the products of an organization. Earlier on positioning emulated the consumers marketing however with the growth in technology; companies have adopted Google and yahoo among other internet sites to enhance competitive positioning (Ries and Trout 39). Major aspects that companies should utilize to ensure effective positioning of their brands includes products quality, effective distribution, extensive promot ion, attractive and secured packaging as well as affordable prices. Just like segmentation, companies that are focused at effective positioning of their brands can adopt six steps as depicted by the flow chart below. Identifying key competitors Understanding positioning strategies adopted by competitors Documenting the current positioning strategy adopted by the company Comparing the company positioning strategies with those of the competitors Establishing positioning that is value based Establishing an appropriate positioning statement supported by proper communication Question 2 Strategic planning entails defining the direction that an organisation will follow and making of essential decision regarding allocation of resources to attain the objectives of a company. By understanding the current position of a company, it is possible to emulate an effective course of action that will ensure the success of a company. In most cases a strategic planning covers a period of 5 years. One of the major components of a strategic plan is vision. Vision depicts what the organization wants to be. Secondly, a strategic plan should indicate the mission of a company. Mission indicates the basic purpose of a firm and the strategies it emulates in order to achieve its vision. For example, the mission of Coca-Cola Company is to provide quality brands that refresh the whole world. Value is