Question

Take an existing product/brand and critically evaluate the marketing strategy (including the current advertisement) for that product/brand using the tools and concepts learnt in the course.  Develop a better marketing strategy and provide justifications for your new strategy.

Answer 1

An effective marketing business policy is primarily initiated with a well thought-out, measured and knowledgeable marketing strategy and approach which in fact facilitates to characterize your vision, mission, objectives and procedures which indeed helps to attain the set pre-determined business goals.

Effective marketing strategy in business does have a major influence on the manner in which you administer your entire organization thus it’s very crucial and significant to enumerate a well-planned and efficient marketing policy with a wide-ranging and comprehensive approach which indeed can facilitate to effectively demonstrate your products and services.

For instance marketing objectives may comprise of enhanced market penetration such as selling more existing goods to existing consumers or market development for example selling existing products to new target markets. However marketing objectives set as long-term goals indeed needs to be comprehensive and realistic with definite time frame set to ensure the set business goals are accomplished successfully.

Thus it’s very crucial and significant to ensure that the overall business policy and approach is sensible, well-thought and reckonable furthermore an effective marketing policy need not be altered every year but it’s important to modify it when your business objectives has been attained or there is a major alteration in the external market environment which indeed can be due to existence of a new competitor or development of new technology.

It’s important to list out your target markets and develop a set of business policies and approach to pull towards you and preserve the targeted consumers for instance an enterprise objective could be to boost individual’s consciousness and understanding towards their products and services.

Thus the consequent policy and approach could be towards developing the business online social media presence by posting regular updates on products and services on twitter and face book; advertising in local publications which indeed needs to be aimed towards young individuals by offering reasonable discounts to students.