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MBA stands for Masters in Business Administration and people
do this course after completing their graduation. MBA is basically a degree
program which includes in it the business marketing, business policy strategy,
business ethics and business management in addition to many other topics.
Marketing strategy is also included in the MBA program. A
few numbers of students are interested in the marketing strategy therefore only
a small number of MBA courses offer marketing strategy courses. These programs
are available live as well as online. As the name indicates master strategy
teaches its students the principles of marketing in addition to advantages of
marketing; it especially concentrates on topics which students have to deal on
daily basis in markets like inter-cultural marketing, forecasting methods in
marketing, real estate marketing and behavior of consumer and how to deal with
it. It also concentrates on teaching the how to develop new products, management
of product lines, innovative business ideas, strategies for the successful
business and analysis of the changing demands of the consumers and buyers.
Marketing mix is a basic and primary model for marketing
strategy. Marketing mix is also known as “4Ps”. These are price, product,
promotion and place. These are the business of marketing strategy and business.
Any business depends upon these four variables and controlled by these.
Marketing mix is basis for the effective marketing strategy
and it helps in deciding whether marketing strategy, which someone is choosing,
is right for company or not. Thus, it sets the ground for the startup of a new
strategy of marketing. Decisions of the mix and strategy then decide for the
prices, targeting and segmentation. All these factors interact with each other
and make the choice of the strategy right or wrong for the company.
Favorite Topics: My
favorite topics have been Inbound marketing and the Marketing mix. Inbound
marketing is creating a positive impact on customers. In this customers are
attracted by blogs and websites and are kept in touch by personal contacts and
email. Marketing mix is the 4Ps in which inward and outward capacities of
company are assessed and worked upon. These two topics are quite interesting
due to the involvement of company as well as the customers.
Various terms of
marketing and impact in motorcycle industry:
Harry Gordon
Selfridge: Harry Gordon Selfridges was owner of the departmental store
of England known as “Selfridges” Harry was British- American, born in 1558 in
Ripon, Wisconian. Harry started from a small shop but became a name in retail
therapy. He changes the perspective of businessmen regarding shopping and
business. It is said that he changes the concept if shopping and made shopping
a kind of art. He did this all by publicizing and with right kind of
advertisement of his stores and products.
Luxottica:
Luxottica is an Italian based company of eye wares founded by Leonardo Del
Vecchio. It not only manufactures and designs nut also produces and retails in
the eye ware. Being the largest company of the world in the field of eye wares,
it has many brands with different names for which it makes its glasses.
Designer glasses as well as prescription frames are made by Luxottica. Some of
its most popular brands are Ray bans, Prada, Miu Miu and Michael Kors.
Customer obsession:
Customer obsession is a term used by companies in order to explain their relationship
with customers. It indicates how well a company listens to cares for the needs
of the customers. Customer obsessed companies focus on the genuine needs of the
customers and are always in urge to improve the customer services. The ultimate
goal of customer obsession is to convert the customers into the fans so that a
long lasting relationship is developed between the customers and the company.
Marketing myopia:
It is a term introduced by Theodore Levitt and describes a short sighted
approach in a business where a company starts focusing on short term benefits
rather than the long term advantages of some step. In a myopic marketing
company focuses on the company management and forgets about the customer care
and their demands. Every growing company does this mistake after becoming
successful and it is due to this myopic approach that companies go into
downfall.
Rule #1 of
Warren Buffet,
greatest investor of all the times, gave the idea of rule number one in which
he introduced the notion “never lose money”. According to this rule, you do not
need to be very intellectual to be an investor you just have to be careful that
you are not losing or spending money more than needed. Invest carefully if you
want to save money.
SWOT:SWOT stands
for Strengths, Weaknesses, Opportunities and Threats. It is an analysis or
matrix used to identify the capacities of a person or company. Intrinsic
capacities of company include strengths and weaknesses which are unique to each
company. Threats and Opportunities are
external factors shaping the company. All these factors are modifiable and
work-able. Company needs to work on these factors to determine its fate.
Five Creatures of Marketing Strategy, Marketing mix
Five Creature
Lesson proposed by Dr. Smith is very effective tool for teaching business
students. It helps in giving children the concept of competitive environment of
the business industry, assessment of upcoming opportunities, future goal
settings and explaining them the exits and entrance of business and how to get
advantage of the upcoming opportunities. It is not only helpful for the
students but also for the managers and executive members of the company.
Ansoff matrix:
Every organization ahs to keep in mind the Ansoff matrix whenever a
company wants to be more successful and wants to expand its profits. Other name
for Ansoff matrix is the profit expansion grid. Developed by H. Igor Ansoff,
this market gives the developers an estimation of the risks of the growth of
their business. Risks always increase while taking the new steps.
Total product: It’s
the total output of a company at the end of a program or project.Its the
estimation of the expected results of the firm.
Segmentation/targeting/positioning:
This three staged approach is used to group the consumers in various categories
so that company can define its targets.
Influences on the
consumer buying decision process: Consuming power, economic conditions, culture
ideas, social and personal preferences are the main influencing factors.
Market driven: It is a strategy of a company in which company focuses on the needs of customers and market rather than the productive capacity of the company. SWOT, Rule number 1 and
Brand recognition/brand
insistence: Brand insistence is the preference of customer for a particular
brand for a specific type of product and recognition means how much a customer
can differentiate the products of one brand from the other.
Evoked set/inert
set/inept set: Evoked set means the products which had a positive effect on the
choice of customer and are loved by him. Inert set defines the products neither
loved nor hated by the customer. Products disliked by the customers after
trying are called inept set.
Customer strategies
to foster consumer participation/creation: Personalized communication,
individuality, social media involvement and right promotion are required for
returning customers.
All of these marketing terms are closely related to any industry to business. Motorcycle industry is no different; motorcycle industry needs advertising strategies as told by Harry and need retailers and producers like Luxottica. Marketing obsession should be kept in mind by motorcycle industry and motorcycle myopia be avoided. Ansoff matrix, customer preferences and likes should be kept in mind. To recapitulate, marketing strategies are applicable in all the fields of business what so ever. Therefore, marketing MBA is becoming a new favorite and interesting course in the marketing.
References of Marketing Strategy, Marketing mix
Ataman, M. B. (2010). The
Long-Term Effect of Marketing Strategy on Brand Sales. Journal of marketing
research , 866-882.
F.Slatera, S., & M.Hultb,
G. T. (2010). Factors influencing the relative importance of marketing strategy
creativity and marketing strategy implementation effectiveness. Industrial
amrketing managemnt , 551-559.
R.Berthona, P., & F.Pit,
L. (2012). Marketing meets Web 2.0, social media, and creative consumers:
Implications for international marketing strategy. Business Horizons ,
261-271.
Varadarajan, R. (2009).
Strategic marketing and marketing strategy: domain, definition, fundamental
issues and foundational premises. Journal o academy of marketing science
, 119-140.
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