Introduction of Marketing Strategy, Marketing mix:

        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. (Ataman 2010)

        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. (F.Slatera and M.Hultb 2010)

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 (Newton 1992).

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 (Sousa, et al. 2018).

Rule  #1:

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 (Phadermrod, Crowder and Wills 2016).  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. (R.Berthona and F.Pit 2012)

Five Creatures:

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 (Loredana 2016).

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 (Nauman, et al. 1995).

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 (Barski and Zabczyk 2010).

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 (Koh, Lee and Boo 2009).

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. (Varadarajan 2009)

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 (Nuttavuthisit 2010). Therefore, marketing MBA is becoming a new favorite and interesting course in the marketing.

References of Marketing Strategy, Marketing mix:

Ataman, M. Berk. 2010. "The Long-Term Effect of Marketing Strategy on Brand Sales." Journal of marketing research 866-882.

Barski, Michał, and Jerzy Zabczyk. 2010. "Completeness of bond market driven by Lévy process." International Journal of Theoretical and Applied Finance 13 (5): 635-656.

F.Slatera, Stanley, and G. Tomas M.Hultb. 2010. "Factors influencing the relative importance of marketing strategy creativity and marketing strategy implementation effectiveness." Industrial amrketing managemnt 551-559.

Koh, Yoon, Seoki Lee, and Soyoung Boo. 2009. "Impact of brand recognition and brand reputation on firm performance: US-based multinational restaurant companies’ perspective." International Journal of Hospitality Management 28 (4): 620-630.

Loredana, Ecobici Mihaela. 2016. "The Use Of Ansoff Matrix In The Field Of Business." MATEC Web of Conferences 44: 01006.

Nauman, Fayyaz A., Conrado M. Gempesaw, J. Richard Bacon, and Alberto Manalo. 1995. "Consumer choice for fresh fish: factors affecting purchase decisions." Marine resource economics 10 (2): 117-142.

Newton, Sue. 1992. "Customer obsession." Managing Service Quality: An International Journal 2 (5): 269-274.

Nuttavuthisit, Krittinee. 2010. "If you can’t beat them, let them join: The development of strategies to foster consumers’ co-creative practices." Business Horizons 53 (3): 315-324.

Phadermrod, Boonyarat, Richard M. Crowder, and Gary B. Wills. 2016. "Importance-performance analysis based SWOT analysis." International Journal of Information Management.

R.Berthona, Pierre, and Leyland F.Pit. 2012. "Marketing meets Web 2.0, social media, and creative consumers: Implications for international marketing strategy." Business Horizons 261-271.

Sousa, Dalton, André Zambalde, Gustavo Souki, and Ricardo Veroneze. 2018. "Marketing Myopia in Brazilian Public Universities: An Empirical Study Involving Academicians." Journal of technology management & innovation 13 (3): 12-23.

Varadarajan, Rajan. 2009. "Strategic marketing and marketing strategy: domain, definition, fundamental issues and foundational premises." Journal o academy of marketing science 119-140.