Assignment II Group 2 Date 8 July, 2011 Marketing Strategy Marketing is an organizational function aimed at communicating the value to the

customers in ways that benefits the organization and hence its stakeholders. In order convey this value to the consumer, organization is expected to have plans or strategies in place. These plans allow it to be sustainable and maintain the competitive edge. The strategies so defined should be driven towards a common goal/mission chalked out by the organization. Objectives should be set to measure strategy against these goals and tactics be defined. Each of these should reinforce the promise that the company has conveyed to the customer. Strategy is just a part of a larger process known as strategy planning. Strategy planning involves definition of a goal, setting up of objectives and specification of tactics. Once formulated it requires adequate implementation Practitioners & Researchers have suggested several alternatives to facilitate strategy implementation. Concentration, Market segmentation, market stretching, brand extension, product innovation shall be some of these alternatives. Selection of adequate implementation should be governed by factors such as: a.) b.) c.) d.) Does it fit with the environment? Is it in line with the objectives? Would resource allocation cause a problem? In what stage of product life cycle product is right now?

Strategy Selection => Business Definition Every strategy is formulated from the business definition. It provides the business and the strategy a direction and allows an organization to communicate its own niche. Definitions however are expected to be realistic, attainable, specific and focused. BCG or Boston Consulting Group s 2*2 matrix model measures the state of a product or a company with respect to its competitors against its own market growth. It advises a strategy adoption based on each of the regions.

It has been adopted to further levitate company wide strategy planning methods.Based on market condition an organisation or a product finds itself markeeteer may choose to invest in product devlopment or in advertising strategies elsewise walk out or diversify. Strategy selection could also be based on a stage of product in a product lifecycle. Group 2 (Chitrangadha Banerjee, Christina Issac , Devraj Singh, Devyani Rai, Disha Chanana, Gaurav Dani)

Assignment II Group 2 Date 8 July, 2011

=> It would be required of a marketer to emphasize on product development (development), advertising (Take off), pricing or packaging depending upon the stage in which a product is. However, it shall also be pointed out that smart companies don t allow their products land in a decline phase and phase out. They keep on renovating the product to enjoy specialty in the market. Lastly marketing strategy is also dependent on the marketing mix the organization is catering too. Developing or redefining integrated marketing mix with a balance of price, segment, promotion and distribution in the scope of a product is strategy in itself.

Group 2 (Chitrangadha Banerjee, Christina Issac , Devraj Singh, Devyani Rai, Disha Chanana, Gaurav Dani)