REVIEWER

1. Marketing is a social process by which individual and groups obtain

what they need and want through creating and exchanging products
and value with others (Philip Kotler, 2002)
2. Marketing is the art and science of finding, retaining, and growing
profitable customers – Kotler, Bowens, and Makens.
3. Marketing strategy- refers to a business’s overall game plan for
reaching prospective consumers and turning them into customers of
the products or services the business provides.
4. Marketing Concept and Philosophy- it states that the organization
should strive to satisfy its customers’ wants and needs while meeting
the organization’s goals.
5. KEY OBJECTIVES OF MARKETING STRATEGIES
 Increase brand awareness and visibility
- It is like planting a seed in people’s minds. It’s the foundation of how
customers recognize and recall your brand when they’re ready to
purchase. Without strong brand awareness, even the best products can
go unnoticed.

 Generate leads and drive sales

- The process of attracting prospects to your business and
increasing their interest through nurturing, all with the end goal
of converting them into a customer which results in exchanging
products and money that converts to sales.

 Enhance customer loyalty and satisfaction

- a measurement that determines how happy customers are with
a company's products, services, and capabilities. Customer
satisfaction information, including surveys and ratings, can help
a company determine how to best improve or changes its
products and services.

 Maximize profits and market share

- A marketing strategy aimed at maximizing profits and market
share seeks to optimize revenue and minimize costs while
ensuring that the company grows its presence and influence
within the market. This dual focus is essential for achieving
lasting success in a competitive landscape.

 Build authority in the industry

- involves establishing a brand or business as a trusted expert
within its field. This can be achieved through thought leadership,
high-quality content, and engagement in industry discussions,
which enhance credibility and foster customer trust. Ultimately, a
strong authority position not only attracts new customers but
also strengthens loyalty among existing ones, driving long-term
growth.
6. Importance of Marketing Strategy – It is very vital for the
management of the company to have a well-defines and aligned marketing
strategy in place having a team of expert professionals and talented in-
house staff to attain the overall aims and objectives plus enhance the brand
value.

1. Helps to gain a competitive advantage

 is crucial to a marketing strategy because it allows a business
to differentiate itself from rivals, attracting customers with
unique value propositions. Effective marketing helps identify
and leverage strengths, such as superior product features,
exceptional customer service, or innovative branding, making
the company more appealing in the marketplace. Ultimately,
a strong competitive advantage leads to increased market
share, customer loyalty, and long-term profitability.

2. Brand Recognition
 it enables consumers to identify and recall a brand,
influencing their purchasing decisions. High brand recognition
fosters trust and credibility, making customers more likely to
choose a familiar brand over competitors. Additionally, it can
lead to increased word-of-mouth referrals and customer
loyalty, ultimately driving sales and growth.

3. Attract new set of customers

 It drives business growth and expands the customer base. By
identifying and targeting new demographics or market
segments, businesses can diversify their revenue streams and
reduce dependence on existing customers. Moreover,
effective marketing efforts aimed at new customers can lead
to increased brand awareness and enhance overall market
presence.

4. Plan for nature of products and services

 focuses on defining what offerings will meet customer needs
and preferences effectively. It involves analyzing market
trends, customer feedback, and competitor products to create
unique value propositions. By aligning product features and
services with target market demands, businesses can
enhance customer satisfaction and drive sales growth.

5. Plan the marketing budgets

 ensures that resources are allocated effectively to achieve
desired goals. It involves determining how much to invest in
various marketing channels, like advertising, promotions, and
digital campaigns, based on expected returns. A well-planned
budget helps optimize spending, measure performance, and
adjust strategies to maximize impact and profitability.

6. Creative Edge
 focuses on distinguishing a brand through innovative and unique
approaches to messaging, design, and campaigns. It involves
crafting compelling content and experiences that capture
attention, resonate with the audience, and stand out in a
crowded marketplace. By maintaining a creative edge, brands
can foster deeper connections, enhance brand recognition, and
drive long-term customer loyalty.

7. Effective distribution plan

 ensures that products or services reach the right customers at
the right time and place. It involves selecting optimal distribution
channels, whether physical, digital, or hybrid, to maximize
accessibility and convenience for the target market. A well-
structured distribution plan improves product availability,
enhances customer satisfaction, and drives sales growth.

8. Optimal pricing
 aims to set a price point that balances profitability with customer
value perception. It involves analyzing market demand,
competitor pricing, and production costs to determine a price
that attracts buyers while maximizing margins. Achieving
optimal pricing helps a brand remain competitive, drive sales,
and sustain long-term profitability.

9. The overall growth of the firm

 focuses on expanding market share, increasing revenue, and
enhancing brand presence. This growth is driven by strategies
such as entering new markets, launching new products, and
improving customer retention. By aligning marketing efforts with
business goals, the firm can achieve sustainable success and
long-term competitive advantage.
7, TRADITIONAL AND CONTEMPORARY MARKETING STRATEGIES
1. TRADITIONAL MARKETING STRATEGY - any form of marketing
that uses offline media to reach an audience. Ex. Billboards, TV
Commercials, newspaper, flyers, etc.
2. CONTEMPORARY MARKETING STRATEGY - Offer products and
services based on what the target market desires rather than what
the company wants them to have, thereby, offering greater support
for their customers and becoming able to take advantage of more
advanced marketing funnels to track progress.
8. FACTORS THAT AFFECTS MARKETING STRATEGY
1. INTERNAL FACTORS
 PRICE
- Price, as an internal factor, directly affects a marketing strategy
by influencing how a product or service is positioned in the
market. A company's pricing decisions impact profit margins,
competitiveness, and customer perception of value, shaping how
the marketing team communicates the offering. Additionally,
pricing flexibility allows the firm to adapt to market conditions,
promotions, and sales strategies, aligning with overall business
goals.
 FIRM CULTURE
- significantly influences marketing strategy by shaping the
company's values, creativity, and approach to customer
engagement. A culture that fosters innovation, collaboration,
and customer-centric thinking enables marketing teams to
develop more authentic and compelling campaigns.
Additionally, the alignment between company culture and
marketing goals ensures consistent messaging and helps
build a strong, cohesive brand identity.

 HUMAN RESOURCE
- impact marketing strategy by providing the talent, skills, and
expertise needed to develop and execute campaigns. A well-
trained and motivated marketing team drives creativity,
innovation, and effective communication with target audiences.
Additionally, the ability to attract, retain, and develop top
marketing talent enhances the firm’s capability to adapt to
market trends and achieve strategic objectives.

2.EXTERNAL FACTORS
 TECHNOLOGY
- significantly impacts marketing strategy by influencing how
businesses reach and engage with their audiences through digital
platforms, automation, and data analytics. Advancements in
technology enable marketers to leverage tools like social media, AI,
and personalization to create more targeted and efficient campaigns.
Staying updated with technological trends is essential for firms to
remain competitive, improve customer experiences, and drive
marketing innovation.

 COMPETITORS
- influence marketing strategy by shaping the market landscape and
defining customer expectations. Analyzing competitors' strengths,
weaknesses, pricing, and promotional tactics helps businesses identify
opportunities and threats, allowing them to differentiate their offerings
effectively. Understanding competitive dynamics is crucial for adjusting
marketing strategies to maintain or gain market share and ensure
long-term success.

 ECONOMY
- affects marketing strategy by influencing consumer purchasing
power, spending behavior, and overall demand for products and
services. Economic conditions, such as inflation, recession, or growth,
can prompt businesses to adjust their pricing, promotional strategies,
and target markets to align with changing consumer sentiments.
Additionally, understanding economic trends helps firms anticipate
shifts in market dynamics and make informed decisions about resource
allocation and investment in marketing initiatives.