Paper Title
A STUDY ON MARKETING STRATEGIES ON VISAKA STEAL PLANTAbstract
The study and practice of marketing have broadened considerably, from an emphasis on marketing as a functional management issue, to a wider focus on the strategic role of marketing in overall corporate strategy (e.g., Kotler, 2000; Sudharshan, 1995). This broadening of the marketing concept, to include strategic as well as operational decisions, has resulted in an overlap between marketing and strategic management. Managers around the globe are recognizing the increasing importance for the firm to develop marketing strategies to compete effectively in worldwide markets.
The emergence of a more open world economy, the globalization of consumers’ tastes, and the development of a worldwide commercial web all have increased the interdependency and interconnections of markets across the globe. In such a global environment, firms should develop their marketing strategy around three key dimensions (Zou and Cavusgil, 2002): standardization-adaptation, configuration-coordination, and strategic integration. Following Sudharshan (1995), we define a firm’s marketing strategy as the development of and decisions about a firm’s relationships with its key stakeholders, its offerings, resource allocation, and timing.
Developing successful marketing strategies uses real market examples to demonstrate the development of effective marketing strategies. The Approach uses an organization’s mission and vision statements to guide the development of marketing goals, strategies and tactics.
Central to the development of marketing strategy is the use of the marketing mix of price, place product and promotion. The Book neatly weaves the process of development a marketing strategy with the use of marketing mix. Throughtout the book examples are given to clarify the theories and guide the reader through the strategic marketing planning process.
The first and perhaps the most important dimension of a multinational corporation (MNC)’s worldwide marketing strategy is related to the standardization or adaptation of marketing programs, such as product offering, promotional mix, price and channel structure across different countries (Jain, 1989; Keegan, 2000; Laroche et al, 2001; ). The second dimension of a worldwide marketing strategy focuses on configuration and coordination of a firm’s value chain structure across countries (Craig and Douglas, 2000; Hout, Porter and Rudden, 1982; Porter, 1986, 1990; Roth, Schweiger and Morrison, 1991). Finally, the third dimension is the strategic integration dimension which is concerned with how a MNC’s competitive battles are planned and executed across country.
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