Such important time considerations can often impact other marketing strategy content decisions. The mechanisms to implementing a successful adaptation strategy as a follow; once a firm has taken the strategic decision to adapt its marketing strategy, it must make an assessment of its objectives and resources in light of the characteristics of the new foreign market it is entering.
Adaptation strategies may not be so complex but a simple tweaking of the logo and the colours of the packaging can achieve the marketing objectives, or may involve developing new products better fitted to the local palate or new financing models more fitting for the local economy or market.
When launching a product into foreign markets companies can use a conventional marketing mix or adapt the existing marketing mix, to satisfy the country they are carrying out their business activities in.
Company performance is one of the most important aspects when assessing the suitability of certain strategies Jain, At this stage, the input from experts familiar with the new market is crucial in developing an effective strategy.
Proponents of the international marketing adaptation approach, emphasize the significance of customization to meet varied customer requirements.
Managers, therefore, have to prioritize objectives that may be in conflict. Marketing strategies can vary from country to country, brand to brand and organization to organization. In order to illustrate the value of marketing strategy and the process of implementation a detailed literature review was performed.
Executing an effective marketing strategy is just as important as conceptualizing and creating it. Because making new advertisements, packages and product lines is expensive, standardization requires less investment compared to adaptation approach of marketing.
The proponents in this approach argue that trade barriers are getting lower and that technological capability advances and firms are presenting Literature review marketing strategy thesis global orientation in their marketing strategy.
Nonetheless, even if a marketing strategy does not involve such changes to target markets or value propositions, timing is still an important component of most marketing strategies especially in nowadays-rapid changing consumer tastes and preferences, which are accelerated by ever changing technologies.
Through marketing strategy implementation firms employ scarce resources through marketing capabilities in order to attain the set goals and targets. The originality and value of the review lies in the fact that marketing strategy has been analyzed both in terms of its outcomes and as a process that does not yield satisfactory results without effective implementation.
This can be complicated to realize by the fact that many goal criteria and levels may be incompatible or at least non-complementary in the pursuit of achieving firm performance. Cite Harvard Nashwan, M. Adaptation strategies encompass changing the pricing method, promotional mix and packaging of a product, or even the product itself, in order to fit the needs and preferences of a particular export market.
In order to achieve a satisfactory and adequate marketing strategy which has a positive outcome on global and overall firm success, the marketing department within a company should bear in mind all the different marketing mix strategies that can influence the comprehensive result and the cumulative firm success.
Marketing strategy represents a key element of success for organizations. The assumption here is that the value proposition can be delivered by the firm as envisaged and that the delivered value proposition is perceived by customers in the way that decision makers anticipate in getting positive returns.
For example, when a marketing strategy must be developed to deliver a return on investment in 1 year versus 2 years, then different market segmentation, targeting, and value proposition decisions may be appropriate e. Introduction Company marketing strategy is an important and crucial constituent for the global market.
Therefore, marketers in the global oriented environment are creating one strategy for the global market and standardizing the marketing mix elements namely product, price, promotion and place to achieve consistency with customers as well as enjoying economies of scale through lower costs.
Specifically, this marketing strategy content decision determines where the firm will seek to compete in order to meet the strategic marketing objectives stipulated. Adaptation happens when any element of the marketing strategy is modified to achieve a competitive advantage when entering a foreign market and thus attain firm performance.
Hence, decision makers responsible for the marketing strategy must select which available resources the firm should deploy, where to deploy them appropriately, and set and signal priorities in terms of achieving the various goals and objectives of the firm Slater The central basis of the adaptation school of thought is that when entering a foreign market, marketers must consider all environmental factors and constraints such as religion, language, climate, race, occupations, education, taste, different laws, cultures, and societies Czinkota and Ronkainen, These marketing strategies toward firm performance may be either formal, top-down strategies Varadarajan and Clark or emergent or improvisational strategies Moorman and Miner Also, the proponents of a standardization approach argue that it allows for the presentation of a consistent image across countries.
In order for a marketing strategy to offer subsequent amount of value and achieve performance it should be well-timed with market requirements. Indeed such goal selection decisions may be one of the most important manifestations of strategic choice within the marketing strategy content Child However, researchers have distinguished important source of constraints that are hard to measure such as cultural differences rooted in history, education, religion, values and attitudes, manners and customs, aesthetics as well as variations in taste, needs and wants, economics and legal systems in the export markets.
Since most definitions of strategy concern plans for how desired objectives are to be achieved, such goal setting is clearly important in determining subsequent marketing strategy content decisions. The meta-analysis uncovers two distinct but related features to marketing strategy content: Well-defined strategic marketing objectives are critical feature of marketing strategy in which managers must make decisions about what the objectives and priorities of the firm are, translate these objectives and vision of the firm into marketing-related goal criteria, and set and articulate the desired achievement levels on each goal.
International marketing solutions become particularly relevant for enterprises that operate in a global business environment and that look for survival or business development opportunities.
This deals with the segmentation and targeting decisions of the classic STP framework of marketing strategy, which revolves on market segmentation, target and positioning.SOCIAL MEDIA MARKETING IN A SMALL BUSINESS: A CASE STUDY.
A Thesis Submitted to the Faculty of Purdue University by. Sarah Lynne Cox In. Sample Literature Review CHAPTER TWO: LITERATURE REVIEW Chapter 2 is an overview of online business and an exploration of trust as a foundation on which online business architecture is built.
A literature review may not have a traditional thesis statement (one that makes an argument), but you do need to tell readers what to expect.
Try writing a simple statement that lets the reader know what is your main organizing principle. FINAL PROJECT: SOCIAL MEDIA MARKETING PLAN FOR SNOW COLLEGE. develop a formal social media aspect to its marketing strategy.
Although Snow College from the survey, along with the literature review will influence the strategies in developing a social media marketing plan for Snow College.
iii CERTIFICATE This is to certify that the dissertation titled ―Study Of The Effectiveness Of Online Marketing On Integrated Marketing Communication is the bona-fide research work carried out by Ms.
Amruta Vijay Pawar, student of mint-body.com, at D.Y. Patil.
Introduction. For the purpose of this study, the Literature Review will be in two parts. The first section will address the Marketing Management Concepts, which includes corporate level marketing, the marketing mix, branding concept, corporate branding and .Download