Asses the importance of the marketing strategies in the overall success of large global businesses – 1500 words
Marketing strategies incorporates the marketing mix, which includes product, price, place and promotion. These elements are used towards the main goal of a marketing manager to establish a marketing mix that works towards providing customers with their needs within a specific target market. Large global businesses would use this marketing mix to develop a trend within their product, in order to correctly identify their target market through popularity for example, from different age groups or cultural background. The role of marketing with large global businesses is important in establishing a reputation globally. The benefits of marketing globally are being recognised by new or existing customers as well as potential stakeholders or investors.
An example of how marketing strategies can contribute to the overall success in a business is through market segmentation. Marketing segmentation means dividing up the total market based on demographic segmentation, geographic segmentation, psychological segmentation and behavioral segmentation. Demographic segmentation means separating the total market into sections such as age, sex, income and family size. The most common demographic features are age and gender. Geographic segmentation divides the total market based on the geographic location; this is because consumer choice varies from different regions or areas. A large business that wishes to operate globally would need to consider geographic segmentation as differences in other countries may contribute to whether the target market would be interested in their product or not because of their location, for example if a business sells winter clothing for kids in an area that isn’t very cold throughout the course of a year, they may make little profit. Another example of market segmentation would be psychological segmentation. Psychological segmentation focuses on the behaviours of an individual and their personality characteristics, these factors allow businesses to focus on particular groups and their likes. The marketing segmentation is important in the overall success of a large global business for every business has a target market and without segmentation it may be difficult to find the certain target market.
However not all businesses would use market segmentation, such as Virgin Australia. Being an airline service they don’t base their brand around these certain marketing segments, instead they focus on loyalty from their customers and by doing this they have a program that collects ‘velocity frequent flyer points’ which contribute towards a prize offered by the business.
Marketing strategies focus on a certain marketing mix product, price, promotion and place/distribution. An example on how this marketing mix is important in the overall success of a business is:
Product in a large global business would focus on things...