Role Of Marketing In Gaining Competitive Advantage, Market Segmentation, Marketing Mix, Integrated M

Business marketing stands for a marketing practice adopted by an organization or individual to promote business services. Competitive advantage stands for the factors that permit a company to manufacture goods or services improved or additional cheaply than its competitors. These factors allow the productive entity to generate more sales or superior margins compared to its market rivals. According to the study adoption of an appropriate marketing strategy permits an organization to sell its products and services to potential consumers in an innovative way that promotes business as well as improves its revenue. Marketing practice includes functions and tactics to assure that the potential or targeted customers are interested in the service provider to address their requirements (Lee and Falahat 2019). Marketing is identically helpful in the transfer, argument, and movement of goods. This promotes goods and facilities to the customers through various channels. Marketing is helpful in levitation and maintenance of the living standards of the community, Marketing generates employment, marketing can be considered as a source of income and returns, marketing acts as a basis for better decision making, marketing performances as a source of innovative ideas and marketing is simultaneously helpful in the development of an economy (Rua, França and Ortiz 2018). Thus, it can be stated that the adoption of marketing assists an organization to obtain a competitive advantage.

Lee, Y.Y. and Falahat, M., 2019. The impact of digitalization and resources on gaining competitive advantage in international markets: Mediating role of marketing, innovation and learning capabilities. Technology Innovation Management Review, 9(11).

Rua, O., França, A. and Ortiz, R.F., 2018. Key drivers of SMEs export performance: the mediating effect of competitive advantage. Journal of Knowledge Management.

Market Segmentation-

In the field of marketing management, market segmentation stands for a practice of dividing the targeted market into approachable groups. Further studies have presented that market segmentation generates a subset of a market depending on the requirements, priorities, interests, demographics as well as other psychological and behavioral factors better used for a better understanding of the targeted audience (Goryushkina et al., 2019). According to research, it is identified that market segments assist organizations to enhance their marketing management by developing stronger marketing messages focusing on a specific group of people. In addition to this, it can be stated that targeted digital advertising, development of effective marketing strategy, better response rates along with lower acquisition cost, increasing brand loyalty, driving the business growth as well as attracting the right customers are the key benefits offered by marketing segments (Bian, Song and Bai 2019). Furthermore, it can be stated that there are four key factors of the market segment which include demographic or B2C, firmographic or B2B, Psychographic, and behavioral segment. To support the above-mentioned statement, it can be stated that prior to initiating the process of market segmentation it is important to understand and define the required market along with understanding the market.

Market Segmentation

Goryushkina, N.E., Gaifutdinova, T.V., Logvina, E.V., Redkin, A.G., Kudryavtsev, V.V. and Shol, Y.N., 2019. Basic principles of tourist services market segmentation.

Bian, Y., Song, K. and Bai, J., 2019. Market segmentation, resource misallocation and environmental pollution. Journal of Cleaner Production, 228, pp.376-387.

Marketing mix-

Studies have presented that key marketing strategies include the concept of the marketing mix to assist an organization to obtain competitive advantages. The marketing mix stands for the integration of 4 P’s that are product, place, price, and promotion. In support of the above discussion, it can be stated that there are several benefits offered by the marketing mix that assist the organization to obtain competitive advantages (Zherdetska et al., 2021). Those benefits include a better understanding of products and services offered by the service provider to the consumer, adoption of successful product planning strategy, implementation of appropriate planning, developing and execution strategy for effective marketing, assist the organization to prevent marketing risk, determination of the suitability of the products, identification, and analysis of the requirements of the customer as well as the improvement of this means revenue. In addition to this, there are 7 Ps of the marketing mix as well that includes product, place, price, promotion, people, process, and physical evidence. Product marketing includes the quality, features, availability, and usage of the projects or services, promotion includes marketing communication, personal promotion, and branding, price includes positioning, payment method, and discounts. Place, people, process, and physical evidence include trader channels, consumer focus, and product packaging respectively (Zherdetska et al., 2021). 

Zherdetska, L., Diatlova, Y., Diatlova, V., Derkach, J., Goncharenko, A. and Zos-Kior, M., 2021. Digital banking in the marketing mix and human resource management: improving the approach to the assessment as an innovative component. Laplage em Revista, 7(3A), pp.111-119.

Banding and integrated marketing communication-

According to the research, a marketing band stands for a practice of worth setting strategy in that a merchant discusses an upper as well as lower pricing or cost limit between that the purchaser can ensure order placing. Further studies have presented that the worth band's floor and upper give course to the procurers (Handiani, Burhanudin and Septa 2018). This is a category of closeout approximating procedure that is regularly utilized with the introductory open contributions (IPOs). The value band is applied throughout the worth disclosure stage of an initial sale of stock. In addition to this, the value range established upon by the supporter and financier is mentioned as the worth band. Integrated marketing communication (IMC) can be demarcated as the procedure applied to amalgamate marketing communication fundamentals, that includes public relations, audience analytics, social media, advertising, and business development principles, into a product identity that remainders consistent transversely distinct media stations (Moulay 2019). It permits public and secluded organizations and industries to bring an appealing and unified consumer knowledge for a product or service, as well as to enhance an administration’s image and association with the stakeholders. Furthermore, it is identified that professionals with a circumstantial in the integrated marketing communications can pursue employment through the advertising and communications trades.

Handiani, I., Burhanudin, B. and Septa, R.Y., 2018. STRATEGI INTEGRATED MARKETING COMMUNICATIONS (IMC) DALAM MEMPERTAHANKAN JUMLAH IKLAN DI KORAN RADAR BANTEN (Doctoral dissertation, Universitas Sultan Ageng Tirtayasa).

Moulay, I., 2019. Marketing Communication Plan for Hedgehog foods and beverages.

Measurement of marketing success-

The tracking system of measurement has to turn out to be an indispensable part of advertising for all industries. By understanding the success metrics that are important to the marketing campaign, it is ultimately possible to calculate the overall return on the investment by precise operation or an assembly of operations. According to the studies, business marketing stands for a marketing practice adopted by an organization or individual to promote business services (Bowden, Tickle, and Naumann 2021). Followed by a detailed analysis on the aspects to measure the effectiveness of marketing strategy it is important to focus on the identification of key metrics or measures to track the effectiveness of marketing strategy. Those key measures include overall impressions, lead generation response rates, cost per lead, cost per sale, return of investment, lifetime value of a consumer, return or engagement, and others. Prior to discussing the above-mentioned factors marketing success can be defined as the selection of impactful metrics as well as the collection to support the data to determine the strength of the building brand equity. In addition to this, it can be stated that it is important to focus on the consumer perspective as well which will enhance the capability of the organization to evaluate their marketing success to attract consumers and address their demand with a better business response.

Bowden, J.L.H., Tickle, L. and Naumann, K., 2021. The four pillars of tertiary student engagement and success: a holistic measurement approach. Studies in Higher Education, 46(6), pp.1207-1224.