Discuss formal and informal marketing strategies and give examples of companies that follow these strategies
What will be an ideal response?
Student answers will vary. Many large firms develop formal competitive marketing strategies and implement them religiously. However, other companies develop strategy in a less formal and orderly fashion. Some companies, such as Harley-Davidson, Virgin Atlantic Airways, and BMW's MINI unit succeed by breaking many of the rules of marketing strategy. Such companies don't operate large marketing departments, conduct expensive marketing research, spell out elaborate competitive strategies, and spend huge sums on advertising. Instead, they sketch out strategies on the fly, stretch their limited resources, live close to their customers, and create more satisfying solutions to customer needs. They form buyer's clubs, use buzz marketing, and focus on winning customer loyalty. It seems that not all marketing must follow in the footsteps of marketing giants such as Nike and P&G.
You might also like to view...
To understand banking regulation in the United States, it is helpful to understand the concepts of asymmetric information, adverse selection, and moral hazard
Indicate whether the statement is true or false
Products or services that consumers make a special effort to find and purchase are _____ goods.
a. convenience b. shopping c. specialty d. generic
Ziff Tech Inc., a technological firm, funds Tictoe Corp., a computer processor designing company, with five percent of its annual revenue. Which of the following best describes the alliance between Ziff Tech and Tictoe Corp.?
A. Acquisition B. Strategic investment C. Cross-shareholding D. Merger
When manufacturers export a product to another country at a price either below the price charged in its home market or below its cost of production, it is called _____.
Fill in the blank(s) with the appropriate word(s).