Tools used to Develop a Strategic Marketing Strategy

Channel management in Wal-mart 

A business is defined as the combination of profits and loss. Wal-mart is such an organization which is focused on a particular area to get desired outcomes. Here the concept of brand equity will be transferred from one to another business. Wal-mart keeps all its profits into various banking sectors. 

  • Motivation 

Here the motivation is much required for outsourcing. Wal-mart has its own consideration for adopting the techniques for outsourcing. Small companies are facing huge competition in market than the big organizations. 

Wal-mart has a huge power. It has wide range of purchases than suppliers. There are various sources for power such as Reward power. This power include medium members for reinforce the other performance. 

  • Segmentation 

Market segmentation is an adoption process which is very much used for selecting the marketing strategies. Through the marketing segments an organization like a company can achieve development in marketing desires. But according to some theories marketing segmentation is not an appropriate strategy for organization development. The process of market segmentation contains selective strategies which are very helpful in organization development. 

An organization adopts these segmentation strategies which provide higher value products to the customers. The organization creates various market e environments such as monopolistic and oligopolistic markets. Segmentation is a procedure which includes several categories such as segment reorganization, selective strategies which targets the market segments. The following are the descriptions of above categories. 

Segment identification 

This is the first kind of segmentation in market analysis. There is no procedure for selecting the segment variables. The segment variables are the creative variables in the segmentation process. 

  • Segmentation variables 

In 1990 a researcher called Wilkie classify the segmentation variables into 3 classifications. They are as follows: 

  • Personnel characteristics
  • Benefits sought
  • Behavioral measures 
  • Personnel characteristics 

Here the segmentation process will be as follows. Here the set of characteristics which are very much used to describe the individual segments. There are two segmentation tools such as demographic and psycho demographics are become popular tools in the process of segmentation. Serving segmentation stems are not considered as segmentation variable groups. 

  • Geodemographics 

There are various models which are conceptually based on the expectations. Here the groups of clusters are recognized based on the census data and geographical information. Households are sharing income and lifestyles which are in similar manner. A cluster can be defined as a well rounded picture that can include media researches and purchasing strategies. There are various purchasing strategies that are involved in the segmentation session. 

  • Psychographics 

This is the second stage .of the process of segmentation. In the phase of psychographic division, consumers are effectively divided in to various categories of segmentation based on the concept of values and lifestyles of consumers in the society. The psychographic studies range from profiling lifestyles to the management of psychographic elements. Here the segmentation variables are divided into three categories such as product attributes, psychological attributes and lifestyle attributes 

  • Benefits sought 

This is the second group of variables that are very much used to classify the consumers which include related benefits. These benefits are much used to complete the nature based on the specific demand. The demand will be for products and also services. 

  • Behavioral measures 

This is the third category of segmentation variables include usage and real behavior of the purchasing patterns. 

  • Segmentation techniques 

There is various segmentation variables that are pre selected and also the corresponding data will be gathered from the process of statistical method. Physically the use of cluster analysis is effectively utilized by the segmentation strategies. 

  • Segment evaluation 

This is the second stage of segmentation that includes evaluation of various segments. Here the outcomes of the segment evaluation and also highlight the various strategies of segment evaluation. 

  • Targeting through mixing of market 

This is the third stage of the process of segmentation. Here the operations are done through the market mixing process. But the possible outcomes are target oriented and make the segmentation successful. 

Transactional marketing 

Transactional marketing is a concept of market which gathers the various market mixing elements within a functional area. Here the main objective of this is to prolong the benefit range that is received from each and every transaction. Here the future considerations are avoided completely. But this concept is mainly discussed about functional components and methodologies of the process of value delivery. 

This concept mainly deals with the transition or relationship between the relationship marketing and transactional marketing. The main objective of this relationship marketing is to mould the new consumers into the regular phase consumers of that particular organization.

Leave a Reply

Your email address will not be published. Required fields are marked *