This report has been divided into two parts. Part A shall be about a manufactured product, that is cosmetics by The Body Shop. This part aims to develop a strategy through a process to market the product effectively. Part B is based on the Marketing game that shall be based on wordprocessing softwares. The industry in particular is wordprocessing software and our brand for which the marketing game shall be used to develop an effective strategy is called “Premeter 3.”
Companies have to keep in mind the internal factors before taking any kind of strategic decision that might change the company. The first and most important factor is their marketing mix since it involves the product and its properties like pricing, placement and promotion which eventually affect their financial position and base of the company. The mix forms the basis of a marketing strategy for any product (Dullea,Georgia, 1971). The finance of the company is essential because it is important for a company to know their expenditure budget and the amount they can afford to risk for future development. Forming a budget to go with the decision sheet to develop a plan is essential! A competitor analysis is essential to know and understand one’s competitor (Peteraf MA; 1993). Since knowing one’s competitor helps to take informed decisions and also to make effective strategic growth plans. When one has complete idea of the opponent then adopting industry norms and responding to competitors simultaneously is a lethal weapon a company can acquire with careful planning and goal setting. It is important to identify competitors (Borrington and Stimpson; 2002). The crux would be to compare the actual results with the desired results upon implementing the marketing game.
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