Marketing Strategy and the Contemporary Challenges in...

MARKETING STRATEGY AND EVAULATING THE CONTEMPORARY CHALLENGE IN MARKETING EFFECTIVNESS: A case study of Tikur Abay Transport Share Company By: Belay Getachew A senior essay submitted to St. Mary’s University College in partial fulfillment of the requirements for the degree of Management in Distance Education Division July 2009 Addis Ababa Chapter One Introduction 1. Back ground In present competitive world and business environment things would not move in a steady way and as planned. As a result for the past few years every organization and company follows the pattern of strategic planning process. In most of business organization, besides creating strategic or business plan, it will be†¦show more content†¦Thus, it is more important now than at any time in the history of marketing to really understand your target market and to let this understanding drive not only your marketing decisions, but the entire decision making framework of the company. (Hiebing Cooper, 2004:4). Since the preference of customers vary from time to time and meeting their needs, wants and expectation is an impressive challenge to service providers, strategic thinking of marketing could be the best way to find the right track as competition is stiffer than the past trend. One to this developing marketing strategy is crucial in business firms and as Orville C.Walker, Jr., et,al explained the primary focus of marketing strategy is to effectively allocate and coordinate marketing resources and activities to accomplish the firms objectives with in a specific product market. Therefore, the critical issue concerning the scope of a marketing strategy is specifying the target market(s) for a particular product or product line. Next, firms seek competitive advantage and synergy through a well integrated program of marketing mix elements (Primarily the 4Ps of product, price, place, promotion) tailored to the needs and wants of potential customers in that target market. (2004:12). As the study of this paper is attributed to service providing firms like Tikur Abay Transport Share Company it would be vital to examine the behavior of business service from theoretical point of view. Thus for an