Marketing strategies and plans that guide marketing are key activities of the
management process.
Developing the right marketing strategy over time requires a blend of
professionalism, discipline and flexibility. Businesses need to adopt a strategy and
constantly seek ways to improve it to be successful in today’s highly competitive
markets. The main task of marketing is to develop strategies that deliver customer-
perceived value.
Marketing and a Customer perceived value
The UK’s Chartered Institute of Marketing (CIM) defines marketing as “the
management process of anticipating, identifying and satisfying customer requirements
profitability”. In today’s highly competitive markets, the task of any business is to form
lasting relationships with customers by delivering customer-perceived value at a profit.
In hyper- competitive economies, following the paradigm change from supply-
dominated markets (where demand exceeds the supply) to buyer-dominated markets
(Supply exceeds the demand), marketers are challenged with the task of positively
differentiating their business activities for increasingly rational buyers faced with an
abundant choice of providers.
