Introduction

It is conceived that the marketing strategy would perhaps upsurge the market share of firms by modifying an external business environment. The enforced marketing approaches will highly influence the management to take the decision in an effectual and competent manner. This will also aid in the price-fixing for products and services based on appropriate market research. This results in optimum utilization of resources. The strategies enforced for the marketing of products and services should always concentrate on the target market. Marketing approaches followed by firms consistently have an objective. The objective is to attain an effective marketing plan. This necessitates clear formulated guidelines about that particular product or service. The companies must also be responsible for giving their unique products and service by performing their best. The companies should be capable of analyzing their customer needs and expectations for providing the right quality products. They must also ensure that the allocation of resources is done appropriately and in turn yield considerable or high profit. At all times the firms have to look for opportunity, so that they can increase their sales.

Materials and Methods

Review of Literature

Jiménez-Asenjo and Filipescu (2019) demonstrated about the external forces that stress companies to acclimate marketing mix elements. The corporate strategy adopted by firms remains a major factor for standardization decisions. The size of a firm has a domineering influence on developing and controlling the marketing mix. Therefore, this could be added as an internal factor.

Yang (2018) explored the marketing strategies followed by international entrepreneurs. The study also examined the aspects of bricolage used by multinational companies for marketing internationally. This study explains about the consequence of uncertainty in environment and culture of entrepreneurs on bricolage. Therefore, the present study aids in development of marketing strategies followed by international entrepreneurs.

Al-Surmi, Cao, and Duan (2019) illustrate the brunt of coordinating businesses, information technology, along with marketing strategies on the performance of the firm. This study also considers the orientation of strategy and strategic alignments. The implications of this study have a positive impact on the performance of the firm.

Pelsmacker, Tilburg, and Holthof (2018) proposed model aligning online marketing strategies. The proposed model helps in finding out the influence of marketing strategy on room occupancy. The proposed model makes it clear that influencing strategies are different for chain and independent hotels. The results show that the model works positively for high star hotels when compared with lower cider hotels.

Olson, Slater, Hult, and Olson (2018) portray the influence of HR policies in the implementation of the marketing strategies of businesses. The study stresses the significance of HR and marketing processes such as the selection of employees, training provided, appraisal given, and compensation practices followed. This may probably improve and enhance the performance of the firm in the long perspective.

Lo and Campos (2018) illustrated the consequences that happen due to the amalgamation of the internet of things and relationship marketing strategies. This will, in turn, amplify the performance of the firm and defeat challenges involved in technological marketing. This sort of innovation in the Internet of things would possibly establish a healthy rapport between the company and its customers.

Sankrusme (2015) emphasized the ways to boost up sales and income of firms. This is a descriptive and qualitative study. The study interprets that direct selling strategy and marketing based on sports activities. The firms also can follow strategies based on marketing mix like price, product, place, promotion, etc. for accelerated sales, thereby increasing the profit of the organization.

Pallis, Parola, Risitano, and Ferretti (2016) pointed out the benefits of implementing innovations in firms. According to this study, the marketing framework will be different in the case of hybrids organizations. This also comprises of strategic positioning. This study concludes that there are five distinguished patterns in which coverage of the market, followed by diversified strategies are being implemented.

Yousaf and Xiucheng (2018) explained the influence of halal culinary along with tourism marketing on government websites. This study establishes a model for better website marketing of tourism and halal culinary. This kind of framework is followed in Thailand, South Korea, and Japan. The study clarifies that China concentrates on ethnic culinary heritage while South Korea and Japan focus on unique marketing.

Soule et al. (2019) described the content analysis used in internet marketing of flavored electronic cigarettes. The retailers adopt eloquent and colorful content such as images and descriptions for advertising flavored electronic cigarettes. This content may lead to harmful perceptions and at times, even appeal. The study concludes that marketing strategies used may risk populations.

Demonstrated the association between marketing and corporate social responsibility. This may have multiple perspectives. According to the study, marketing in society, and binding between these two aspects should be strategically defined. The corporate social responsibility, followed by companies, would deliver better value to stakeholders of corresponding firms.

Results and Discussion

Marketing strategy formulation

This study tries to measure the marketing strategy formulation in the biomedical healthcare industry with the help of 119 marketing professionals in the same field. The profile, such as gender, educational qualification, designation, and age of these marketing professionals, are discussed in Table 1 by using frequency analysis.

Table 1 displays that the majority of the employees are male and who have qualified undergraduate. Junior executives are predominantly occupying their position in the field of marketing and who belong to the age between 25 and 30 years. The marketer's viewpoints on the marketing strategy creativity have been captured with the help of 4 variables such as original, boldness, novel, and uniqueness. The five-point scale is used with 1 as strongly agree, and 5 as strongly disagree.

It is clear from Table 2 that the variable "novel" has the lowest mean value of 1.99, followed by "uniqueness," "boldness," and "novel." It argues that marketers create an original strategy for marketing their equipments.

The marketer’s perceptions on improvisation of those strategies are gathered through 3 variables such as updates, without preparing and evaluation. Mean analysis has performed to measure the perception of marketing strategy improvisation.

The results of the mean analysis in Table 3 show that the variable "update" has the lowest mean value of 2.45, followed by "without preparing" and "evaluation." It means that marketing strategy is updated on a periodical basis on their wanting need.

The performance outcome of the professionals is collected through 7 variables such as audience, needs, cost, brand, sales, return on investment, and repaying capacity. Table 4 shows the mean analysis of performance outcomes.

This analysis finds that the variable "target audience" has the lowest mean value of 2.58, followed by needs, cost, brand, repaying capacity, return on investment, and sales. It is inferred that through the marketing strategy, the marketers have reached their target audience.

ANOVA has been used to test the difference between marketer’s perception and their designation. The results are displayed in Table 5.

From the table, it is clear that the significant values are greater than 0.05. It means that there is zero distinction between the marketer's designation and its marketing strategy. It is inferred that all the levels of marketers have similar viewpoints.

This section tries to measure the determinant of performance outcomes by using regression analysis. For which "Performance Outcome" is taken as the dependent variable, and the independent variable includes "Marketing Strategy Creativity" and "Marketing strategy Improvisation."

Table 6 shows that the value of standardized coefficients (β) and its significant value. It is clear that marketing strategy improvisation has a significant value of less than 0.05. It means marketing strategy improvisation is influencing the performance outcome. The corporate entities should mainly focus on the improvisation of marketing strategies for their growth and development.

Conclusions

An excellent marketing strategy will cultivate and direct towards positive business directions and provide newer opportunities. These strategies can help in customizing and retaining their own techniques for promotional and marketing activities. This would aid in setting clear objectives thereby help in development of the organization. Marketing is considered to be an ongoing process; therefore, evaluation should be made consistently, and corrections are made whenever required. Networking is an enhancement strategy used to develop the business of firms. Networking builds professional services to maintain their association. But face to face networking is expensive. For enhanced results, the enforced marketing strategy should grasp the target audience through appropriate channels, thereby increasing sales and profit. Certainly, optimum utilization and cost-efficiency are essential for achieving productivity in an organization.