MARKETING MANAGEMENT
Story of Marketing Management
Story/ Summary of Page 1 Questions
Companies capitalize on their core competencies to and competitive advantage and realize their responsibilities towards society and stakeholders. They have the power to use their knowledge and competencies to strengthen their stakeholder relations, keeping it as a tactic for empowering the dynamic capabilities they already possess. Not only this, but also core competencies give extra control to the company when changes are to be implemented, and adjustments are to be handled carefully.
The external marketing situation is the image of the company that it has established over the years for the competitive industry and its loyal customers so that the companys relationships within the value chain are facilitated for further profit-making and value enhancement for all the participants. In this process, quantitative and qualitative data help the company make sensible and informed decisions related to its products (Evolve, n.a.), so that failure of a product does not affect its relationship with the supply chain members as well as does not lose their connections with its customers.
For developing an effective marketing image in the industry and the target market, external marketing largely relies on strategic marketing that involves initiating a mission statement, segmentation, targeting, positioning, and sustainable global value chain. In the contemporary times of globalization, it has now become imperative to deeply consider the investment in advanced production technologies so that being a part of upstream segments of the global value chain (GVC) enables the contribution as a key supplier in regional integration of production based on segmentation and positioning (Kano, Tsang & Yeung, 2020).
Communication and negotiation play an integral part in making the buyer-seller relationship strong and reaching decisions that could be considered collaborative, reflecting the leadership practices. In other words, when a marketing plan is applied, the short and long-term goals are set that should be achieved within the set time limit. This would allow the company to build a connection with its buyers by communicating company values to assess its costs associated with customer acquisition. For this, leadership needs to be envisioned and invigorate its people with the energy needed for achieving both short and long-term goals.
Story/ Summary of Page 2 Questions
Relationship marketing is entirely vested in customer relationship management (CRM) since it emphasizes building customer loyalty and long-term customer commitment by establishing strong or sometimes emotional associations with them for profit-making purposes (Gummerus, von Koskull & Kowalkowski, 2017). The networks and chain of relations made with relationship marketing are most beneficial in the service sector; however, as the need has grown in the globalized arena, it has been widely used for all industry types.
The three features of core competencies that companies vigorously make use of for building customer loyalty, fortifying value chain relations, and capitalizing on networks inculcate the creation of perceived value for the buyers, wider pertinence to the entire market, and blocking the competitors from imitating (Business Jargons, n.a.). The presentation of core competencies depends on whether the company wants to make profits only or wants to sustain its long-term relations that would be relying on its strategic decisions, importance giving to the stakeholders, and leadership values.
A companys competitive advantage is shaped by its internal characteristics, strengths, and weaknesses to help in the facilitation of strategy formulation. The internal economies support the company in making better cists decisions. Cost-cutting can make it stronger against its competitors, giving it the rightful grip over its competitive advantage.
Story/ Summary of Page 3 Questions
The three categories of customers could be distinguished based on their types of needs: functional, social, and emotional needs (Stobierski, 2020). Each type of customer has...
…culture (Iniguez, 2021). Leadership is needed for setting a clear vision and direction for the followers, the company employees, to know their duties and responsibilities for putting in meaningful hard work for strategy execution. One of the companys core values is strategy formulation, as its efficiency depends on core competency, like a suitable strategy for pursuing its goals. The importance of communication cannot be overstated since it creates collaboration and coordination, an extremely esteemed factor in organizational effectiveness. To improve work performance, employees need to know that they are accountable for their behavior and actions, which could be reflected in the company metrics and whether expectations are met quarterly or yearly. Organizational culture should enhance employee engagement so that maintaining a high correlation between both accelerates organizational productivity.There are numerous marketing strategies- paid advertising, word-of-mouth, diversity marketing, internet marketing, relationship marketing, undercover marketing, etc.- that are benefcial for particular causes, and making the right selection for meeting the set goal is crucial for the long-term success of the company (Yodiz, 2016). The companies are looking for customer satisfaction to mark their image in the cut-throat competitive industry by making as maximum sales revenue as possible. However, businesses today do not solely rely on profit-making; they have to look after certain other tactics, such as employee engagement, leadership traits, global sourcing, logistics management marginalization, total contribution, and cutting down of marketing costs.
While formulating a marketing plan, minding the concepts mentioned above is mandatory for instilling efficiency in the marketing plan and helping the company reach its desired destination. The required tools and strategies are to be included in the plan to boost the effectiveness and generate making the most of company revenues by fulfilling the goals within the set period.
References
Ali, F., Hussain, K., Konar, R. & Jeon, H. (2017). The effect of…
References
Ali, F., Hussain, K., Konar, R. & Jeon, H. (2017). The effect of technical and functional quality on guests’ perceived hotel service quality and satisfaction: A SEM-PLS analysis.
Business Jargons. (n.a.). Core competence. https://businessjargons.com/core-competence.html
Evolve. (n.a.). Market research: Qualitative and quantitative research methods. https://evolve.ie/q-and-a/market-research-qualitative-and-quantitative-research-methods/
Fernando, J. (2021, February 2). Corporate social responsibility (CSR). Investopedia. https://www.investopedia.com/terms/c/corp-social-responsibility.asp
Gummerus, J., von Koskull, C. & Kowalkowski, C. (2017). Relationship marketing: Past, present, and future. Journal of Services Marketing, 31(1). https://doi.org/10.1108/JSM-12-2016-0424
Hansen, E. & Juslin, H. (2018). Strategic marketing in the global forest industries (3rd ed.). Oregon State University.
Info Entrepreneurs. (2009). Understand your competitors. https://www.infoentrepreneurs.org/en/guides/understand-your-competitors/
Iniguez, L. (2021, August 16). How to improve organizational effectiveness: A guide to boost work performance. Hire Book. https://www.hirebook.com/blog/organizational-effectiveness-7-ways-to-improve-work-performance
Kano, L., Tsang, E.W.K. & Yeung, H.W. (2020). Global value chains: A review of the multi-disciplinary literature. Journal of International Business Studies, 51, 577-622. https://doi.org/10.1057/s41267-020-00304-2
Monash University. (n.a.). Marketing planning process. https://www.monash.edu/business/marketing/marketing-dictionary/m/marketing-planning-processNicasio, F. (2019, March 27). 5 essential steps in the consumer buying process. Power Reviews. https://www.powerreviews.com/blog/consumer-buying-process/
Prince, S.L. (2004, September). The customer as strategic asset. Fortnightly Magazine. https://www.fortnightly.com/fortnightly/2004/09/customer-strategic-asset
Smarp. (2020, August 14). Top 5 communication skills and how to improve them. https://blog.smarp.com/top-5-communication-skills-and-how-to-improve-them
Smith, S.D. (2016, June 20). 3 Ps of corporate social responsibility. Business 2 Community. https://www.business2community.com/social-business/3-ps-corporate-social-responsibility-01576197Stobierski, T. (2020, September 1). 3 most common types of customer needs to be aware of. Harvard Business Review Online. https://online.hbs.edu/blog/post/types-of-customer-needs
Yodiz. (2016, June 24). 8 types of marketing strategies and definitions. https://www.yodiz.com/blog/8-types-of-marketing-strategies-and-definition/
Marketing Management This report will be a thorough analysis of a chosen marketing management problems. In this report, the approach taken will include thorough analysis of a total of five recent studies. The thematic marketing management problem studied here will be the impact that the ethical standards can have on the entire marketing management structure. The studies chosen will be studies from five different perspectives i.e. The background of the studies
Marketing Management The cosmetics industry and market continually change to present players in the field with new opportunities and threats. In the context of the dynamic and competitive industry, Estee Lauder is seeking to introduce a new product line to better serve the changing needs of customers. The new product line would be sold with the Beautiful fragrance and would be distinguished by the fact that it is based on components
Although a corporation has developed successful marketing strategies to sell the products it is producing, its marketing plan will probably be a limiting factor in attaining its set objectives, this necessitates the need to have a good sales force to help in the process of acquiring able personnel to be among the corporation's future customers and boost sales. The outline includes the character, welfare, knowledge, training and inspiration of the
Marketing Management Marketing mix Product Price Promotion Plan using AIDA+ 4 Awareness Interest Desire Action Satisfaction Promotion Budget & Implementation Calendar GANTT Chart Sustainable Marketing Campaign The Redwoods Group (Redwoods) was founded in 1997 and is a privately held highly social conscious company providing property and casualty insurance underwriting as well as risk and claims management services to non-profit organizations, camps amongst others. Redwoods is a for-benefit corporation formed to create shared value for all stakeholders and to cater to a market underserved
Marketing Management "A firm's adeptness in understanding markets and creating, capturing and sustaining unassailable customer value determines its growth and sustainability" (University of Virginia). First Essay -- Character In Proverbs 6:16-19, it is explained: "There are six things that the Lord hates, seven that are an abomination to him: haughty eyes, a lying tongue, and hands that shed innocent blood, a heart that devises wicked plans, feet that make haste to run to
Typically, scholars see low context cultures as one in which things are explained in more detail, have less a tradition in history and the past, and are rooted in the present and the future. This is why, for instance, most view the United States as a low context culture in reference to a high context culture like the Native American or Maori (Samovar and Porter, 2004). The challenge in contemporary
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now