Marketing management nowadays is an integral part of a successful business. Any company which aims to succeed within the range of services it represents is obliged to abide by all the necessary rules of marketing management.
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Marketing management is a business authority focused on the empirical submission of marketing methods and the organization of a firm’s marketing reserves and activities. Marketing executives are often conscientious for impacting the level, timing, and masterpiece of customer demand in a style that will achieve the firm’s purposes. (Kotler, 2003, p.76)
First of all, It includes Marketing research and analysis: Conventionally, marketing study was divided into three spheres: Customer analysis, Company analysis, and Competitor analysis. Marketing executives work to develop comprehensive profiles of each subdivision, concentration on any number of variations that may differ among the sections: demographic, psychographic, geographic, behavioural, needs-benefit, and other features may all be studied. (Michman, Ronald, and Greco, 1995, p. 58)
Another key factor is Marketing strategy: To achieve the preferred purposes, marketers naturally identify one or more target purchaser sections that they propose to pursue. (McCalley, Russell, 1992, p. 12)
The practical part of business activity is Implementation planning: After the firm’s strategic objectives have been classified, the target market is chosen, and the wished position for the company, product or brand has been decided, marketing managers’ concentrate on how to best execute the chosen strategy. Conventionally, this has concerned achievement planning across the “4Ps” of marketing: Product management, Pricing, Place and Promotion.
And at least the final stage, which is intended to be the most crucial one, is Project, procedure, and vendor organization: Effective carrying out may require management of both internal resources and a variety of external vendors and service providers, such as the firm’s promotion agency. Marketers may therefore organize with the company’s Purchasing department on the procurement of these services. (Radder, Laetitia, 1996, p. 9)
A large company based on current literature usually means the company that strictly abides by all the necessary rules for successful and effective growth. The company aimed toward the elevation of social awareness concerning issues such as peace, race relationship, and overall socio-intellectual thought through poetry literature/practice and showcases.
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A company where marketing management has become a dogma is Black Phoenix Publications. Literature published by Black Phoenix Publications seeks to satisfy its customers and their requirements. The company aims to produce stimulating, captivating, and well-written works that keep amused as well as inform and augment audiences’ lives. Unlike some publishers who often seek and acquire titles based solely on commercial appeal and profitability, Black Phoenix Publications, LLC seeks and acquires titles based on outstanding literary merit. (Shama, Avraham, 2005, p.35)
As for the small companies, they are like their larger counterparts, are guided by overall philosophies of what the firm is and what it should be doing. One philosophy, the marketing concept, is an operational approach that provides an overall perspective to all organization members. The marketing concept is a managerial prescription, which relates to the attainment of an entity’s goals. These companies are not so commonly known as huge enterprises, but Esquire ltd may be regarded as one of the leaders in the sphere of military tourism. (Proctor, 2000, p. 78)
After cooperatively discussing the products and services required by customers, forces and weaknesses of competitors, the surroundings, and the firm’s own strengths, weaknesses, cultures, and reserves, capable companies can formulate their vision as articulated through the mission declaration. This statement articulates the company’s values and ambitions, basically its purpose for survival. Grounded on this task statement, the firm will devise its business policy. This business strategy is a long-term plan for achieving the mission set forth in the task statement. Each function within the business can then derive its own strategy in support of the firm’s overall business approach (economic strategy, promotion strategy, and actions strategy). (Paley, 2006, p. 345)
Operations strategy is the collective concrete actions chosen, mandated, or stimulated by corporate strategy. It is, of course, realized within the operations function. This procedures strategy binds different operations solutions and actions into a consistent response to competitive forces by linking firm strategies, programs, schemes, and actions into a methodical response to the competitive precedence chosen and linked with the corporate or business approach. In other words, the operations approach specifies how the company will utilize its operations capabilities to sustain the business policy.
Operations strategy has a long-term concern for how to best determine and develop the firm’s major operations resources so that there is a high degree of compatibility between these resources and the business strategy. Very broad questions are addressed regarding how major resources should be configured in order to achieve the firm’s corporate objectives. Some of the issues of relevance include long-term decisions regarding capacity, location, processes, technology, and timing.
The achievement of world-class status through operations requires that operations be integrated with the other purposes at the business level. In broad terms, a procedure has two significant roles it can play in intensification the firm’s general strategy. One option is to supply processes that give the firm a distinct benefit in the marketplace. Operations will provide a promotion frame through different, unique knowledge expansions in processes that competitors are not able to match. (Green, Patrick, Fitzroy, 1997, p. 218)
Industries have features or strategic elements that affect their ability to prosper in the marketplace. The ones that most influence a firm’s competitive capabilities are called key success factors. These factors are really what the firm must be capable of doing or directed on achieving in order to be competitively and economically triumphant; they could be called prerequisites for success. In order to determine their own key success factors, a firm must conclude a basis for customer choice.
In other words, how do customers distinguish between competitors offering the same or similar products or services, and how will the firm differentiate itself from these competitors? Once this is stated, the firm has to decide what reserves and competitive potentials it needs in order to compete productively and what will it take to achieve a sustainable competitive benefit. Success factors can be related to technology, acting, distribution, marketing, or to certain skills or managerial capabilities.
For instance, the firm may derive benefits from superior ability to transform material or data (technology or operations), to rapidly master new techniques and bring processes online, or to quickly blueprint and introduce new products, service a broader range of products, modify products or services on demand or provide short lead times (abilities). (Lentini, 2003, p. 56)
A situation investigation can help the administration classify market potentials that are valuable and insufficiently served. For instance, online search engines can be used to determine which collectables do not have a special interest club or newsletter. An affiliate program with the product producer may be practical. An online buy and sell service can help generate site traffic and attract advertisers. (Lim, Lewis, 2006, p. 21)
Marketing management should also consider co, rate task and objects when choosing marketing objectives. The corporate task statement identifies the basic reason for company existence in terms of what it intends to do for specified target market sections. Corporate objectives indicate which types of advertising objectives are likely to take priority. For instance, the management of a new website will want advertising to build consciousness and trial. Management of a stated website may want marketing to build website visit regularity, duration, click-through depth, or click-through variety. (Nelson, 1999, p. 12)
In conclusion, it is necessary to mention that marketing management principles are crucial for any company, independently of its size. The principles may be regarded as universal, and the only amendment may be made.
From this perspective, the scope of marketing management is rather wide. The insinuation of such a meaning is that any activity or reserve the firm uses to obtain purchasers and manage the company’s relations with them is within the purview of marketing management. Moreover, the Kotler and Keller description includes both the progress of new products and services and their liberation to purchasers. (Varey, 2001, p. 178)
This view is also consistent with the perspective of management guru Peter Drucker, who wrote: “Because the purpose of business is to create a customer, the business enterprise has two – and only these two–basic functions: marketing and innovation. Marketing and novelty make results; all the rest are costs. Promotion is the individual, unique function of the business.” (Reddy, 1994, p. 45)
Green, Paul E., Patrick J. Robinson, and Peter T. Fitzroy. Experiments on the Value of Information in Simulated Marketing Environments. Boston: Allyn and Bacon, 1997.
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