Everything else in the business depends upon marketing. Mark Cuban, owner of the Dallas Mavericks and several media and entertainment companies, puts it as succinctly as possible: The term "marketing" covers a lot of different activities -- all associated with selling your company's products and services. Advertising is the most obvious marketing activity, but so is consumer research, which better matches your product to consumer wants and needs.
In this part of the assignment, I am going to write about key principles of strategic marketing and its relationship with overall corporate strategy. I will also try to find out how it helps an organisation to achieve its prime competitive objective over its immediate rivals.
This will cover learning outcome of section 1 and 2 and all its respective assessment criteria. According to Kotler et.
Pg38'Strategic planning is the process of developing and maintaining a feasible fit between the organization's objectives, skills, and resources and it's changing marketing opportunities'. In fact, strategy is a long term plan of an organisation in order to meet its objectives.
The market is very dynamic. Different products and services are developed by different organisation in order to provide best service to the customer. Strategic marketing will try to help any organisation or companies in developing product or service according to the changes that are occurring in the market.
Customers demand and choices change more often. Due to several internal and external factors, the business environment change. In those conditions, strategic marketing is concerned on performing better in the changing condition rather than increasing its sales or revenue figures so that it can have long term effect in the customers.
Quality of products or services that is provided to the customers in tough time is the factor that helps to determine the future of the company. Strategic marketing is focused on establishing a long-term relationship with its customer rather than selling the product for just once.
Customer retention and developing a loyalty with the brand will ultimately help in boosting the revenue and profit of the organisation which ultimately makes the shareholders and other stakeholders happy.
Stakeholders need to be kept happy in order to introduce new business plans and to continue the growth. They often coincide with each other as major focus of marketing includes the strategic planning aspects of developing, pricing and distribution of product.
However, corporate strategy is more concerned with profitability initiatives rather than the product or service development. In general, corporate strategy defines the overall mission of the company. It guides a particular direction for the company in which it should be guided.
Corporate strategies are generally made at the strategic level of the company. As discussed earlier, corporate strategy is focused more on profitability. It includes creating structure for the organization, reducing the debt and gearing ratio of the organisation and improving the balance sheet of the company.
Similarly, corporate strategy deals with diversifying the product line, merger or major takeovers, introducing new technology in the company, diversifying the business, reduction of overhead cost and production cost and increase in the overall profit margin of the company.
However, marketing strategies involves in making plans of making or selling a product. Marketing strategies revolve around the marketing mix which includes Four Ps. The four Ps of marketing mix are product, price, place and promotion. Considering the marketing mix marketing strategies of the company involves in creating a product which has unique selling benefit.This research paper discusses how social media has changed the scope of the traditional customer relationship marketing in today’s business world.
IMPACT OF SOCIAL MEDIA Since the beginning of time, communication has always played a major role in normal day-to-day activity. The marketing section of a business needs to work closely with operations, research and development, finance and human resources to check their plans are possible.
Operations will need to use sales forecasts produced by the marketing department to plan their production schedules. Although marketing is hugely important for a business to succeed, it can also be very expensive. In its first year, a company might spend as much as half of its sales on marketing programs.
Essay about The Role of Marketing in Business The Role of Marketing in Business 1. Mission Statement Analysis Procter & Gamble Co, as known as P&G, is a leading consumer goods company in more than countries with 80 brands. Introduction The development of e-marketing has been one of the most important and influential trends in the field of business, marketing and Information Technology offer the 6 Pages (2, Words) Last Modified: 9th May, Evaluating the impact of e-Marketing on Businesses.
This essay will evaluate the impact of e-marketing upon businesses and will do so in three clear sections.
The first section of the essay will define the.