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Marketing Management in a Global Economy - Essay Example

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Marketing Management in a Global Economy

When dealing with place, the company needs to ask where the buyer will search for the product, how the client will access the correct distribution channels, if they need to use a sales force, and what the competitors do that an individual can learn. For the pricing section of the marketing mix, the company requires to determine what the product’s value is to the client. Whether there is an established price point for services or products in the area, whether the client price is sensitive enough to give one an extra market share with a small price decrease, and how the company’s price compares with the competitors (Doole & Robin, 2008). When it comes to promotion, the company discerns when and where they can get their marketing measures across to their target market, how they can reach their audience via radio, press, or billboards, what time is best to carry their promotion, and whether any environmental issue dictates the marketing launch’s timing. The company also needs to determine how its competitors carry out its promotion. 2. Define Value Chain, and give an example of a company that utilizes a Value Chain Delivery Network, further cite the success rate of their value chain network. The concept of the “value chain”, owes its existence to Michael Porter, a management guru. Value chain refers to the sequential group of support and primary activities, which an enterprise carries out to turn various inputs into outputs that benefit its external customers (Doole & Robin, 2008). Various companies worldwide utilize value chain analysis, although the information shared about it is minimal because knowledge of one’s Value Chain Analysis means loss of competitive advantage. The profit wars have now moved to the supply chain arena with the VCA model now used for modeling across top clients like Target Stores, which utilize various kinds of services in the various quantities. Through the aid of some analytics, the company’s logistics department can utilize the data for engagement with the customer and search for an optimal supply chain scenario. Toyota Motors is an example of a company that utilizes an integrated value-chain delivery network. Toyota manufactures its automotives via the TPS system, which puts emphasis on a lean system of manufacturing. This system was created to improve the cars’ quality, with the clients also being able to order the cars efficiently and quickly. Toyota Motors possesses an integrated system, known as TPS, in its production process. This system portends various advantages for the company’s production system. This ranges from Human Resource management to its products. This is further evidenced, in the fourteen principles, to which Toyota holds dear, including the quality of service, the efficiency of the production process, in addition with the quality of, the final product. This has allowed Toyota to become the biggest automotive company in the world because of lean management that can be derived from a value chain delivery network. The system allows the company to deliver cars as fast and efficient as possible. 3. What is MIS (from a marketing point of view) and how does it affect the marketing research process? MIS is a system of communications, documents, procedures, and equipment that collects, ...Show more

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Marketing Management in a Global Economy Name: Institution: MARKETING MANAGEMENT IN A GLOBAL ECONOMY 1. Define in full detail the 4 P’s of marketing, and give an example of a company (corporation) that has fully mastered the 4 P’s ensuring their customer is a repeat customer The 4 Ps of marketing are made up of product, place, price, and promotion (Doole & Robin, 2008)…
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Marketing Management in a Global Economy essay example
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