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Setting/Developing Marketing Capability - Essay Example

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Setting and Developing Marketing Capability Contents Critical Review of Key Literature 3 Illustrative Examples 7 Implications for Practice 8 Introduction Marketing capabilities define organizational success and its ability to retain customers over a longer period of time…
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Setting/Developing Marketing Capability
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Setting/Developing Marketing Capability

A primary understanding of operating markets and consumer behavior needs to be well integrated with marketing objectives and strategic plan for effective results. Favorable market environment conditions are perceived when the markets present expanded opportunities in the form of increased consumerism, high demand for specific goods and services and enabling technology systems that contribute towards enhanced customer service and improved ability to meet market demands. The paper provides a deeper insight into the key aspects involved in the setting and developing of marketing capabilities within an organization. Critical Review of Key Literature Organizations operate within the scope and opportunities presented by the market environment. Much of the organizational activities and processes are influenced and impacted by the environment within which they function and operate (Thomas, 1995). Favorable market environment conditions are perceived when the markets present expanded opportunities in the form of increased consumerism, high demand for specific goods and services and enabling technology systems that contribute towards enhanced customer service and improved ability to meet market demands. The market environment comprises of external forces that drive organizational competencies, market positioning and consumer attitudes (Lamb et al., 2012). “Marketing seeks to develop competitive advantage in the marketplace by developing, implementing, and monitoring effective strategic and tactical programs guided by high quality information.” (Deans & Karwan, 1994) There is an increased focus among managers to improvise new strategies and apply innovative techniques to increase market shares and expand into global markets. However, the scope and success of such efforts remain wasted in the absence of adequate market research activities. Market research is highly effective in gaining competitive advantage in any business and expanding operations to new market regions. “The lack of familiarity with the local environment may lead to false assumptions and wrongly defined research problems and further on, to false conclusions about the foreign market” (Contabilizat, 2008). Hence the emphasis on gaining an overall perspective on the market trends and consumer habits is essential for framing suitable business strategies. Managerial strategies play a vital in running a successful business venture within the global perspective since rapidly changing market trends and fluctuating business environment pose many challenges to organizations (Calkins, 2009). Global markets today offer a great potential for businesses across all industries and organizations are investing in extensive research programs to develop innovative products and services that can reap huge profits under these favourable economic conditions (Nijssen and Frambach, 2001). Managers are continuously in the process of re-engineering business strategies to increase their market shares and exploit the business opportunities provided by the opening of new markets. The focus of the organizations in the increasing competitive markets is primarily on providing its customers with increased quality of goods and services, increased value for their money, and strengthened customer relationship approach to increase consumer satisfaction (Loudon et al., 2005). This provides the business with the required competitive edge and has a direct impact on the product positioning and market shares within new market environment. ... Read More
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