Marketing has evolved from being about sales and advertising to becoming seen as a strategic panacea applicable to all markets and sectors with a set of techniques and tools designed to ensure a customer-centric focus…. or is it?
The main objective of any business is profit…
pa from North Carolina University considers that ‘a business model is the methods of doing business by which a company can sustain itself, that is, generate revenue. The business model spells out how a company makes money by specifying where it is positioned in the value chain’ (Rappa, 2005). But the fast changing socio-economic dynamics have created a fiercely competitive business environment, necessitating changes in the role and techniques of traditional marketing to encompass broader parameters of business performance. Thus, an effective marketing strategy becomes intrinsic to the management strategy that significantly impacts the overall business performance outcome.
Levitt argued that the marketing takes into account the preferences of the customers and thereby builds a solid customer loyalty that result in sustainable customer base that has potential for growth because it continues to satisfy the changing requirements of their needs (Levitt, 1960). While the traditional role of marketing was confined to selling the products which meet the demands of the people, the fast changing paradigms of business have necessitated drastic shift in the approach to traditional marketing strategy. Wilson and Gilligan (2003) have argued that market has become more complex and highly competitive in the contemporary environment of fast advancing technology and rapid globalization. They further assert that ‘marketing is increasingly being conceptualized as an organizational philosophy or ‘an approach to doing business’ (Wilson and Gilligan, 2003, p4). The increasingly changing pattern of society and the influence of technology need to be addressed in the wider application of social imperatives and included in all spheres of public and private business strategy. McDonald is an exemplary example of using new age market strategy that has shown profit even in the recessive economy! It has become important to introduce effective strategic goals and managerial controls ...
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“Master of Science Strategic Marketing Essay Example | Topics and Well Written Essays - 1000 Words”, n.d. https://studentshare.net/miscellaneous/383379-master-of-science-strategic-marketing.
It also emphasizes co-ordination or congruence among the various HRM practices like HR planning, recruitment, selection, training, development, compensation, retention, evaluation and promotion of personnel within organization to achieve strategic goals (Schuler & Jackson, 1987; Chew and Chang, 1999).
Also, the intense competition has threatened Marks and Spencer's position in the market. Several firms concentrating on food retail have also improved in all aspects of their operations.
Primarily, the focus of this discussion is centred on the marketing initiatives of the company.
Tesco has expanded its operations from traditional UK based supermarket in to new products and services that include consumer electronics, personal finance, telecoms, internet shopping and health insurance. It has more than 300 stores in twelve worldwide markets and it now has developed in to a renowned international retailer standard.
(2005:5) But business organizations do not operate in vacuum. External factors in the environment affect their performance. Minzberg et al. define strategy as "the pattern or plan that integrates an organisation's major goals, policies and action sequences into a cohesive whole." Further, "a well formulated strategy helps to marshal and allocate an organisation's resources into a unique and viable posture based on its relative internal competencies and shortcomings, anticipated changes in the environment and contingent moves by intelligent opponents." (1999:5).
The chain of activities provide the products more added value than the sum of added values of all activities.
In order to understand the activities of any firm through which it would be possible for the firm to develop a competitive advantage and thereby enhance the shareholder value, the model of 'value chain' developed by Michael Porter comes handy.
Many early stories that dealt with fantastic voyages or encounters with alien beings were disguised social criticism, produced in cultures that did not really expect to change. With the advent of the Industrial Revolution, however, the pace of socio-cultural change accelerated, and the changes affected more classes of the population more dramatically than ever before.
During the period 1945 to 1984, the Liberals were the usual governing party, the Conservatives the usual opposition, and the New Democratic Party the third party, and the election results of these parties support this view. In the recent times, the New Democratic Party has grown more like the two old parties and it has now become more success-oriented and less ideologically committed.
A marketing audit, like an accounting audit, is a gadget to measure the value, risks, and usefulness of one's marketing efforts. (Parmerlee, 2000)
A marketing management audit consists of reviewing three fundamental elements that are how one views and approaches the markets one serves; the value of the products one offers and the effectiveness of the actions used to market those products (Mazur, 2001)