Managemt 7104 Marketing Management | Assessment Answers

 
Analysis of Marketing Environment

Dynamic Marketing Capabilities

Enhancing Competitive Advantages.

Marketing Implementation Strategy 

Customer relationships & superior service as competitive tools 

Answers:

Introduction

Marketing plan and strategies are the core functions of every business organisation. This report includes basic marketing concept and strategies, which focuses on marketing program planning, marketing research and use of marketing information system, both external and internal factors of marketing environment that affect any business organisation and its operation, and gaining competitive advantages over competitors through building a healthy relationship with customers by customer satisfaction.   

Marketing Program Planning

A successful business organisation always focuses on the marketing plan that includes strategy associated with the company's product or services. The marketing program plan comprises action for each part of the marketing strategy. Marketing planning process needed full knowledge of marketing analysis, marketing objective, opportunities, capabilities, and suitable segmentation process. It is the requirement of every large and small business organisation is to identifying the core of the business and also analysing the competence of the competitors. Thus, it is essential for an organisation to divide the market into segmentation and strategies their market planning according to the need and requirement of the customer. Marketing program planning gives a range of benefits to the business organisation, such as primary benefits are that the planning process puts the customer first; maximize the resource utilization and achieving competitive advantage over competitors.  It also helps to be a more market-centric company and builds a strong relationship within and outside of the organisation (Simkin, 1996).

Marketing Research and Information

Information is an essential tool for running a business smoothly and effectively in the market. Information saves the organisation from future market calamities, such as recession and inflation. Thus, it is crucial for a business organisation to handle and manage the marketing information, which needs a marketing information system. In recent days, computers become common business tool firms are able to collect, store, manipulate, and analyse data through marketing research. These data are collected by the various marketing research and then the marketing information system analyses, store, disseminate, and retrieve information from these data that helps in marketing decision-making. Marketing research serves as a tool for marketing information system that provides information and useful data that can be further used by the business organisation to improve their marketing capabilities and gaining the competitive advantage over the competitors by being ready in advance for future market challenges (Gray, Ottesen, & Matear, 2005).

Analysis of Marketing Environment

Marketing environment consists of some internal and external factors and forces of the business organisation that affect the business operation of an organisation. It affects the ability of an organisation to establish a relationship and serve its customers. The internal environments related to the organisation and somewhat they are in the control of the organisation such as human resource, machinery, materials, money etc. while the external environmental factors are totally beyond the control of the organisation and organisation can take only precautionary action against the external factors. External environment includes a change in technology, change in government policy and rule, economic crisis, or change in the economic policy of a country, and change in the social-cultural environment of the domestic country in which it operates its business. A well understanding and analysis of marketing environment allow the marketer to gain a competitive advantage over its competitor and face the future major environmental challenges (Tibbert, 1987).

Dynamic Marketing Capabilities

The modern business environment is changing rapidly because of speedy technological advancement and innovation. Uncertain and unpredictable market environment requires the organisation to renew and adopt new change regularly. The active marketing competencies focus is an extension of the resource-based theory. The latest proposal of creating dynamic capabilities to fight with such changes is more popular in recent days. This business function is uniquely positioned to know the needs of customers, knowledge about competitors, different distribution channels. Consequently, the market knowledge it generates helps in adopting the new circumstances and facing future market challenges. The rapid change in the customer taste and preferences also is a major cause that forces the business organisation towards the rapid adoption of new technology and resources that helps in mass production and quality product. To survive in the highly competitive market where the environmental factors are changing unpredictably, it is necessary for every organisation to renew their technology and resources on regular basis (Kachouie, Mavondo, & Sands, 2018).

Enhancing Competitive Advantages

Every business organisation, no matter it is large or small, needs a competitive edge over its competitor to differentiate itself from its competitors. In the modern business world, where competition is highly aggressive especially in today’s economy, even a small advantage counts to establish the business organisation in the industry and establish itself on the top of the industry. To enhance the competitive advantage over the competitors a business organisation should focus on proper marketing planning, strategic planning, and extensive research with an investment in marketing. A business organisation should focus on creating value for its customer through analysing their needs. The quality of business operation and its services to the customer very much decide the competitive advantage over its competitors. A business organisation easily enhances its competitive by simply reducing the cost of its product; differentiate its product from others, and by merger and acquisition. If the business organisation wants to compete with other players in the market, they must enhance the competitive advantage (Turner, 1991).

Marketing Implementation Strategy

A proper marketing strategy implementation requires well purposeful calculated marketing plan, which is allied with the pure business growth strategies. To implement the marketing strategies it is essential for an organisation to research about the market and knows what are the needs and demand of potential customer including the existing customer. A proper market research and analysis of competitor's counter-strategy helps in implementing the marketing strategy. Without a proper marketing strategy, no business organisation can survive in this competitive business era. Therefore, it is essential to implement the marketing strategy after well analysis and research of the market because it also provides a competitive advantage over the competitors (Chandler, 1990).

Customer Relationship & Superior Service as Competitive tools

Building a good relationship with the customer is like an investment. It takes time to nurture and build a relationship with customers. A good relationship with customers always helps you to compete with your competitor because the customer is well aware about your stuff and product what you offer, what services you provide, and which type of product qualities you offer to them. Thus, once the organisation builds a good relationship with its customer, it is more costly for the competitor to acquire other’s customer. Building loyalty is another major factor in creating a healthy relationship with customers for a long time. Customer satisfaction is the key to building a good relationship with customers. Customer satisfaction can provide a direct link with gaining competitive advantages, which can directly lead to growth and an increase in the profitability and growth of the business organisation. Therefore, it is necessary to provide quality services and product to the customer because it leads to a good relationship with the customer and helps in gaining a competitive advantage over other competitors (Buttle, 2009).

Conclusion

In the end, it can be concluded that any business organisation only succeeds if they have quality marketing plan and strategies to implement it. Without marketing research and knowledge of the market, it is impossible to exist in the market with a large number of competitors. Therefore, it is necessary for every business organisation to face the market challenges and gain competitive advantages by building a healthy relationship with customers by offering them quality product and services.

References

Buttle, F. (2009). Customer relationship management. (2^nded.) Amsterdam: Elsevier, 4-11.

Chandler, Jr. A.D. (1990). Strategy and Structure. Garden City, New York: Anchor Books.

Gray,B.J., Ottesen, G.G., & Matear, S. (2005). Disseminating academic research information to marketing practitioners: The receiver's perspective. Marketing Intelligence & Planning, 23(2), 124-135, 

Kachouie, R., Mavondo, F., & Sands, S. (2018). Dynamic marketing capabilities view on creating market change. European Journal of Marketing, 52(5/6), 1007-1036.

Simkin, L. (1996). Addressing organizational prerequisites in marketing planning programmes. Marketing Intelligence & Planning, 14(5), 39-46.

Tibbert, B. A. (1987). Improving Marketing Intelligence at Du Pont UK. Marketing Intelligence & Planning, 5(4), 23-30.

Turner, P. (1991). Using Information to Enhance Competitive Advantage – The Marketing Options. European Journal of Marketing, 25(6), 55-64,