MKTG3040 : Marketing Mix : Management Strategy Implementation and Tech

Answer: 

1. Introduction:

Customers are the soul of every business organisation. Therefore, maintaining a good relationship with customer is the key requirement of every organisation, which is also helpful in gaining competitive advantages. This report includes the basics of marketing concept with the major focus on customer relationship, marketing strategy and its implementation, changing marketing environments, and how well a business organisation create a sustainable competitive advantage over its competitors by adopting new changes and customer satisfaction.

2. The Importance of Customer Relationship

Customers are the heartbeat of every business organisation in the modern competitive environment. Therefore, it is essential for every business organisation to establish a healthy and long-lasting relationship with customer. Through a good and bad time for the business organisation, maintaining a healthy relationship with the customer will always help the business organisation in its sustainable performance. Developing a healthy relationship with the customer always requires too many efforts and time. Hence, it is necessary to put the right strategies and deliver quality product and services to the customer that will satisfy them and retain them with the business organisation. Building a healthy relationship gives a competitive advantage over the competitors and differentiates from others. Therefore, in recent time every small and large organisation focuses on building a good relationship with the customer for maintaining sustainable performance in the market (Buttle, 2009).

3. Management strategy implementation and Techniques

To develop and implement the strategy is a crucial and demanding process in every business organisation. Marketing strategy is a tool that helps the organisation to survive in the market for a long time and compete with its competitors. Implementing market strategy requires a deep research and knowledge of the existing market, analysis of customer demands and their future needs. In modern days, with rapid change in technology, the taste and preference of the customer also change along with this technological advancement. Therefore, it is necessary to analyse and predict the demand and requirements of the customer. A proper market strategy requires well extensive research of the market and strategies of the competitor, which helps in formulating and implementing counter-strategy to gain a competitive advantage over competitors. A well market strategy must be aligned with the business objective and goals. Even a strong marketing strategy will be flop and ineffective if it does not consider the organisational mission, vision, and goals (Chandler, 1990).

4. Markey led strategic marketing planning

A marketing strategy in which a business organisation seeks to determine what are the needs and requirements of the customer and which type of product might they want and then the company decides to produce those products that can satisfy the customer needs and demands. This marketing strategy can be used contemporarily with an asset-led marketing strategy. The role of marketing research is increased in the market led strategic marketing because it is essential to make a proper plan and structure to implement market-led strategies. A small mistake in the prediction of customer demand and their requirements lead to the huge loss for the company and it might be a cause of abandonment and bankruptcy of the business organisational services because of heavy loss. Every customer has their own demand and requirements, thus before implementing the market-lead strategy, it is necessary to decide which target markets the organisation wants to serve (Sakas, Vlachos, & Nasiopoulos, 2014).

5. The changing market environment

Marketing environment is so dynamic and unpredictable. Every factor (both internal and external factors) of the marketing environment has a great effect on the business operations of an organisation. Therefore, the importance of marketing plan and strategies are so crucial to face these changes in future. A business must aware of these changes and prepare a counter plan against these factors. Generally, the external factors are beyond organisational control and organisation can only take precautionary measures against the external factors such as political factors, economic factors, technological factors, or social factors. While internal factors (men, money, material, machine etc.) are somehow controllable and organisation can take several measures against the change and take corrective action after the change in the internal environment of the organisation. A proper planning and understanding of environmental factor help to gain a competitive advantage over competitors and boost the organisational performance by predicting the change in advance (Amine, 1996).

6. Dynamic Competitive Markets

The rapid change in technology and business environment forces every organisation to adopt the latest change and update their technology and business process that fulfil the customer requirements and demands. Uncertain and unpredictable market environment requires the organisation analyse the market demand and bring adopt changes on regular basis. The latest proposal of creating dynamic capabilities to fight with such changes is more popular in recent days. The active marketing competencies focus is an extension of the resource-based theory. The rapid and dynamic changes in the business environment need proper knowledge of the market, well analysis of customer demand and needs, and strength of facing future challenges of the external environment. A good market research helps the business organisation to face the challenges created by the dynamic competitive market (Kachouie, Mavondo, & Sands, 2018).  

7. Identifying current & future competitive positions

Identifying the competitive position in the market helps the organisation to identify where it stands in the market among the competitors. How well a business organisation differentiates its product and services to its customer in comparison with others, determines the competition level in the market. Thus, it is essential to analyse and evaluate the competitive position in the market. It should also be considered that before implementing the marketing strategies company must aware about the quality of products they serve to the target customer because it must meet the requirements of the customer. If the company meet the requirement of the customer, it definitely leads to a better competitive position in the market in future. Therefore, it is necessary for every business organisation to identify the current and future competitive position in the market and change accordingly in their strategy and planning to improve their position in future (Murray, Syed, & Roberts, 2009).

8. Creating sustainable competitive advantage

Every organisation wants to stand out from the crowd in the rush of a large number of competitors. The major challenge is to battle with another "me too" business organisation. Retail online shopping is a great example of this. Here, sustainable competitive advantage plays a key role in the success of the business organisation. Competitive sustainability is a force that enables a business organisation to have a concentrated focus on large volume sales, better profit margins that differentiate from the competitors, and higher employee and customer retention than its competitors. Therefore, it is necessary for every business organisation to create sustainable competitive advantages by offering quality product and service, adequate profit margins and creating more and more value for the customer on regular basis. The care of customer needs and demands always help in creating a sustainable competitive advantage (Tollin, & Jones, 2009).

9. Conclusion:

In the end, it can be concluded that the success of an organisation depends on the quality services and product it offers to its customer and building relationship by offering more values for them. Marketing research and analysis of customer demand always help in gaining the competitive advantage over the competitors. A proper marketing plan and strategy helps the organisation to establish itself as leader of the industry. Therefore, to persist and survive in the highly competitive market where the environmental factors are shifting suddenly in favourable or unfavourable mode, it is necessary for every organisation to adopt and renew their technology and resources on regular basis, which is also helpful in creating a sustainable competitive advantage over competitors.

References:

Amine, L. S. (1996). The need for moral champions in global marketing. European Journal of Marketing, 30(5), 81-94.

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.

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

Murray, P. A., Syed, J., & Roberts, Z. (2009). Structures of learning for dynamic markets. Management Decision, 47(2), 271-288.

Sakas, D., Vlachos, D., & Nasiopoulos, D. (2014). Modelling strategic management for the development of competitive advantage, based on technology. Journal of Systems and Information Technology, 16(3), 187-209.

Tollin, K. & Jones, R. (2009). Marketing logics for competitive advantage? European Journal of Marketing, 43(3/4), 523-550.