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Impact of marketing on business
Nature and scope of marketing strategy
Reflection about marketing strategy
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Success in marketing leads to success in business. An appropriate strategy can facilitate further growth and development of a company whilst an inadequate strategy will guide the company into a swift decline. With so much on the line it is of obvious importance to pick the right marketing strategy, but what is right? Theodore Levitt published the much-acclaimed article “Marketing Myopia” in 1960 that outlays a strategy revolving around the consumer. Al Ries and Jack Trout’s “Marketing Warfare” spells out a very different method being that marketing is like war, your opponents should be your focus. Each perspective presents interesting facts and opinions of marketing strategies, which will be explored in comparison to the other as well as dissected for their relevancy to today’s market environments.
The two outlooks on marketing strategy are very dissimilar as a whole. Levitt proposes that one must focus on the consumer’s needs and wants in order to succeed in business. This focus on the consumer leads to defining your business in a broad sense, as to not detract from your growth opportunities. An example of this idea can be illustrated in the sno-cone industry. Instead of defining your business as being in the sno-cone industry, Levitt would advise you to define it as in the “treat” business. This more broad definition allows for expansion into cupcakes, various dessert coffees, smoothies, and numerous other treats to expand your company. Dissimilarly, Ries/Trout’s focus lies on the competition. In war a group is faced by many opponents and much thought should go into figuring out the plans of the rivals. To succeed in business, Ries/Trout argue that it is necessary in marketing, as in war, to spend a large amount of time out-ma...
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... the marketing strategies outlined in Levitt’s “Marketing Myopia” and Ries/Trout’s “Marketing Warfare” can help anyone develop their own perspective on marketing. Both consumer-oriented and competitor-oriented methods have their attributes and drawbacks but in the end, for me at least, focusing on the consumer seems most logical for a manager to adopt. By proactively responding to the consumers instead of reacting to your competitors you can likely achieve success in your marketing endeavors. However, just because you employ one strategy over the other does not mean that there is not a time or situation in which the other strategy can be utilized. As previously suggested, the marketplace environment is a constantly fluctuating unit. A consumer-oriented strategy may yield the desired results as of now, but a year from now may tell a completely different story.
This research seeks to reveal the importance of marketing strategies in today’s complex and competitive business world. For this reason, this study will discuss various theories, issues and approaches of the marketing linking them with W.L. Gore & Associates and thereby propose the best options, ideas, strategies and techniques for the improvement of the company. To reach the points, this study will especially collect secondary and qualitative data and information.
Armstrong, Gary, and Philip Kotler. Marketing: an introduction. 11th ed. Upper Saddle River, NJ: Pearson Prentice Hall, 2013. Print.
Hooley, G., Piercy, N. F., & Nicoulau, B. (2008). Marketing strategy and competitive positioning (4th ed.). Upper Saddle River, NJ: Pearson.
A grocery store sells multitudes of products ranging from produce to cleaning supplies to appliances for households for consumers. This industry is not only large, but is dominated in the market by many chains such as Publix, Walmart, and Kroger’s, for example. As the market size for this industry is large, competition from competitors increases depicting on various reasons such as prices, marketing strategies, and service to consumers. Moreover, the profitability of firms in this industry depend on the what the other identical firms in the industry are doing i terms of its marketing tactics and price differentiations. Firms need to develop business strategies that match a firm’s vision and how it wants its consumers to view them as. In order for these
Theodore Levitt’s contribution to marketing is undoubtedly un-measurable in any quantity, un-describable in a matter of words and unfathomable to any one who did not have the chance to meet the legendary scholar. The German moved to America after serving in the Second World War, where he received a PhD from the Ohio State University in economics. He later acted as a Professor in Harvard Business School and went on to become an editor for the “Harvard Business Review” (1985-1989). Through the captivating articles he wrote for this, he changed the face and idea of marketing completely. What could have once been summed up in four Ps; price, product, place and promotion, now had depth, dimensions and true meaning. In a few short pages Levitt had the ability to expand, alter and moderinise marketing. The economist managed all this through his compelling article “Marketing Myopia” in which he describes how too much attention is paid to the product and not enough to the consumer. This was a foreign outlook, which no longer looked at just the physical good and maximizing profits but at who was purchasing this product and attempting to entice them to repeat purchase. He saw globalisation as a future phenomenon and saw standardisation as key to global success for a business. Theodore Levitt also had a profound impact on the lives of his students, colleagues, family and friends. He influenced them to think in new ways and to push the boundaries on how they saw the world. The German-American professor contributed greatly to the world of marketing and looked at businesses, selling products and service and where and how to sell them, in a new light.
Grewal and Levy (2010: p32) state that ‘a marketing strategy identifies, (1) a company’s target market(s), (2) a related marketing mix - their four P’s and (3) the bases upon which the firm plans to build a sustainable competitive advantage’.
This concept as described in the article “Marketing Myopia” by Theodre Levitt suggests that “Sustained growth depends on how broadly you define your business – and how carefully you gauge your customer’s needs” and therefore executives should ask themselves the important question “What business are we in?”
The text states that marketing is both an art and a science where constant tension exists between the formulated and creative sides. At its essence, marketing is about "identifying and meeting human and social needs". It encompasses both a set of actions which seek to identify customers' needs as well as a social process of establishing a relationship with the customer to buy their products; this relationship is vital to the long term success for a company and a critical part of the marketing equation (Kotler & Keller, 2006).
This strategy is very much about the business which is carried out as usual. In this strategy the marketer is focusing on both the product and the market opportunity.
Marketing is a process of determining a consumer’s needs, devising a product or service to satisfy those needs, and trying to focus customers on the goods and services you are offering. Marketing is extremely important, and a fundamental building block for business growth. A marketing team is given the task of creating customer awareness through a variety of different marketing techniques. If a business does not pay close attention to their consumer demographic and needs, they will eventually fail over time. Two important aspects of marketing include acquiring new customers, and the preservation and growth of relationships with current customers. Marketing has always been viewed as a creative outlet, which encompassed advertising, distribution, and the selling of goods and services. Marketing staff will also try to anticipate what customers will want in the future, often being accomplished with market research. In summation, a good marketing plan should be able to create a favorable proposition or series of benefits that a customer can value through goods or services. The marketing mix is normally described as the strategic positioning of a product or service in the marketplace, using the specification of the four Ps. During the early 1960’s, Professor E. Jerome McCarthy of Harvard Business School stated that a marketing mix contains four elements. The four key points are product, pricing, promotion, and placement. It is recognized that all these aspects must be present to ensure a successful business model within a given industry. We will now take a thorough look at the four marketing mix points.
„X Mc Coll-Kennedy, Janet R. and Kiel, Geoffrey C. (2000), Marketing: A Strategic Approach, Nelson: Melbourne
When asked to evaluate the contribution to marketing made by an influential scholar, I decided to choose Phillip Kotler. Phillip Kotler was born on the 27th of May 1931 in Chicago. He was a character who strived during his educational times as he contains a Masters degree from the University of Chicago as well as a PhD from MIT both in the field of Economics. He is known as not just a famous Marketer but a renown author who has published over 55 books such as “Principles of Marketing“ “ A Framework for Marketing Management“ and “Marketing 3.0“. The main reason I chose to study Kotler was that over his lifetime he was widely known for his efforts made to the modern marketing era. Of these acknowledgements made I would like to focus in on what I think are his three main contributes to marketing. Firstly, he was given the title as the “Father of modern marketing” which was seen in the eyes of the nearly all who study marketing. This title was given to him due to his outstanding knowledge and simplest ways to describe and focus in on the future fundamentals of marketing. Secondly, He one of the worlds’s leading authors on marketing placing 4th as an influential character behind the likes of Bill Gates and Peter Drucker. Finally, Kotler is said to be the founders behind the widely known 4 P’s, he is "the world's foremost expert on the strategic practice of marketing" (by Management Centre Europe).
Petty Ross D. Editor's Introduction: The What and Why of Marketing; American Business Journal, Vol. 36, 1999
Before taking this course, marketing was all about product and the promotion of that product. I took a marketing course during my undergrad about 7 years ago that emphasized the 4 P’s. Building a strategy around promoting a product and/or service seemed to be the most fundamental concept of marketing to me. My narrow thinking soon changed after going into the workforce and after taking this course. Marketing is more than just telling potential and current consumers about your products and why they should buy it. Marketing truly encompasses all areas of business. A great marketing strategy needs to focus on all the new strategic marketing elements of positioning, product, logistics, price, integrated marketing communications, and service. It’s
VARGO, S. L. & LUSCH, R. F. 2004. Evolving to a New Dominant Logic for Marketing. Journal of Marketing, 68, 1-17.