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Challenges of strategy implementation
Marketing plan quizlet
Marketing plan quizlet
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Introduction
Due to immense technological advancements and globalization of businesses all over the world, everything seems to change dramatically including marketing planning function within a company. These two factors among others have forced companies to adopt more flexible marketing strategies in order for them to gain a competitive advantage. Zinkhan & Pereira (1994) note that marketing planning is a sub-set of strategic planning within a company is integral to the success or failure of the company.
Some marketing scholars and researchers alike argue that today’s marketing strategies should be purposely planned and executed for a company to develop a clear direction of where it wants to go, and how best to go there, notes De Wit & Meyer (2004). However, some argue that new marketing strategies largely emerge over time, as marketing managers proactively develop a viable marketing strategy or reactively adapt to unfolding market conditions. According to De Wit & Meyer (2004), developing a strategy involves sense-making, reflecting, learning, envisioning, experimenting and changing the organization, which can’t be neatly organized and.
Both planned and emergent approaches to marketing planning are useful, and may be utilized concurrently by marketing managers to gain a competitive advantage, notes McKee, Varadarajan & Vassar (1990). Further still, some managers may utilize each of the approaches at different times to as well as to different degrees, and thus should not be seen as being independent or mutually exclusive.
Marketing Planning in the context of Competing on the edge approach to strategy
According to Brown & Eisenhardt (1998), competing on the edge defines strategy as the creation of a relentless flow of c...
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...Jaworski, A. K. and Sahay, A. (2000). Market Driven Versus Driving markets. Journal of the academy of marketing science. Pp.45-54.
McKee, D. O., Varadarajan, R. and Vassar, J. (1990). A taxonomy of marketing planning styles, Journal of the Academy of Marketing Sciences, 18 (2), pp. 131-41.
Piirainen, K., Kivijarvi, H. and Tuominen, M. (2008). Supporting Strategic Innovativeness: Scenario Planning for Driving Organizational Knowledge Sharing. Hawaii International Conference on System Sciences, Proceedings of the 41st Annual Conference. Pp. 351.
Sharfman, M.P. and Dean, J.W. (1997). Flexibility in Strategic Decision Making: Informational and Ideological Perspectives. Journal of Management Studies, 34, pp. 191-217.
Zinkhan, G.M. and Pereira, A. (1994), An overview of marketing strategy and planning, International Journal of Research in Marketing, 11, pp. 185-218.
(Yoder-Wise, 2015) During the process of planning you need to assess your internal and external environment, identify any opportunities and threats. Then you want to create your plan and identify your goals and objectives, implement the plan and lastly you evaluate and make any necessary changes. In strategic marketing, you want to identify your target market and research it. When planning you identify your strategies and objectives you identify what services you will provide and at what cost an how you’re going to market your plan. You can evaluate by getting feedback from consumers through different
Many theorists (Lynch, 2003, Mintzberg, 1990, Ansoff, 1991) will argue that the two main schools of strategic planning are the prescriptive, also known as intended, and emergent approaches. Both are debated widely about which is the better approach; recognised best by Idenburg (1993). Prescriptive strategies focus on planning; where predictions of the future are made, leading to long term decisions where the main elements of the strategy have been specially planned before being commenced and as stated by Mintzberg, 1990 "Strategy formation should be a controlled, conscious process of thought". The emergent approach relies on the fact that the outcome of the objective is not known; in contradiction to the prescriptive approach it is not a 'controlled, conscious process of thought' and has been described by Downs, et al (2003) as a trial and error process. The importance of strategy within organisations has been discussed as early as the 1950's with ...
Arcading to Sue Pulendran marketing planning technology provides for decision-making that is more comprehensive. Marketing planning is a performance paradoxical that measures strategies for the market segmentation. The most important thing about strategic marketing positioning covers the business strategic positioning choice also each business has a different marketing strategy imposed to so that they can gain a competitive advantage over other business in the same market. Skype
A marketer doesn’t just have a plan. Marketers now open up to a wider strategic plan and it’s based on steps that balance out what the market is offering consumers. These marketers must analyze their production with these steps, then make a portfolio of the growth and even their down falls therefore this keeps these marketers to continuously innovate and create even a greater amount of value for their customers. Marketing management functions are discussed along with the marketing mix and strategy.
Eric H. Shaw, 2012, ‘Marketing strategy: From the origin of the concept to the development of a conceptual framework’, Journal of Historical Research in Marketing, Vol. 4, No. 1, pp. 30-55
Schlesinger, L., Kiefer, C. and Brown, P 2012, Just start, 1st ed, Harvard Business Review Press,
John G. S., 2008: Strategically thinking about the subject of Strategy [e-journal] 9(4) p.2 Available through:
Studies and analyses regarding variations between companies performing higher or lower regarding their marketing practices has helped out to assure that a central textbook marketing strategy principle; which is to achieve success regarding that in the long term the products and services of a firm have to be well ‘positioned’ in the market. This paper aims to highlight the common formulations or ‘anatomies’ for strategies and the isolation of some of the most important inclusions that were thought to be really important in achieving success. Just to bring some “flesh on the bones”, this article examines the method through which theory is translated into practice.
Strategic planning directs every movement in a business and is very essential to business performance (London 2002, pp.26-33). The strategic plan and operational plan are extracted from Best Buy Form 10K to better clarify the current situation and future direction of Best Buy.
... P.H. (1988). Marketing Management: Analysis, Planning, Implementation and Control. (6th ed.). Prentice-Hall: Englewood Cliffs.
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.
Marketing is not a static construct, but it grows and develops over time to become what is known as marketing today. “The marketing revolution divides neatly into four separate eras’, eras’ which parallel rather closely the classic pattern of development in the marketing revolution.” (Keith, 1960). The first of these 4 eras was until the 1930’s and was production and profit orientated, and are considered to be outdated. During this era “the new product decision was product oriented not marketing orientated.” (Keith, 1960). “The second era was a sales oriented era, whereby marketing was seen as a series of activities designed to produce profit through ascertaining, creating, stimulating, and satisfying the needs/wants of a selected segment of the market.” (Eldridge, 1970, p. 4). The 3rd and 4th eras are a representation of what
“Marketing plan designs specific action programs that implement the desired strategy” (Walter & Dana, 2007,pp. 50). This marketing plan will look after the company’s vision, mission and values. Then, it will go on to the situation analysis where in it will discuss the competitiveness of the company among the others using the SWOT, PESTEL and Porter’s analysis. Next, it will move on to the objective of the company that will be presented and it will go on to the marketing mix strategies that need to be applied by the company in order to achieve the desired outcomes. Finally, it will present the budget to complete the effectiveness
Strategic marketing is a broad and practical subject which included the concept of marketing subjects of previous semesters such as business marketing. The study of this subject has contributed to marketing knowledge in many ways, as well as it has strengthened my skills in application of marketing concepts. My knowledge was increased that I was able to develop a complete strategic marketing plan of not only on the part of marketing analysis or strategy of a product or service, but also the whole corporate plan. My skills and capabilities that were developed and integrated during lectures and tutorials include the analytical skills, coordination skills, presentation skills, organization skills, etc.
A marketing plan helps to focus your company on the vital activity of growing the business. It provides the framework on which to build new