...Assignment #1: Marketing Model Model Marketing Marketing 506 (Intergrated Mkt Communication) Oct 23, 2012 1. Develop an argument regarding the significance of marketing to organizational success in the 21st century. Marketing plays an important role in creating a the solid position in the competitive market. Organizations are also able to build competitive advantage through effective marketing strategy. The importance of marketing for the business to be successful is so that firms can make appropriate strategies to gain advantages. In today’s competitive environment, the success of a business is solely dependent on the type of marketing. Most of the operations and aspects of the business are based on the successful marketing. Marketing covers different components such as personal sales, public relations, sales promotions and advertising. Marketing is the process through which, business firms introduce and promote the product and services to the potential customers. Without marketing, business firms can offer the products within its industry; they cannot sell it to the potential buyers in other countries and industries (Gitman & McDaniel, 2008). It is then very important for the business firms to make effective strategies for marketing of products. In the 21st century...
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...Name Defining Marketing University of Phoenix MKT/421 – Marketing Prof. Date Defining Marketing Marketing is a process that involves the research, promotion, sell, and distribution of products or services to satisfy the customer’s needs. In this paper, the subject is to review several definitions of marketing, including a personal point of view. In addition, another area of discussion will be to explain the importance of marketing in organizational success, including examples from the business world. From my viewpoint, marketing involves more than selling product. It is a combination of methods that engages the production, promotion, and provision of goods and services to consumers and businesses. Marketing creates a preference for a particular product in the market. If the process is carried out effectively, the organization marketing a product will acquire new customers and retain existing customers. According to the American Marketing Association (2011), “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large” (Definition of Marketing, para. 2). This definition shows the range of activities involved during the marketing strategies. Another complete definition specify that “marketing is the performance of activities that seek to accomplish an organization’s objectives by anticipating customer or client needs and directing...
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...Session 2 : Foundations of strategic marketing Can you say what your strategy is? Companies that don’t have a simple and clear statement of strategy are likely to fall into the category of those that have failed to execute their strategy or those that never had one. Often many employees are frustrated that no clear strategy exists for the company. Leaders of firms assume that the initiatives described in the documentation that emerges from an annual budget or a strategic planning process will ensure competitive success; they fail to appreciate the necessity of having simple and clear strategy statement that everyone can internalize and use. A well understood statement of strategy aligns behaviour within the business: it allows everyone in the organization to make individual choices that reinforce one another. With a clear definition an executives know what they’re trying to create and implementation becomes simpler as the strategy can be communicated and easily internalised. Most executives don’t actually know what all the elements of strategy statements are, which make it impossible for them to develop one. Mike Rukstad identified three components (objective, scope and advantage) of a good strategy statement and believed that executives should be forced to be clear about them. Any strategy statement must begin with a definition of the ends that the strategy is designed to achieve; the definition of the objective should include not only an end point but also a time...
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...620 Entire Course Managerial Marketing http://hwguiders.com/downloads/bus-620-entire-course-managerial-marketing/ BUS 620 WeeK 1 DQ 1 Value BUS 620 WeeK 1 DQ 2 Market Orientation BUS 620 WeeK 2 DQ 1 Consumer Decision Process BUS 620 WeeK 2 DQ 2 ( Organizational Consumer Markets ) BUS 620 WeeK 3 DQ 1 ( Market Segmentation ) BUS 620 WeeK 3 DQ 2 ( Generic Marketing Strategies ) BUS 620 WeeK 4 DQ 1 ( New Products ) BUS 620 WeeK 4 DQ 2 ( Pricing Methods ) BUS 620 WeeK 5 DQ 1 ( New Economy Ventures ) BUS 620 WeeK 5 DQ 2 ( Market Pioneer Follower ) BUS 620 WeeK 6 DQ 1 ( Marketing Plan ) BUS 620 WeeK 6 DQ 2 BUS 620 Managerial Marketing Week 1-6 All Assignments BUS 620 Week 1 Assignment Amazon Reaching for Consumer Loyalty BUS 620 Week 2 Assignment U.S. Construction Industry “Its Return to Glory” BUS 620 Week 3 Assignment The New Apple, Inc. BUS 620 Week 4 Assignment ( Advertising ) BUS 620 Week 5 Assignment ( Space And Place ) BUS 620 Week 6 Assignment PebbleBee 2015 Marketing Plan BUS 620 Entire Course Managerial Marketing http://hwguiders.com/downloads/bus-620-entire-course-managerial-marketing/ BUS 620 WeeK 1 DQ 1 Value BUS 620 WeeK 1 DQ 2 Market Orientation BUS 620 WeeK 2 DQ 1 Consumer Decision Process BUS 620 WeeK 2 DQ 2 ( Organizational Consumer Markets ) BUS 620 WeeK 3 DQ 1 ( Market Segmentation ) BUS 620 WeeK 3 DQ 2 ( Generic Marketing Strategies ) BUS 620 WeeK 4 DQ 1 (...
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...J. of the Acad. Mark. Sci. (2012) 40:102–119 DOI 10.1007/s11747-011-0279-9 Marketing and business performance Neil A. Morgan Received: 28 July 2011 / Accepted: 1 August 2011 / Published online: 20 August 2011 # Academy of Marketing Science 2011 Abstract Academics and managers have struggled for many years to understand and delineate the role of marketing in explaining business performance differences between firms. Most of the theory base for any such attempts has to be informed by strategic management theory, since the primary question that strategic management seeks to answer is why some firms outperform others over time. This paper synthesizes three major streams of thought in strategic management with the empirical and theoretical literature on strategic marketing to develop an integrative theory-based conceptual framework linking marketing with firms’ business performance. Keywords Marketing strategy . Marketing resources . Marketing capabilities . Positional advantage . Competitors . Market performance . Financial performance Introduction The role of marketing in explaining firms’ business performance has received significant attention throughout the history of the marketing discipline. The need to link marketing with business performance has become more Acknowledgements Doug Vorhies contributed to much of the thinking represented in this paper—a version of which we set out to write together more than a decade ago but never got time to...
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...Successful Marketing Strategies Jadiam Lopez ENG/147 Prof: Susan Honea A successful marketing strategy or campaign relies heavily on a marketing team’s ability to manage time effectively. Success comes with perseverance, but also, the marketing team needs to manage their time correctly and organize their thoughts. Time can work against the marketing team if their time is not managed efficiently, also if the marketing team is not organized it can further complicate the marketing team chance to prevail. Success is dependent on a lot of different factors, but one thing is for certain; a successful marketing strategy requires a great deal of time management and strong organizational skills. Time management will give one of the best chances to be successful in marketing. As a team leader delegates assignments, the focus will be slowly on how to use all resources properly with ample time. Given the proper time, the marketing team can easily prepare to research, edit, revise and proofread the project on hand. “As they say, "We don't plan to fail; we fail to plan." Don't let a "nonexistent" marketing plan guide your business.” (VanVranken, 2012). What Van Vranken means is always to draw a plan for success, because if the team fails to plan, then the team is planning on failing. Time management provides a base so all projects will meet the current deadline without the need to rush. With all success in life, no matter if it's a project or real world, time management is a key factor...
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...focuses on the factors that influence strategic thinking at the organizational level. Based on previous research on strategic thinking in diverse management fields including marketing strategy, strategic management, and human resource management, this research provides a hypothetical model that links the firm's internal and external variables regarding strategic thinking at the organizational level, which in turn links to marketing performance. The results of empirical analysis provide evidence that the attitude of firms' management toward risk taking, the CEO's emphasis on strategic thinking, interdepartmental teams in the organization, and marketing competency foster strategic thinking at the organizational level, but formalization in the organizational structure impedes it. Contrary to the proposed hypotheses, centralization in the organizational structure is positively related to strategic thinking at the organizational level. The results also show that market turbulence and technological turbulence foster strategic thinking at the organizational level and there is a positive relationship between strategic thinking and marketing performance. © 2012 Elsevier Inc. All rights reserved. Article history: Received 1 November 2010 Received in revised form 1 July 2011 Accepted 1 September 2011 Available online xxxx Keywords: Strategic thinking Organizational culture Organizational structure Competencies Market turbulence Marketing performance 1. Introduction The ability to think...
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...Classic Airlines and Marketing Paper Your Name University of Phoenix MKT/571 Your Instructor Date Classic Airlines and Marketing Classic Airlines has seen decreases in its profit shares and Classic Rewards members than in the past (University of Phoenix, nd., p. 1). Such decreases have had a significant impact on customer satisfaction levels and organizational profits. Therefore, senior executives, marketing, and financial analysts must use the appropriate marketing approach to address such issues and concerns of the organization potentially filing for bankruptcy. The senior management and analysts at Classic Airlines must use the organizational data to address the organization’s dilemmas; meanwhile, implementing marketing concepts that will be in the best interest of the commercial airline. Marketing Concepts Related to Classic Airlines The marketing concepts that have been identified in this scenario are a combination of various concepts and information systems, such as those described in this week’s required text readings. However, one of the marketing concepts that can be related to the Classic Airlines scenario is the holistic marketing concept. “The holistic marketing concept is based on the development, design, and implementation of marketing programs, processes, and activities that recognizes their breadth and interdependencies” (Kotler & Keller, 2006, p. 17). This marketing concept has four components which are the following:...
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...Chapter 11 Global Strategy and Organization International Business Strategy, Management & the New Realities by Cavusgil, Knight and Riesenberger International Business: Strategy, Management, and the New Realities 1 Learning Objectives 1. The role of strategy in international business 2. The integration-responsiveness framework 3. Distinct strategies emerging from the integration-responsiveness framework 4. Organizational structure 5. Alternative organizational arrangements for international operations 6. Building the global firm 7. Putting organizational change in motion International Business: Strategy, Management, and the New Realities 2 What Is Strategy? • Strategy is a plan of action that channels an organization’s resources so that it can effectively differentiate itself from competitors and accomplish unique and viable goals. • Managers develop strategies based on the organization’s strengths and weaknesses relative to the competition and assessing opportunities. • Managers decide which customers to target, what product lines to offer, and with which firms to compete. International Business: Strategy, Management, and the New Realities 3 Strategy in an International Context • Strategy in an international context is a plan for the organization to position itself vis-a-vis its competitors, and resolve how it wants to configure its value chain activities on a global scale. • Its purpose is to help managers create an international vision, allocate resources...
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...Conceptualization of Global Marketing Strategy and Its Effect on Firm Performance Shoaming Zou & S. Tamer Cavusgil Introduction The authors in this article develop a broad conceptualization of global marketing strategy, the GMS, that integrates three major perspectives. (1) The standardization, (2) configuration-coordination, and (3) integration perspectives of global marketing strategy. A fundamental proposition of international marketing is that a firm’s global marketing strategy has a positive effect on its global market performance. The purpose of the present research is twofold: First, the authors develop a broad conceptualization of global marketing strategy, named the GMS, to integrate the three major existing perspectives of global marketing strategy. Second, they attempt to substantiate the fundamental relationship between global marketing strategy and a firm’s performance by developing and testing a conceptual model that links the proposed GMS to a firm’s global market performance. They two questions the authors ask in this paper are: 1. What is global marketing strategy? 2. Does it matter whether a firm pursues a global marketing strategy? A brief review of the global marketing strategy literature Many researchers argue that global marketing strategy plays a critical role in determining a firm’s performance in the global market. In the current literature, there exist three major perspectives of global marketing strategy. These perspectives are...
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...EFM Academy – Summary: Essentials of contemporary management, Gareth R. Jones, Jennifer M. George / Marketing – Real People, Real Choices, Solomon / Marshall / Stuart Essentials of Contemporary Management Chapter 1 What is Management? – The Management Process Today Management is the planning, organizing, leading and controlling of human and other resources to achieve organizational goals efficiently and effectively Achieving high performance: a manger’s goal Organizational performance is a measure of how efficiently and effectively managers use resources to satisfy customers and achieve organizational goals. Efficiency is a measure of how well or how productively resources are used to achieve goals; o Organizations are efficient when the amount of input resources or the amount of time needed to produce a given output of goods or services is minimized Effectiveness is a measure of the appropriateness of the goals that managers have selected for the organization to pursue and of the degree to which the organization achieves its goals o Organizations are effective when appropriate goals are chosen and achieved High effectiveness Low efficiency A product that the customer want, but that is too expensive for them to buy A low-quality product that customers do not want High efficiency A product that customers want at a quality and price that they can afford A high-quality product that customers do not want - Low effectiveness Managerial Functions … are planning...
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...1. INTRODUCTION F or many companies, marketing plays a vibrant and a vital role in the strategic planning process. Even though marketing positions are incorporated in corporate level, most of them are represented at the functional level of an organization (Chawla, 2003). Kotler and Keller (2008) outlines the core definition of marketing, which says that ‘Marketing is the analysis, planning, implementation and control of carefully formulated programs designed to bring about voluntary exchanges of values with target markets for the purpose of achieving organizational objectives”. Marketing can be described as a strategy based analysis on planning that are used to combine experience, education and perspectives of the whole management team of the organization effectively by all means of developing focus in management and competitive advantage in the market arena. Gilligan and Wilson (2009) define Strategic Marketing Planning as “a typical development of strategies that are based on the planning team’s assessment of the market and perceptions of managerial expectations and organizational capabilities”. Therefore, the nature of strategic marketing planning and the development of the marketing plan show an in-depth understanding of the knowledge of thinking about the organization’s environment, managerial objectives, organizational capabilities and things that affect the process of planning and implementation. This report highlights the different perspectives of writers with regards...
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...MKT/421 Defining Marketing Paper Marketing Paper Marketing an important part of the business organization, it is more than promoting and selling a product. Marketing is satisfying the changing needs of the customer. The very successful businessman Bill Gates can best sum this up when he said, "Your most unhappy customers are your greatest source of learning ". The purpose of this paper is to define marketing from at least two different sources, based on these definitions explain the importance of marketing in organizational success. Also, provide at least three examples from the business world of the importance of marketing to the organizational success. According too the American Marketing Association marketing is defined as: An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. Marketing is more than selling and promotion, the primary concern, or objective of marketing is to identify and satisfy, or exceed the changing needs of customers. In view of this broad concern of marketing, it can be seen that the concept of marketing summarizes many activities in a business. Marketing, in fact, refers to any activity undertaken by a firm that has been designed to plan, price, promote and distribute ideas, goods and services to target markets. These marketing activities were executed in order to create an exchange and sales...
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...1.0 INTRODUCTION: Strategy implementation is also referred to as strategy execution or strategy actualization. There is no universally accepted definition of strategy implementation. Reading through various scholarly works, one is able to identify three broad distinct conceptions of the term. Some authors view it as a sequence of carefully planned consecutive steps, a perspective which can be labeled a process perspective. The second approach treats strategy implementation as a series of concerted (but often parallel) actions and examines these actions from a behavior perspective. Some authors combine the process perspective and behavior or action perspective and form a third approach, which we label as a hybrid perspective. Under the process perspective, implementation is the process that turns plans into action assignments and ensures that such assignments are executed in a manner that accomplishes the plan’s stated objectives (Kotler, 1984). Strategy implementation is an iterative process of implementing strategies, policies, programs and action plans that allows a firm to utilize its resources to take advantage of opportunities in the competitive environment (Harrington, 2006). Under the behaviour perspective, implementation is the actions initiated within the organization and its relationships with external constituencies to realize the strategy (Varadarajan, 1999). Implementation is operationally defined as those senior-level leadership behaviors and activities that...
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...PROJECT PROPOSAL ON EFFECT OF MARKETING AUDIT ON ORGANISATIONAL PERFORMANCE IN SELECTED NIGERIAN FAST FOOD (A Case Study of MR BIGGS) BY OGUNRINDE FATIMO OLAIDE 090822049 1.1 Background to the Study In recent years, increasing pressure to reduce costs has forced many companies to radically reengineer the way they do business. This pressure is also leading marketing executives to reconsider the goals, structure, and effectiveness of their marketing arms. As a comprehensive review of a company’s market environment, the marketing audit identifies any inadequacies in overall marketing structures. It also identifies operational strengths and weaknesses and recommends the necessary changes to the company’s marketing strategies. If the marketing audits are done correctly, they will provide management with a useful and analytical tool for evaluating, measuring, motivating and revising management actions (Mylonakis, 2003). The growing complexity of the current market environment necessitates a more systematic scrutiny and evaluation process of the organisational preparedness to deal with the dynamic market. The existing information gathering and processing methods, generally, lack a comprehensive and integrated structure that incorporates the entire marketing function as well as providing strategic recommendations for action. The marketing audit, characterised as a systematic, comprehensive, objective, and independent approach, can assist the...
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