Marketing strategy and Management

Marketing strategy and Management

Question 1

The changing nature of the marketing ways has led to the change in the ways that exchange in the stocks is done. The changing nature of the market has made the businesses and organizations rethink their ideas of the market, and they have come up with new ways of marketing. The changes have made the exchange concept in marketing to change drastically. The changes have led many people in the market to also think about their ways of going about the market.  The dynamic nature of the market has led many people in the field of marketing and exchange to come up with newer methods of marketing and trading (Taylor, 2014). Trading has been explained as the exchange of goods and also services. Still, the dynamic state of the market and nature of marketing has been influenced by the quality of customers changing and even the shifting nature of their behaviors.

Customer behaviors and their nature have become an influence on the marketing strategies in the market used by the businesses organization in the market. The changes have affected the exchange stocks of the organizations, with companies opting to trade in the stock exchange in the markets. The many changes in customer behavior and nature have led to the value in the markets for the organizations that have greatly influenced the status of the company in the market and its value (Taylor, 2014). The marketing strategies employed by the companies determine how well they will cover the needs and the changing behaviors in the customers. Catering of the needs of the customers and also being aware of the changes in their practices plays a significant role in ensuring the company stays competitive in the market and maintains its customers even in the changing marketing environment.

Question 2

Customers form the basis for the success of the organization. The focus on the customers means that the organization has a focus on the base of their income. The customers that are loyal to a specific company and their products are the primary reason for the success of the company.  The focus given to the customers is equivalent to the progress in the market that a company has. The focus of the organization on the customers may be the primary concern, but it does not make the other orientations to be less critical. All the directions in an organization are essential as they determine the success of the organization. Other portions in the company, such as marketing planning, are crucial as they are focussed on the market and reaching more customers (Gladson Nwokah, 2009). The methods of marketing that help reach the new customer base are essential in an organization.

Marketing in the field helps the customers to get to know the products of the organization or company in a better way. Marketing strategies are used in an organization to introduce new products in the market and also to bring new customers. Nevertheless, other things in the company, such as planning about marketing, are vital as they help in a better approach to the market, and they are essential as the focus on the customers is, and they need to be focused on. Focussing on the strategies of marketing helps in getting the company on track and getting on a focus and also helps in setting the trend for the company and its marketing strategies. Companies with well-established marketing plans and strategies to approach the market are more successful than the ones whose focus is mainly on the customers (Gladson Nwokah, 2009). Better planning strategies help in better positioning of the company and its products in the market, which leads to attracting more customers. This is more successful than forgetting the other things and planning in an organization and focusing on the customers as the primary aim in marketing.

Question 3

Many things control marketing in organizations. The social responsibility in marketing helps in ensuring that the company assists in building a  better recognition of the brand. When the brand is better recognized in the market, it helps in more success in the environment. For a successful marketing strategy, the organization needs to conduct socially responsible marketing as it helps in creating a positive business reputation (Ertz, Durif, Lecompte, & Boivin, 2018). A favorable business reputation helps in ensuring that the company or business is in the better books of the customers, and they have positive impacts on their lives. This leads to better receptions of the products by the company and the customers.

Being socially responsible in marketing helps in bolstering the image of the company and the brand it represents. It will help in empowering the workers to use the corporate resources of an organization is impacting the community positively. Social responsibility helps in boosting the morale of the employees and leads to higher productivity in the marketing campaign. A marketing strategy that has social responsibility in it helps in increasing the sales and also building customer loyalty to the brands (Ertz, Durif, Lecompte, & Boivin, 2018). Social responsibility indicates the care that the company has over the community, and it creates an image in the minds of the customers and helps in the choosing of the company and its products. This creates a firm customer base that helps in better income for the company and its products.

When marketing by an organization is socially responsible, it helps in saving the costs of operations in the organization. Social responsibility in marketing helps in creating a caring image for the customers, and it reduces the costs of future marketing when the company develops a new product. This will be beneficial as the community will welcome the latest products by the company without needing so much advertisement (Ertz, Durif, Lecompte, & Boivin, 2018). This will help in saving the marketing costs that would have been used in the field and also the time and human power that would have been used.

Question 4

Many things influence the competitive advantage and ability of an organization. The competition can be classified as either being an internal environment or the external environment. The external environment of the competition involves aspects such as threats of competitors, political status in the country, the economic conditions they are operating within, and also the technological advancements. The analysis of the external review of an organization such as Nike fashions will help in establishing the threats it faces from the environment.  The analysis of the external environment helps the company to create the risks that are political that will affect its functioning (Ashill & Jobber, 2013). Political issues such as regulation on trading have impacts on the company and its trading. An analysis of the external environment will help in establishing the rules that are set, and they help in avoiding going against the rules and the regulations that the government sets.

The technology in the market determines the competitiveness in the market by the organization. Technology is a dynamic thing and keeps on changing, and analysis helps in determining the latest technology that is in use. The knowledge of the technological advancements will help in ensuring the company does not lag behind and that it makes use of the new technology to advance its products and also market the products. Technology plays a massive role in the image of an organization, and being aware of the latest developments helps in better planning and using the technology in a better way that will help in better incomes and better positioning of the products in the market (Ashill & Jobber, 2013). The knowledge and the information on technology that comes from the analysis help the company in advancing the company and better positioning on the market and also better compete with the other companies.

The economic environment the organization is set up in also plays a massive role in determining the success of the organization in the market. The rate of growth and even the investment in the environment plays an enormous role in determining the rate of growth in the company and its products. Knowing the economic status of the area that a company is set helps in determining the kind of investment they need to make to become competitive and avoid being replaced by other entrants into the market. External analysis of the organization helps in determining the threat of the company and its products being replaced by new entrants in the market (Ashill & Jobber, 2013). The knowledge of the risks of new entrants helps the company in better strategies that will ensure it remains competitive, and the buyers favor its products.

Question 5

As a concept, competitive advantage puts an organization in a superior position and helps in making it favorable in the market. This helps in better control of the market by producing products that are competing at the top level in the industry. A company such as Apple Inc. has maintained its competitive advantage over the years it has been operating through the production of unique products. Their products are competing in the market, and they are always at the top of the competition chain (Huang, Dyerson, Wu, & Harindranath, 2015). Maintaining a competitive advantage is the aim of any company that has its business and aims at ensuring that it retains its market share and market control.

The blue ocean strategy refers to the way companies such as Apple Inc. differentiates and looks at the low cost of products and creates a new and fresh demand where they are the only ones offering the services or products (Carton, 2017). Blue space strategy is focused on the creation and capture of market space that is not contested, which makes it hard for the competition. This offers the companies that employ the strategy to have a competitive advantage over the other companies as they produce unique products that are only from them, and they control the market. Monitoring the market trends is essential to such an organization as it helps in the positioning and marketing of the products. The use of the Blue Ocean strategy by the organizations ensures that the products are unique, and they have no competition, and this leaves the buyers with no option but to make their purchases (Carton, 2017). This helps in better control of the buyer behaviors and also the buying patterns.

References

Ashill, N. J., & Jobber, D. (2013). The effects of the external environment on marketing decision-maker uncertainty. Journal of Marketing Management, 30(3–4), 268–294. https://doi.org/10.1080/0267257x.2013.811281

Carton, G. (2017). A Blue Ocean Strategy for “Blue Ocean Strategy”: on Performativity of Strategic Management. Academy of Management Proceedings, 2017(1), 17635. https://doi.org/10.5465/ambpp.2017.17635abstract

Ertz, M., Durif, F., Lecompte, A., & Boivin, C. (2018). Does “sharing” mean “socially responsible consuming”? Exploration of the relationship between collaborative consumption and socially responsible consumption. Journal of Consumer Marketing, 35(4), 392–402. https://doi.org/10.1108/jcm-09-2016-1941

Gladson Nwokah, N. (2009). Customer‐focus, competitor‐focus, and marketing performance. Measuring Business Excellence, 13(3), 20–28. https://doi.org/10.1108/13683040910984293

Huang, K.-F., Dyerson, R., Wu, L.-Y., & Harindranath, G. (2015). From Temporary Competitive Advantage to Sustainable Competitive Advantage. British Journal of Management, 26(4), 617–636. https://doi.org/10.1111/1467-8551.12104

Taylor, E. L. (2014). How Changing Consumer Behaviour May Challenge Traditional Marketing Research. Research World, 2014(47), 86–86. https://doi.org/10.1002/rwm3.20137

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