Key Areas Of The Marketing Environment Marketing Essay

Key Areas Of The Marketing Environment Marketing Essay This assignment emphasizes on relationship approach to explain the concept of marketing. With regard to service, the concept of marketing takes into consideration manufacturers service organizations as well as service operations. Traditionally marketing was considered as a function which includes expertise planning and implementation of marketing mix. However, when it comes to services, this function of marketing is not taken into consideration. Marketing with regard to service is more about relationships, like those involving one-on-one transactions or whose scope is narrowed, for example, marketing of breakfast cereal or soap. Other kind of relationships whose scope is wider consist of significant social interaction which are on-going as well as long lasting, for example, service offered by hospitality industry or financial providers. Next, this assignment investigates the term relationship strategy and its nature. A detailed comparison about marketing and organizational behavior, concerning functions of businesses as well as academic regulations, drawn from the relationship approach are argued in this assignment. Lastly, the assignment emphasizes on the importance of service culture and internal marketing in this challenging global market to meet the marketing aspect and organizational behavioral needs of any business. 1.2: Analyze the relationship between businesses vision, mission and marketing strategy For any organization, mission statement is the most important statement which directs the business to achieve its goal and built its name in the market. Mainly, this statement includes three most important aspects, namely, vision, mission and core values. Vision is a wider thought of what the company wants to accomplish in future. Mission is mainly concerned which what steps the company is going to undertake to accomplish the set vision and core value involves the behavior of the company and its member throughout the course of goal accomplishment. All these three aspects are essential to direct the business through the path of success accomplishment. After the company has created the mission statement, it is then important for it to set the goals, objectives and strategic or action plan/s. Goals usually involves targets which the company needs to complete in order to accomplish the vision. Objectives are SMART (specific, measurable, achievable, realistic and time-framed) statements to accomplish companys goals. Strategic or action plans are the detailed executive plans which illustrate the ways in which goal and objective can be accomplished. 1.3: Evaluate the tools and techniques available for analysing key areas of the marketing environment and use them in realistic business situations To analyze the key areas of marketing environment, the businesses are now emphasizing on strategic philanthropy concept. This concept helps to develop and evaluate the marketing issues, illustrates the focus of the stakeholders, and examines the aspects that need to be considered while executing the business plan. Today companies are realizing the advantages of strategic philanthropy concept not only for the employees and the investors but also for the community as whole. Currently, the companies are also formalizing and combining philanthropic decisions with other strategic decisions related to the performance of the company. 21st century companies are more emphasizing on management of social marketing issues for the interest of essential stakeholders. 1.4: Examine the factors influencing consumer choice and behaviour In the current globalised market, there is an accelerating need for ethical choices as proved by most researches. However, not much has been printed about the decisions made by the ethical consumers and the impact of their decision making on marketing. Due to limited proven research work about ethical consumer choice, this assignment will highlight the outcomes of national survey conducted on large scale in UK on ethical consumers. Equation modeling and reliability analysis methods were use to study this most important and ignored area and also to investigate the essential factors influencing ethical consumer choice and their interconnectivity. Two sets of data was used to create decision making model and its cross validity was examined. This innovative model of ethical consumer choice and decision making showed remarkable improvement on consumers buying choice. Study results of this researched proved that the buying intentions of the consumers were highly influenced. The assignment, however, further discusses implications of these results on marketing practitioners. 1.5: Assess the role of market research in business decision-making Market research results frequently produce negative reactions to discontinuous new products (innovative products) that later become profitable for the innovating company. Famous examples such as the fax machine, the VCR and James Dysons bagels vacuum cleaner are often cited to support this view. Despite this, companies continue to seek the views of consumers on their new product ideas. The debate about the use of market research in the development of new products is long-standing and controversial. This paper reviews the literature in this area and examines the extent to which market research is justified and whether companies should sometimes ignore their customers. The paper offers a conceptual framework that may help companies to decide when market research findings may be helpful and when they may hinder the development of discontinuous new products. Amplification of assessment criteria 1.1 Examine the main contexts of marketing 1.1.1 Assess critically the role of marketing in business, e.g. the impact of marketing on society In todays time, marketing researchers and professionals are extremely interested in the value generated by marketing. Even though there is large number of research work on marketing, it is still unclear how the market value is interrelated with the interest of the marketing generators. Researchers further plan to examine how customer value and customer satisfaction are interconnected. This will help to lessen the uncertainty created around both the concepts. Both customer value and customer satisfaction are two different concepts in terms of theory and practical aspects. This assignment examines this along with highlighting whether customer value helps to predict the behavioral results in better way with compare to customer satisfaction, when it comes to business marketing. To address this issue, there are two different models generated and examined in a cross sectional survey with the purchasing management of a company. A direct influence of value on intention of purchasing manager is suggested by first model whereas the second model arbitrates the value with customer satisfaction. This research study proves that both customer value and customer satisfaction are two different concepts measured and conceptualized in different way, still are harmonizing with each other. 1.1.2 Demonstrate the contribution of marketing to business strategy, e.g. major contexts of marketing applications (consumer goods; business to business; services marketing) There can be no more important aspect of constructing an effective marketing strategy than understanding competitors and your own organizations competitive position. The techniques such as Porters Five Forces Model and a SWOT analysis have already been identified as ways in which an organization can assess aspects. 1.2 Analyze the relationship between businesses vision, mission and marketing strategy 1.2.1 Explain the relationship between businesses vision, mission and marketing strategy, e.g. developing a marketing strategy which supports the businesses corporate strategy A management team needs information about external environments to make sound strategic decisions. Environmental scanning is the process of gathering information about those external environments to inform decision-making. That information may come from a wide variety of sources. It is important to ensure that data gathering, interpretation/analysis and strategy formulation are seen as three separate stages of environmental scanning. Some organizations use the information they collect to construct different scenarios, which also contribute to their planning and prepare them for a flexible response. 1.2.2 Identify the key influences on shaping marketing strategy, e.g. competitor; capability and resources; target customers; external environment. A great deal of attention has been devoted to the concept of market orientation in marketing academe and practice. Numerous perspectives have been proposed as researchers endeavor to conceptualize the market orientation construct and implement it in practice. 1.3 Evaluate the tools and techniques available for analysing key areas of the marketing environment and use them in realistic business situation. 1.3.1 Identify the main tools and techniques available for analysing key areas of the marketing environment, e.g. environmental scanning This article focuses on defining and discussing the concept of critical success factors as input into the analysis, resource analysis, and strategy evaluation steps in the strategic planning/strategy development process. The reader is provided with eight possible sources of critical success factors including analysis, analysis of industry structure, industry/business experts, analysis of competition, and analysis of dominant firm in the industry, company assessment, temporal/intuitive factors and PIMS results. Examples of CSFs from various sources are provided and a scheme by which the reader can assess the relative importance of identified CSFs is presented. 1.3.2 Demonstrate the use of the main tools and techniques available for analysing key areas of the marketing environment, e.g. scenario planning The methodological tools and techniques that analysts use to assess the evolving Innovation, Science and Technology-related (IST) factors impacting their enterprises competitiveness and strategic environment. Studies generally show that a limited set of conceptual tools are regularly utilized by analysts in some enterprises; nevertheless, they are perceived only to demonstrate mixed success levels in meeting planning or decision-oriented needs. A performance gap exists between organizational needs to proactively address IST factors impacting their organizations competitiveness and the insights actually delivered to decision-makers by existing methods and the analysts who employ them. In this paper, the author defines the scope of IST analytical applications, identifies the conceptual tools and techniques used, applies a model for assessing the utility of the tools, describes the reasons why the tools do not deliver what is needed, and makes recommendations for improving the use of IS T-focused analysis tools. 1.4 Examine the factors influencing consumer choice and behaviour 1.4.1 Analyze the process of consumer product acquisition and consumer choice, e.g. models of consumer buying behaviour; impact of memory, perception and learning on consumer choice The ways in which consumers make choices are clearly of interest to those involved in marketing. Consumer behaviour includes elements which are rational and elements which are emotional. However, the process involved in making a choice and buying decision can be analyzed and represented in a step-by-step framework. This section examines that process and the underlying factors which determine consumer behaviour. 1.4.2 Analyze the factors which influence consumer behaviour, e.g. impact of personality, motivation, opinions, attitudes and values on consumer behaviour; role of reference groups on consumption behaviour In the field tourism progress and planning, the decision making process is highly multifaceted because companies and communities have to combat with economic, social and environmental aspects of greater development. Geographic Information Systems (GIS) can be considered as an essential tool of methods and technologies of high applicability to provide for the attainment of greater tourism development. To investigate conflict, Spatial (environmental) data can be utilized which examines competition, explores influence on and helps in making decision. The impact assessment and simulation is highly significant for the development of tourism, and GIS can a role in terms of the environmental audit, exploring the suitability of sites for the planned developments 1.5 Assess the role of market research in business decision-making 1.5.1 Differentiate between market research and marketing research, e.g. their roles in determining structural characteristics and understanding marketing strategy decisions Even when there is increasing talks on international standardization versus customization, to empirical intuitions existing fragmented light to deliver. On the basis of an integrated analysis of 36 studies revolving around outcomes of standardization / adaptation, his past, and performance, this flow has been found to be characterized by non-significant, contradictory, and to a certain level, the results disconcerting related to the concepts inappropriate pictures, poor design and poor analytical methods. The main termination arising from this analysis is that if you standardize or adapt to accomplish better business performance will fundamentally based on the totality of the conditions in which a company is faced with a scrupulous foreign policy of a specific time period. 1.5.2 Analyze the contribution of market research to the decision-making processes of a business, e.g. the role of marketing information systems; the importance of competitive intelligence This paper reports case study of an inter-organizational (IOS) of Cisco and Xiao Tong in China. We interviewed their senior managers, heads of departments and employees who have been directly affected in their work. Other sources of are company documents and publicly available background The study examines the benefits of the IOS for both corporations. The also reveals seven critical success factors for the IOS, namely intensive stimulation, shared vision, cross-organizational implementation team, high integration with internal, inter-organizational re-engineering, advanced legacy and infrastructure and shared industry standard. Outcome 02: Know how to build marketing strategy 2.1 Analyze critically how strategic market analysis, marketing goals and marketing actions influence marketing strategy After designing core values, vision, mission, you need goals and objectives that will help to accomplish your vision. Objectives The objectives are broad statements of what you want. Therefore they should be included in your vision. You should look into the mission, as you will be involved to realize your vision. Examples of business objectives: à ¢Ã¢â€š ¬Ã‚ ¢ Improving profitability à ¢Ã¢â€š ¬Ã‚ ¢ Increasing the competence à ¢Ã¢â€š ¬Ã‚ ¢ capture a larger market share à ¢Ã¢â€š ¬Ã‚ ¢ give improved customer service à ¢Ã¢â€š ¬Ã‚ ¢ Advance employee training à ¢Ã¢â€š ¬Ã‚ ¢ Reduce the emissions of carbon dioxide à ¢Ã¢â€š ¬Ã‚ ¢ An objective should accomplish below given criteria: à ¢Ã¢â€š ¬Ã‚ ¢ Good: Is it fitting with the vision and mission? à ¢Ã¢â€š ¬Ã‚ ¢ Acceptable: Adjusts the values à ¢Ã¢â€š ¬Ã¢â‚¬ ¹Ãƒ ¢Ã¢â€š ¬Ã¢â‚¬ ¹of the company and its employees? à ¢Ã¢â€š ¬Ã‚ ¢ Clarity: Is it easy to understand and easy to explain? à ¢Ã¢â€š ¬Ã‚ ¢ Flexible: can be adjusted and modified as needed? Ensure the objectives are paying attention on the significant aspects of the business. Do not use too many objectives or else you mind lose your concentration. Even the design of your objectives do not conflict and get in the way with each other. Demonstrate how an over-all view on the strategic position of businesses and the understanding of their competitors impact on their marketing strategy Here are AgVA strategies, goals, objectives and action plan. It should be considered that the strategy is a sequence of techniques to use mission is to accomplish the vision. The objectives are statements of what I required to be done to execute the strategy. The objectives are explicit milestones to achieve the goal. The milestones can be accomplished with the action plans which include specific actions to be taken. Vision: a vivacious rural economy determined by value-added agriculture. Mission: To generate and foster the growth of value-added agricultural enterprises. Strategy: utilize local peasant leaders with the skills for the development of company and for business development. Objective: the interest of local farmers / development work experience. Objective: generate a Subscription twenty farmers February 1st. Action Plan: Establish a membership committee to employ local farmers heads. Recognize the 40 farm heads in major cities in the area. Call qualifying. Contact individually, in the hope that half of crowd will be ready to participate. 2.3 Analyze critically the links between growth strategies and the main types of strategic marketing objectives Goals are specific, measurable, time-sensitive statement of what should be achieved and when it will be achieved. Milestones along the road to achieving your goals. Examples of the companys goals are: à ¢Ã¢â€š ¬Ã‚ ¢ at least a 20% after-tax rate of return on our investment in equity to earn during the next fiscal year à ¢Ã¢â€š ¬Ã‚ ¢ the market share of 10 per cent increase over the next three years. Reduce operating costs by 15 percent over the next two years, improving the efficiency of the production process. The time of the call-back to reduce the investigation of the client and not more than four hours. The goals must meet the following criteria: à ¢Ã¢â€š ¬Ã‚ ¢ Measurable: What will happen and when? à ¢Ã¢â€š ¬Ã‚ ¢ Appropriate: apply it as a measure to reach the goal? à ¢Ã¢â€š ¬Ã‚ ¢ Feasible: It is possible to achieve? à ¢Ã¢â€š ¬Ã‚ ¢ Commitment: People are committed to achieving this goal? à ¢Ã¢â€š ¬Ã‚ ¢ Properties are the people responsible for achieving the objective included in the definition of the target. 2.4: Demonstrate how marketing strategies contribute to sustainable competitive advantages. This study examines the impact of the six dimensions of corporate social responsibility, sustainability marketing strategy the mediation influences of marketing image, customer satisfaction, stakeholder acceptance and marketing performance. CSR consists of human development, environmental considerations, community involvement, product and service innovation trend, the attention of consumers, and the competition is an important strategy that will help companies get image enhanced marketing, customer satisfaction, stakeholder acceptance marketing performance and sustainability marketing. Here ISO 14000 106 companies in Thailand, was selected as the sample of the study. The results showed that some dimensions of corporate social responsibility has a significant impact on the marketing strategy, customer satisfaction, stakeholder acceptance and sustainability marketing. Furthermore, the performance of marketing a potential positive effect on the sustainability of marketing. Moreover, the ethical vision and competitive intensity has a moderating influence on the partial corporate responsibility strategy social relationships, marketing image, customer satisfaction, stakeholder acceptance, marketing performance and sustainability marketing. Potential conversation with the results of the research is actually applied in the study Apply the main steps of marketing planning in practical business situations à ¢Ã¢â€š ¬Ã‚ ¢ mission statement (or define the mission of the company) has an impact on all the planning throughout the organization, because it is a statement of the companys overall business philosophy. Normally, a set of guidelines, rather than something that is expressed in quantitative terms hard and fast. à ¢Ã¢â€š ¬Ã‚ ¢ Situation analysis involves assessing the internal and external factors that influence the planning process and asks the question: Where are we?. This means that the research and analysis of all the information that has an impact on the organization and its operations, internal factors such as individual departmental corporate resources, external factors such as the current political events may interfere with the activities of the company. à ¢Ã¢â€š ¬Ã‚ ¢ organizational goals requires a management company to offer guidance on how the company to fulfill its mission, and it makes it clear that the company wants to be. This, in contrast to the mission, should be expressed in quantitative terms available. à ¢Ã¢â€š ¬Ã‚ ¢ strategies to achieve these objectives, concrete ideas on the achievement of corporate goals and relate to choose the way in which the mission is accomplished. 2.1 Analyze critically how strategic market analysis, marketing goals and marketing actions influence marketing strategy 2.1.1 Evaluate the key influences on strategic marketing planning, e.g. analysing competitors; identifying strategic marketing goals. The creation of a marketing strategy inevitably takes place in a strategic context which is a mixture of internal and external factors. Because of this, it is essential to have a clear understanding of that context before the marketing strategy is constructed. A systematic approach to acquiring that understanding helps to ensure that it is well informed and covers all the relevant factors. 2.2 Demonstrate how an over-all view on the strategic position of businesses and the understanding of their competitors impact on their marketing strategy 2.2.1 Explain the importance of competitors, e.g. key issues when analyzing a businesss competitors Competitive analysis and strategic evaluation of the strongly corrugated and corrugated SWAK of current and potential competitors. This analysis provides both an offensive and defensive strategic context to identify opportunities and threats. Profiling an average of all relevant sources of competitor analysis in a framework in support of the efficient and effective strategy formulation, implementation, monitoring and adjustment. analysis is an essential part of the corporate strategy. It is argued that most companies are not this type of analysis systematically enough to carry. On the contrary, many companies are working on what is called informal impressions, assumptions and intuition by goodies information about competitors every manager continually receive. As a result, the traditional sites of the area scanned many companies to the risk of dangerous competitive blind areas due to a lack of robust competitor analysis. Demonstrating the value of information about competitors, such examples of business use to answer questions which provides information on five main competitors Management for Impact means that that is what is needed to respond to changing conditions and greater understanding by the adaptation of the project so it will be more likely to achieve its expected impact such changes may result in minor changes to the assets or major strategic reviews .. Each project is managed to be impacted by its own set of limitations. hold the internal and external constraints will help you to have realistic expectations of what can be achieved and set. 2.3 Analyze critically the links between growth strategies and the main types of strategic marketing objectives 2.3.1 Explain the main types of strategic marketing objective, e.g. niche, hold, harvesting and divest objectives The purpose of strategic marketing analysis is to help managers understand the nature of the industry, the way firms behave competitively within the industry, and how competition is generally undertaken. From this information it becomes easier to determinate exactly what the marketing goals should be. There are several types of strategic objective but four main ones are considered here. These are niche, hold, harvest, and divest goals and are considerable briefly. However the section that follows considers a further objective, namely growth. 2.3.2 Demonstrate the links between growth as an objective and other key strategic marketing objectives, e.g. examine types of growth (intensive, integrative, diversified) in relation to other to strategic marketing objectives When an organization adopts a diversification strategy they are essentially moving outside current, known areas of expertise. Through diversification they begin to work with new products, in new markets, and this brings new risks. Diversification for single-product organizations is an important development for two main reasons. First, risk becomes spread across two or more markets, and secondly, organizational resources such as management, marketing, finance, production, and operations can be used more effectively and efficiently when deployed across more than one product or market. Horizontal diversification occurs when products that are technologically unrelated to The established product range are introduced to the same market. Concentric diversification occurs when products that are technologically related to the Current portfolio is introduced to new markets. Conglomerate diversification occurs when products that is technologically unrelated To the current portfolio are introduced to new markets. 2.4 Demonstrate how marketing strategies contribute to sustainable competitive advantage 2.4.1 Identify the conditions necessary for sustained competitive advantage, e.g. Porters ideas for sustainability He described a category scheme consisting of three general types of strategies that are commonly used by companies to achieve competitive advantage and maintain. These three generic strategies are defined along two dimensions: strategic scope and strategic strength. Strategic scope is a demand-side dimension (Michael E. Porter was originally an engineer, then an economist before he specialized in strategy) and look at the size and composition of the market you intend to target. Strategic strength is a supply-side dimension and look at the strength or core competency of the company. In particular, he has two powers which he felt was most important: product differentiation and product cost (effectiveness) identified. 2.4.2 Assess how different strategies contribute to competitive advantage, e.g. key positions that a business can adopt (cost leadership, differentiation and focus strategies) and their impact in achieving competitive advantage Differentiate their products in a way to compete successfully. Examples of successful use of a differentiation strategy are Hero Honda, Asian Paints, HLL, Nike Sneakers, By-Pastor, Apple Computer, and Mercedes-Benz. Differentiation that is tuned when the target segment is not sensitive to price, the market is competitive or saturated, customers have very specific requirements that may be under-served, and the company has resources and unique features that allow you to these needs in a response mode that are difficult to copy. These include patents or other rights of intellectual property (IP), the only technical expertise (eg Apples ability to design or animation prowess PEER), talented employees (for example, a champion sports team or a company of merchants Star brokerage), or innovative processes. Successful brand management is only observed even when the physical product is the same competitors. In this way, Chiquita was able to banana brand Starbucks coffee could be seen, and cou ld sneakers Nike brand. Fashion designers are heavily dependent on this form of image difference. 2.5 Apply the main steps of marketing planning in practical business situations 2.5.1 Demonstrate the process of marketing planning in a business context, e.g. devise outline marketing plans to meet the needs of different sizes and types of business The assignment gives few guidelines, examples, methods, tools, and the procedure to write a business plan that generates effluent outcomes. There is also online guidance available which are not chargeable and which demonstrates ways in which marketing strategy can be generated or a company to write a basic business plan or a plan related to sales by making use of freely available templates, examples and tools of how specific the statement separately and theories and techniques for marketing strategy and marketing planning, consisting of tools and guidelines for advertising, press, public relations (PR), and media relations, generation of sales through inquiries , advertising copywriting, internet and web marketing, offers, and so on. There is an in-depth information available about sales planning and selling based on current market situations. Outcome 03: Understand the concept and role of market segmentation and positioning Differentiate between market segmentation and product differentiation A small business can differentiate its product using marketing techniques, by physically changing the product or by changing the price. Using marketing, you can create a brand or image in the mind of consumers by pointing out the difference between your product and those of your competitors. For example, your advertising can show that while your product may cost the same as your competitors, it lasts longer, making it less expensive to use. If you sell tennis shoes, you can reinforce the toes, making it a longer-lasting shoe that appeals to frequent players who wear out their shoes. Lowering or raising the price of a product differentiates you from your competition. Because consumers have different needs, even when shopping for the same product, its important to know who is buying your product. This will help you plan your marketing, product development and pricing. You can sell a higher-priced version of your product with extra features in specialty stores to attract young, affluent singles, and sell another version with fewer features at a lower cost to young families or seniors. You can sell one version of your product to consumers, and another to businesses. 3.2 Compare and contrast different targeting approaches Business plans come in all shapes and sizes. Pragmatism is essential. Ensure your plan shows what your business needs it to show. Essentially your plan is a spreadsheet of numbers with supporting narrative, explaining how the numbers are to be achieved. A plan should show all the activities and resources in terms of revenues and costs, which together hopefully produce a profit at the end of the trading year. The level of detail and complexity depends on the size and part of the business that the plan concerns. Your business plan, which deals with all aspects of the resource and management of the business (or your part of the business), will include many decisions and factors fed in from the marketing process. It will state sales and profitability targets by activity. In a marketing plan there may also be references to image and reputation, and to public relations. All of these issues require thought and planning if they are to result in improvement, and particularly increasing number s of customers and revenue growth. You would normally describe and provide financial justification for the means of achieving these things, together with customer satisfaction improvement. Above all a plan needs to be based on actions cost-effective and profitable cause and effect; inputs required to achieved required outputs, analyses, identifie