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Marketing managemnet - Essay Example

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Marketing Management (Name) (Institution) (Course) (Tutor) (Date) Introduction Marketing management basically entails putting into practice, tracking and re-evaluating a company’s marketing resources and activities. Marketing management revolves around how large a company is and the industry in which it works…
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Download file to see previous pages Many companies seek success in various factors. These factors include: excellent information systems, qualified workforce, and modern technology all contribute to business success. Nevertheless, successful companies, such as Coca Cola Company, McDonald’s foods, Starbucks, and other renowned companies have had a similarity: they have a strong customer orientation programs and have heavily invested in marketing on their products and services. Marketing Management In essence, marketing consists of strategies and tactics that are used to identify, create and maintain satisfying relationships with customers that results in value increase for the companies and the customers. Successful companies dedicate efforts to sensing, serving and satisfying the needs of customers in the unique target markets. Companies like Apple have attained brand equity through constant innovation an excellent customer service. Moreover, Apple products are built on advanced communication technology and additional feature like email and messages capabilities, which have increased the level of customer satisfaction. Basically, the Apple Company has been able to implement technology, and innovation in all the marketing mix elements (Boone and Kurtz, 2010). Marketers should always understand that business revolves around the creation and delivery of value to customers. The customer value is said to be the variation between the customers’ value gained from owning and using the products and the cost of obtaining the products. Of importance to note is that successful marketing managements entails identifying the right market for the products and services and designing the appropriate marketing communication messages, which are tailored to the particular market and target customers (Green and Keegan, 2012). Elements of Marketing Strategy The marketing strategy of any company is composed of various elements, which interrelate. The main element is the market selection and the product planning, which basically involves the product line and the product offering of the target market. A company can either choose a single market strategy or multi market strategy. In single marketing strategy, the company will concentrate its efforts in servicing the single unique market segment while avoiding competition with the dominant players. In a multi marketing strategy, the company will serves several distinct markets hence the importance of carefully selecting the target markets which are viable. In a total marketing strategy, the company will offer differentiated products to different market segments; hence it should utilize the marketing variables such as price, promotion, products, as well as, the distribution strategies in competing effectively in the entire market (Haberberg and Rieple, 2008). The company should ensure that thorough scrutiny should be able to decide and take up on the best marketing strategy that ought to be used. For instance, the Apple Company has been able to anticipate and bear the market risks including the effective promotion of the Apple products such as iPods and phones. According to Hartline and Ferrell 2010, a company may also choose an early entry where it brings into the market a new segment after the market leaders hence the company should ensure that it uses superior marketing strategies and sufficient resources to compete with the market leader. A company could also choose a laggard entry strategy where it enters in the market through imitation of ...Download file to see next pagesRead More
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