The Central Instrument for Directing and Coordinating the Marketing Effort - Essay Example

Hamel & Prahalad (1994; 13) have suggested that competition for the future is a competition to create and dominate emerging opportunities - to stake out new competitive space.’ The further recommended that’ - a firm must unlearn much about its past -recognize that it is not enough to optimally position a company within existing markets - develop foresight into the whereabouts of tomorrow’s markets. In offering guidance on how to achieve this aim, Hamel & Prahalad rely very heavily on the concept of understanding the probable nature of future market conditions and ensuring the organization has acquired competencies appropriate for achieving ongoing success. Their definition of a successful firm is one, which is able to predict the future accurately, acquire core competencies ahead of the competition, and thereby become the dominant player within an industrial sector. Markets always change faster than marketing. Today many companies are disappointed over marketing’s inability to produce measurable results. While companies unabashedly declare their wish to get closer to customers, marketing actually losing power to other functions in the corporation. Now to achieve the highest level of operations every company needs a strong market plan, which will ensure success to them in the present competitive environment.

The marketing plan operates at two levels strategic and tactical. The strategic marketing plan lays out the target markets and value proposition that will offer, based on an analysis of the best market opportunities. The tactical marketing plan specifies the marketing tactics, including product features, promotion merchandising, pricing, channels, and services. Today teams develop marketing plans with inputs and sign-offs from every important organizational function. These plans are then implemented at the appropriate levels of the organization, with management monitoring results and taking corrective action when necessary.