Discuss about the Strategic Marketing for Enhance the Existing Operations.
Strategic management help the organization to identify the relevant the strategies to enhance the existing operations of the business enterprise. According to Agudo et al (2012), it can be helpful in assessing the existing financial operations of the business enterprise and taking measures to rectify the situation. It can be said to be a combination of the financial and the non-financial operations of the business entity to execute the operational strategies of the entity. It defines the employee role that is consistent with the objectives and the goals of the organization. The total market solutions would enable the business organization to provide support to the organizational performance.
Baker and Parkinson (2016) mentioned that the strategy of the organization have to be organized as per the goals and the objectives of the business entity. In this regard , it can be said that strategic management helps the organization in determining the discrepancies in the operational policies of the management and thereby taking appropriate measures.
Strategic management plays an essential role in executing each aspect of the operational policies of the business like finance, HR and marketing to suit the operational policies of the business entity. According to Czinkota and Ronkainen (2012), strategic management has been a useful tool for the organization in the times of a business crisis. In this regard, it can be said that strategic management is a necessary tool that has been effective for the business entity in setting up of the operational policies in the case of a start-up business entity.
There is a strong link between the corporate strategy and the marketing strategy of a business entity. The marketing strategy of an entity is based on the corporate strategy created. According to Dasgupta et al. (2015), the corporate policies of a business enterprise is the pillar that develops the path through which the organization runs. As such, it can be d said that the marketing policies of the organization is developed on the long term corporate strategies of the business enterprise. Thus, the potency of the marketing strategies is determined on the corporate strategy that is followed in the business entity. This is especially important in the case of the retail entities.
The retail business enterprises in operates in a vulnerable market environment. Therefore, it is essential that a strong corporate strategy is developed to ensure survival in a competitive market environment. Gilligan and Hird (2012) stated that the promotional, price and the distribution strategies of the business entity is dependent on the nature of the corporate strategy created to address the existing issues of the entity and assists the business organization in its growth. Diamantopoulos et al. (2013) mentioned that the corporate strategy encompasses the operational, marketing as well as the financial strategies of a business entity. Therefore, it can be said that the marketing strategy is an essential part of the corporate strategy adopted by a business enterprise. The marketing strategies is also dependent on the existing market conditions developed by a business enterprise. In addition , the consumer tastes and the preferences are also considered while framing the marketing policies. East et al. (2013) mentioned that corporate strategy are developed after considering all these factors. Thus, the marketing policies of the business enterprise are dependent on the corporate strategy developed in the business organization.
The following are the steps that are taken to develop the marketing strategy of an entity.
1. Market competition – The market competition is an essential factor that has an impact on the marketing policies adopted in the organization. Eng and Ozdemir (2014) mentioned that the presence of substitute products in the market shall raise the level of competition in the market. As such, it can be said that the nature of the market shall have a considerable influence on the marketing strategies adopted in the organization.
2. Financial strength- The financial strength of the organization have an essential impact on the marketing strategies of the organization. Gnizy and Shoham (2014) mentioned that elaborate sales promotional policies would not be possible if the inherent financial condition of the business organization. The business entity has been essential for the business entity in regard to the operational policies of the entity. This shall ensure that there are no wastage of the financial resource , thereby, leading the organization to incurr lossess
3. Consumer behavior – The consumer behavior of in any particular region would have a necessary influence on the marketing strategy According to Gilligan. and Hird, (2012) , the consumer behavior shall be of a considerable influence on the marketing policies of a place. Thus, the consumer behavior has to be adequately judge to appropriately structure the product and the service offerings offered to the consumers.
4. The existing trends in the market – The existing trends in the market shall reflect on the choices and the preferences of the consumers. Gnizy and Shoham (2014) stated that the marketing strategies have to adequately consider these factors to assist the organization in capturing the attention of the consumers in the market.
5. Consolidation – The business enterprise has to consolidate the existing position and address any issues that can harm the organization. Therefore, in the pursuit of adopting the expansion strategies the business organization the current market position of the organization would not be neglected under any circumstances.
6. Government laws and regulations – The government laws and regulations would have to be taken into account while determining the marketing policies of a business entity. According to Hardwick et al. (2014), the laws and the regulations offers the necessary guidelines through which the organization has to execute its marketing policies. The government laws and regulations defines the necessary measures as well as the ethical means that would enable a business entity to execute its marketing plans as per the needs.
The brand has the ability to determine the operational analysis to determine the existing business operations of the entity. According to Hollensen, (2015), the internal environmental analysis would assist the entity to assess the existing condition of the business entity and take measures accordingly. The internal environmental analysis would emphasize on business constituents like the existing operational and the financial policies of the business entity.
In addition, the internal environmental analysis shall relate to the ability of the organization to sustain the market competition of the substitute brands in the market. The financial and the non-financial resources of the as per the needs of the organization. According to Katsikeas (2014), the internal environmental analysis would assist the entity in preparing an effective business plan to help the organization to achieve further growth. The internal environmental analysis would emphasize on every aspect of the business enterprise to enhance the operational policies of the business entity.
The external environmental analysis would analyse the external environmental attributes affecting the business organization. Majaro (2013) stated that the PESTLE Analysis would be of help to the business entity that shall be effective in evaluating the market environment the organization is operating.
Political – The political factors affecting the operational policies of a business entity would have an influence on the business environment that the organization is operating. The political attributes include the existing political situation of the place and the influence of the operating policies of the business enterprise.
Economic – There are certain economic attributes influencing the business sustainability of a place. In addition, the economic attributes include the purchasing power of the plac and the rise in the prices of the goods. The economic factors have also an essential influence on the operating and the financial strategies of the region. According to Schiffman et al. (2013), the economic attributes are the factors affecting the region of a place
Social – The social factors have an essential influence on the operating strategies of a business enterprise. The essential characteristics of the social environment mainly deal with the consumer behavior and buyer choices and preferences. According to Meissner (2012), the social attributes deals with the traditions and the culture of a place. In this regard, it can be said that these would have an impact on the business sustainability. The social obligations of the entity are also to be taken care of when forming the business policies. These relate to respecting the local culture and the traditions to facilitate company reputation and the goodwill of the organization.
Technological- The technological innovations available shall have a large impact on the existing business functionalities of a place. According to Mihart (2012), this is an essential influence on the operations of a business entity and can lead the organization to growth. This would also help the organization to facilitate the growth. The region in which the organization is operating in shall have an essential influence on the operations of a place.,
Legal – The government laws and regulations affecting the operations of a place would have an impact on the business functionalities of the organization. The legal characteristics also include the import export procedures affecting the laws and the regulations of a place. In this regard , Mihart (2012) noted that these regulations have to adhered to create fair and transparent business policies. The legal characteristics of the place have been effective in maintaining a strict guideline towards the operational expenditures of the business entity,
Environment– The business entity have to follow the local laws and regulations relating to the protection of the environment. As such Newton and Meyer (2013). noted that the protection of the environment should be the primary concern of the employees. The environment laws should have an essential impact on the business policies of an organization. In this regard, Newton and Meyer (2013) said that this is the environment protection laws have been a primary concern among the reputed entities. The environmental laws in a particular region have been able to restrict the operational policies towards maintaining a healthy environment,
The internagies of the m organization. The internal and the external operations have been an essential factor in order to determine the existing business policies of the organization. Papadopoulos and Heslop (2014) mentioned that there exists an essential link between the internal and the external operations of the business entity.
Thus , the internal and the external analysis of the business enterprise pertinent marketing policies shall be developed which would assist the business entity to gain a larger market share. Pearce (2016) stated that the internal and the external analysis have develop a strong relationship to facilitate the operational policies of the business entity. The TMS have used the internal and the external analysis to aid the business enterprise in achieving further growth. Paliwoda and Thomas (2013) mentioned the integration of the internal and the external market analysis shall assist the business entity in developing the marketing and the operational analysis
The following are the strategies that can be implemented that can contribute to the business competition.
1. Nature of the product and the service – The nature of the product and the service line is a large determinant on the marketing strategy adopted in the business organization. In this regard, Saleh et al. (2014) noted that the nature of the product and service line would determine the kind of marketing strategy adopted in the business entity. The Total Marketing solutions would be used to develop the operational strategies of the business enterprise, thereby, leading the organization to attain further growth.
2. Pricing strategy – The TMS would be used to determine the epricing strategy of the organization. Thus, this would assist the organization in developing newer market segments and attracting potential customers towards the brand. According to Prybutok, (2012), the pricing policies have been essential in ensuring survivability in a competitive market environment. The pricing policies have been effective in assessing the current business policies of the organization and rectification of the existing issues in the business organization. In these regard, the pricing policies have enabled the business entity.
3. Identifying the target segment of customers – It is important to identify the target segment of customers that would enable the business organization to preparer the business plan of the organization. Newton and Meyer (2013) mentioned that The Total Marketing Solutions would assist the business organization in order to build the business sustainability of the organization. Therefore, it shall enable the business entity to build prosperity and growth.
4. Consumer choices and preferences – The consumer choices as well as the preferences shall be analyzed in determining the consumer choices and the preferences of the consumer. In addition, understanding the consumer choices and the preferences of the consumers would assist the business entity in developing the long term goals and objectives of the business entity. According to Ramsay et al.( 2013), consumer behavior would have a large influence on the operational and the marketing policies of the business entity.
5. The presence of substitute products – The presence of substitute products in the market shall complicate the market situation of the business enterprise. In addition, this would intensify the market competition, which would pose a threat to the business sustainability of the entity. Therefore, pertinent marketing and operational strategies should be framed to overcome the required threats from the substitute products in the market. According to Rao (2015), for a start-up business entity the primary objective is market survivability. As such, it is necessary that the TMS make effective strategies for the growth of the organization. Thus, it is essential that the marketing strategies are effective in setting up of the business entity in leading the business enterprise to prosperity.
The market communication strategy primarily deals in developing the brand identity of a business enterprise. As such, it is essential that the marketing strategies have been essential to develop the brand awareness of a brand. According to Saleh et al. (2014), the marketing communication strategy is used in capturing the attention of the public. The following are the characteristics of the market communication strategies. The marketing communication strategies help the smoother flow of communication from the top management of the organization to the middle –ranked managers of the organization. (Rao 2015).
Components – The marketing communication strategy is developed through the various market components. Weinstein and Pohlman (2015) stated that advertising is used in raising the awareness levels of the business organization. In addition, it is used in the development of the marketing channels in the organization.
Strategies – The employee policies has been used in the development of market communication strategies. Paliwoda and Thomas (2013) mentioned that the strategies are developed in five different strategies to encompass each aspect of the business functionalities. The company goodwill as well as the operational strategies of the business entity. In this regard, it can be said that the market communication strategies would emphasize on each aspect of the production and the distribution process in the organization.,
Benefits- There are certain benefits to the implementation of the market communication strategies adopted in the business entity. As such , Turnbull and Valla (2013) stated that it is necessary that such factors in the manufacturing process in the organization shall assist a business entity to assess the existing performance of the entity and take measures accordingly.
The market communication policies have to be adopted in the business entity to aid t the business enterprise in addressing the issues that has been hampering the business enterprise. According to Schiffman et al. (2013), the market communication strategies shall have the necessary constituents to cover each aspect of the business entity. The market communication strategies have to be adopted to assist the business enterprise, in executing the operational strategies of the business entity. Prybutok (2012) mentioned that the marketing communication strategies have been adopted in the organization
There are certain considerations through which the market communication strategies has to be implemented in the organization. These include the existing market condition as well as the consumer behavior in the organization. In addition, the considerations are the inherent financial strength of the organization. Besides this, there are several other factors that includes the market competition and the presence of substitute products in the market. According to Solomon et al. (2013), several considerations cater to the operational policies of the business enterprise. In this regard, it can be said that the primary consideration is the need of the organization.
There can be several issues that can be considered in implementing in the organization. According to Spurling et al. (2013), the adoption of the resource and the management implications in the business entity that would assist the business in allocating the resources as per the needs of the organization. The marketing strategies implemented in the business entity shall be considered after analyzing the financial and the non-financial resources in the entity. In addition , the pertinent issues that has been affecting the organization shall be overcome through the implementation of the marketing policies in any business organization. The management of the organization has to play a leading role in the implementation of the marketing strategies in the organization.
According to Turnbull and Paliwoda (2013), the leadership role has to guide the employees to facilitate the growth of the business organization. The management communication strategies has to be implemented after considering attributes like the technology implemented in the organization and the usefulness of the human resource policies implemented in the business entity. Besides this, it is necessary that the marketing strategies adopted in the organization should ensure that there are no adequate wastage of resources. The resource and the management implications have to be adequately implemented with considerable time and effort to help the business entity in its growth.
References
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Baker, M.J. and Parkinson, S.T., 2016. Organizational buying behaviour: purchasing and marketing management implications. Springer.
Czinkota, M. and Ronkainen, I., 2012. International marketing. Cengage Learning.
Dasgupta, P., Southerton, D., Ulph, A. and Ulph, D., 2015. Consumer Behaviour with Environmental and Social Externalities: Implications for Analysis and Policy. Environmental and Resource Economics, pp.1-36.
Diamantopoulos, A., Fritz, W. and Hildebrandt, L. eds., 2013. Quantitative Marketing and Marketing Management: Marketing Models and Methods in Theory and Practice. Springer Science & Business Media.
East, R., Wright, M. and Vanhuele, M., 2013. Consumer behaviour: applications in marketing. Sage.
Eng, T.Y. and Ozdemir, S., 2014. International R&D partnerships and intrafirm R&D–marketing–production integration of manufacturing firms in emerging economies. Industrial Marketing Management, 43(1), pp.32-44.
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