A Summary of Key Concepts Story of Marketing Management Summary

Open, View, and/or
Download this Document

Total Length: 1982 words ( 7 double-spaced pages)

Total Sources: 6

Page 1 of 7

MARKETING MANAGEMENT Story of Marketing ManagementStory/ Summary of Page 1 QuestionsCompanies capitalize on their core competencies to and competitive advantage and realize their responsibilities towards society and stakeholders. They have the power to use their knowledge and competencies to strengthen their stakeholder relations, keeping it as a tactic for empowering the dynamic capabilities they already possess. Not only this, but also core competencies give extra control to the company when changes are to be implemented, and adjustments are to be handled carefully. The external marketing situation is the image of the company that it has established over the years for the competitive industry and its loyal customers so that the company’s relationships within the value chain are facilitated for further profit-making and value enhancement for all the participants. In this process, quantitative and qualitative data help the company make sensible and informed decisions related to its products (Evolve, n.a.), so that failure of a product does not affect its relationship with the supply chain members as well as does not lose their connections with its customers. For developing an effective marketing image in the industry and the target market, external marketing largely relies on strategic marketing that involves initiating a mission statement, segmentation, targeting, positioning, and sustainable global value chain. In the contemporary times of globalization, it has now become imperative to deeply consider the investment in advanced production technologies so that being a part of upstream segments of the global value chain (GVC) enables the contribution as a key supplier in regional integration of production based on segmentation and positioning (Kano, Tsang & Yeung, 2020). Communication and negotiation play an integral part in making the buyer-seller relationship strong and reaching decisions that could be considered collaborative, reflecting the leadership practices. In other words, when a marketing plan is applied, the short and long-term goals are set that should be achieved within the set time limit. This would allow the company to build a connection with its buyers by communicating company values to assess its costs associated with customer acquisition. For this, leadership needs to be envisioned and invigorate its people with the energy needed for achieving both short and long-term goals. Story/ Summary of Page 2 QuestionsRelationship marketing is entirely vested in customer relationship management (CRM) since it emphasizes building customer loyalty and long-term customer commitment by establishing strong or sometimes emotional associations with them for profit-making purposes (Gummerus, von Koskull & Kowalkowski, 2017). The networks and chain of relations made with relationship marketing are most beneficial in the service sector; however, as the need has grown in the globalized arena, it has been widely used for all industry types. The three features of core competencies that companies vigorously make use of for building customer loyalty, fortifying value chain relations, and capitalizing on networks inculcate the creation of perceived value for the buyers, wider pertinence to the entire market, and blocking the competitors from imitating (Business Jargons, n.a.). The presentation of core competencies depends on whether the company wants to make profits only or wants to sustain its long-term relations that would be relying on its strategic decisions, importance giving to the stakeholders, and leadership values.

Stuck Writing Your "A Summary of Key Concepts Story of Marketing Management" Summary?

View All Our Example A Summary of Key Concepts Story of Marketing Management Summary

Have A Custom Example Essay Written

 A company’s competitive advantage is shaped by its internal characteristics, strengths, and weaknesses to help in the facilitation of strategy formulation. The internal economies support the company in making better cists decisions. Cost-cutting can make it stronger against its competitors, giving it the rightful grip over its competitive advantage. Story/ Summary of Page 3 QuestionsThe three categories of customers could be distinguished based on their types of needs: functional, social, and emotional needs (Stobierski, 2020). Each type of customer has…

[…… parts of this paper are missing, click here to view the entire document ]

…culture (Iniguez, 2021). Leadership is needed for setting a clear vision and direction for the followers, the company employees, to know their duties and responsibilities for putting in meaningful hard work for strategy execution. One of the company’s core values is strategy formulation, as its efficiency depends on core competency, like a suitable strategy for pursuing its goals. The importance of communication cannot be overstated since it creates collaboration and coordination, an extremely esteemed factor in organizational effectiveness. To improve work performance, employees need to know that they are accountable for their behavior and actions, which could be reflected in the company metrics and whether expectations are met quarterly or yearly. Organizational culture should enhance employee engagement so that maintaining a high correlation between both accelerates organizational productivity. There are numerous marketing strategies- paid advertising, word-of-mouth, diversity marketing, internet marketing, relationship marketing, undercover marketing, etc.- that are beneficial for particular causes, and making the right selection for meeting the set goal is crucial for the long-term success of the company (Yodiz, 2016). The companies are looking for customer satisfaction to mark their image in the cut-throat competitive industry by making as maximum sales revenue as possible. However, businesses today do not solely rely on profit-making; they have to look after certain other tactics, such as employee engagement, leadership traits, global sourcing, logistics management marginalization, total contribution, and cutting down of marketing costs. While formulating a marketing plan, minding the concepts mentioned above is mandatory for instilling efficiency in the marketing plan and helping the company reach its desired destination. The required tools and strategies are to be included in the plan to boost the effectiveness and generate making the most of company revenues by fulfilling the goals within the set period. .....

Show More ⇣

     Open the full completed essay and source list


OR

     Order a one-of-a-kind custom essay on this topic


sample essay writing service

Cite This Resource:

Latest APA Format (6th edition)

Copy Reference
"A Summary Of Key Concepts Story Of Marketing Management" (2021, August 16) Retrieved May 5, 2025, from
https://www.aceyourpaper.com/essays/key-concepts-story-marketing-management-2181132

Latest MLA Format (8th edition)

Copy Reference
"A Summary Of Key Concepts Story Of Marketing Management" 16 August 2021. Web.5 May. 2025. <
https://www.aceyourpaper.com/essays/key-concepts-story-marketing-management-2181132>

Latest Chicago Format (16th edition)

Copy Reference
"A Summary Of Key Concepts Story Of Marketing Management", 16 August 2021, Accessed.5 May. 2025,
https://www.aceyourpaper.com/essays/key-concepts-story-marketing-management-2181132
   

Open, View, and/or
Download this Document
order custom essay example