Fsrtois Influencing Company Marketing Slrateyy

1ARKETING 1 ■ In practice, there is ei logical proccss that marketing follows, The marketing planning process consists of analysing marketing opportunities; selecting target markets; designing marketing strategies; developing marketing programs; and managing I h c n iaricet i ng effu rt. Figure 1 j6 presents a graiid su m ma ry of i lie ma rke t ing process and i lie forces shaping the company's marketing strategy.

Shifts in Marketing Management

A number of important trends and forces ¡ire eliciting a new set of beliefs and practices on ihe part of business firms. Marketers are fundamentally rethinking theif philosophies, concepts, and tools, tlere are 14 major shifts in marketing management thai smart companies liave been making in the Twenty-first century. These major themes will be examined th rough nut ibis book io help marketers and companies sail safely through the rough but promising waters ahead, Successful companies will be those who can keep their market ing changing with the changes in their marketplace—and markets pace,

FROM MARKETING DOES THE MARKETING TO EVERYONE DOES THE MARKETING Companies generally establish a marketing department io be responsible lor creating and delivering customer value. But as the late David Packard of Hewlett-Packard observed, "Marketing is far too important to ¡envc to the marketing department." ¡Companies now know lii ¡it market ing is not done only by market ing, sales, and customer! support personnel; every employee lias an impact on the customer and must see the customer as the source of die company's prosperity. Consequently, companies are beginning to envpEiasi/e interdepartmental teamwork In manage key processes. More emphasis is also be inj; placed on the smooth maitageEiienitif cure business processes, such as new-prod uel realization, customer acquisition and retention, and order fuSII[Intent.

FROM ORGANIZING BY PRODUCT UNITS TO ORGANIZING BY CU5TOMER SEGMENTS Some companies are now switching from being solely prod net-centered with product managers and prod,net divisions to manage them to being more customer-segment-centered, in late l&M. Royal Bank of Canada reorganized itself around customer Segments, not products nr territories, by studying these segments carefully, Uoyal Hank developed a number of new profit-gene rat ing products and services such as first mortgages and estate settlements. As ;i result, revenues increased by SI billion over the next three years and the stock price rose I0U percent in the midst of a stagnant bear market.

zs part 1 Understanding marketing management

FROM MAKING EVERYTHING TO BUYING MORE GOOD$ AND SERVICES FROM More companies are choosing to own brands rather than physical assets. Companies are aiso increasingly subcontracting activities to outsourcing firms, Their maxim: Outsource those activities that others can do more cheaply and better, but retain core activities.

FROM USING MANY SUPPLIERS TO WORKING WITH FEWER SUPPLIERS IN A Companies are deepening partnering arrangements with ki-y suppliers jatid distributor Such companies have shitted from thinking of intermediaries as customers to treating them as partners in delivering, value to final customers.

FROM RELYING ON OLD MARKET POSITIONS TO UNCOVERING NEW ONES In highly competitive marketplaces, companies must always be moving forward with marketing programs, innovating products and services, and staying in touch wiih customer needs. Companies must always be seeking new advantages rather than just relying on their past strengths.

FROM EMPHASIZING TANGIBLE ASSETS TO EMPHASIZING INTANGIBLE ASSETS Companies are recognizing that much of their market value comes from intangible assets, particularly their brands, customer base, employees, distributor and supplier relations, and intellectual capital.

FROM BUILDING BRANDS THROUGH ADVERTISING TO BUILDING BRANDS THROUGH PERFORMANCE ANO ÍNTEGRATEO COMMUNfCAT/ONS Marketers arc moving from an overreliance on one communication tool such as advertising or sales force 10 blending several tools to deliver a consistent brand image to customers at every brand contact.

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  • PETE
    What major shifts are smart companies making in marketing?
    7 years ago
  • tito
    What are the core concepts in marketing and what major shifts are smart companies making?
    7 years ago

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