Free Sample: Marketing Management paper example for writing essay

Marketing Management - Essay Example

This essay provides an insight in to the current thoughts on marketing planning’s strategic and operational adaption and contribution to modern marketing in contemporary times which are subject to change frequently and uncontrollably. It has become increasingly important in the past few decades for a firm to develop a marketing plan and the elements that are included in a marketing plan and they have become highly regarded as a major part of a business profile, (Day and Wensley, 1983). Firms must adapt to the environment in which they are a part of in order to survive against competitors, (Golden et al, 1995).

Different ideas of strategy have emerged over the past few decades and there are many academics that study the concept, one of the main being Porter, (1980) and in particular “competitive strategy” in which Megicks and Blythe agree that many marketers can lose focus as to what they want to achieve through marketing planning . In general, the reason for marketing planning is to gain competitive advantage by giving and exceeding customer’s expectations through value.

Heiens (2000) shares his knowledge of marketing planning as a customer focussed strategy and, along with many other researchers, centres his ideas that surround long-term business sustainability through market orientation and believes that a business that is customer-focussed is more interested in the future of the business as a long-term deal. Traditional marketing planning is becoming outdated, and processes such as market segmentation are becoming old fashioned and not relevant in modern practices, (Bailey et al, 2009).

Business decisions have grown more sophisticated because of marketing planning practices that were understood firstly many years ago, (Michman, DATE). Michman states that strategic planning before the 1960s was not highly regarded as a structure used by businesses, however since then, businesses have started to adapt and now identify strategic alternatives and business back-up plans. This is because of the constantly changing surrounding environment, (Ibid).

By looking in to contemporary marketing, it is suggested through literature that market orientation and business performance have no direct link, however Mehdi (2010) has proved through studying no less than 200 companies and their link between market orientation and marketing planning , and if used within a business, show an increase in business performance which leads to business sustainability. This is hugely important in a country which has a current economic recession, such as the UK. Kyriakopoulos discusses the idea that modern practices are being influenced by different forces under the PESTEL framework: policies are adapting, technology is advancing, and major competitors are creeping up from dust in order to gain competitive advantage over many smaller businesses.

Compton (2000) believes it is highly important to connect with your customers by planning ahead and marketing directly to your target profile. It is especially imperative during the current economic downfall to plan ahead and look in to the future to decide what is best for your company, (Italy Country Report, 2009) as it is becoming increasingly difficult when it comes to things like loan-repayments, (ibid). In this world of sometimes overwhelming change, it is essential for businesses to plan ahead.

Although many authors and academics agree that marketing planning in the modern world, it is suggested by Constantinides, (2005) that although marketing can be beneficial on a company, he states that it is the other aspects of a company that really keep the business sustainable, and the chief of marketing within an organisation cannot be relied upon to keep the business going. It is therefore hugely important for a business to excel on other departments and units in the organisation in order to become a long-term business that generates high profits.

In conclusion, this essay provides a basic insight in to the modern marketing practices and how important they are in a world that is full on continuous change. Many authors such as Porter are constantly developing ideas to help businesses understand their environment and give information on how to adapt to these changes. Marketing is hugely beneficial to businesses in order to make the business sustainable, can provide competitive advantage and allows for the identification of goals and aims, and gives direction for a company.

References

Bailey, C. Baines, P. Wilson, H. and Clark, M. 2009. Segmentation and Customer Insight in Contemporary Services Marketing Practice: Why Grouping Customers is no Longer Enough. Journal of Marketing Management. 25 (3/4) pp227-252.

Compton, J. 2000. Reach out to Customers Instantly. PC Computing. 13 (2), February, pp152.

Constantinides, E. 2005. New Rules and Challenged in the Networked Market Place. Virtual Marketing. 1 (3) March, pp325-372.

Day, P. and Wensley, R. 1983. Strategic Orientation. In: Strategic Orientation and Marketing Strategies in Transition Economies: A Study of Russian Firms. Journal of Marketing.3 (1) PP 1-22.

Golden, P. Johnson, D. and Smith, J. 1995. Strategic Orientation and Marketing Strategies in Transition Economies: A Study of Russian Firms. Journal of Strategic Marketing. 3 (1) pp 1-22.

Heiens, R. 2000. Market Orientation: Toward an Integrated Framework. Academy of Marketing Science. pp 1-5.

Italy Country Report. 2009. Economic Policy. Country Report. 8, pp11-14.