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Clients and Markets
Key theories and concepts of marketing function.........................................................3
Changes to the global market in the last ten years.........................................................4
The role of the manager in the marketing......................................................................4
The impact of global marketing changes on customer value creation...........................5
The term marketing is to providing consumer benefits while following a transactional exchange. Marketing also defined as the activity that involves a set of institutions, methods of formation, communication, delivering, and exchanging of offerings that have customer values, partners, clients, and culture at large. There are several theories and concepts of the marketing function. The main theories for the marketing function are Game theory, signaling, Innovation, product quality, market share, market orientations, etc. Also, there are three main marketing strategies that every organization should adhere.
Mainly there are three aspects of the organizations for marketing they are, strategy content, strategy formulation process and strategy implementation. Strategy content includes the special relationships, contributions, planning, and prototype of resource operation by an organization in its search for competitive improvement. In the strategy formulation process, the business activities that determines the strategy content like decision making, market analysis, competitor analysis, etc, (Kalenskaya, 2015). The strategy implementation related to the initialization of the activities in the organizations and the organization’s associations with the external bodies to understand the plan.
Key theories and concepts of marketing function:
Game theory: This theory supposes that companies are (hyper) sensible towards efficacy. The sensibility shows that it attempts to gain the preferable results topic to the restraint that its competitors as well act in a same way. There may be uncertainty, but the organization overcomes it by figuring competitive assumptions. Game theory shows that intelligent companies follow the footprints of their rival companies and gain success.
Signalling: Signalling is the declarations or previews of possible actions proposed to express data or to receive data from the rivals. This behavior is often inclined by signals propelled by rivals. This theory could also put the organizations that transmit the sign at a difficulty. Signaling is understood as grasping activities may generate unfair review into the conduct of the organization.
Innovation: The research and development for the benefit of the organization can be seen as a creative destruction process other than a state leading to the stability. The Austrian school of strategy supported this concept. The Austrian school of strategy proposes that gains in such a situation resulted from discovery and innovation. The innovation and research and development not related to the changes of an irregular nature alone.
Product quality: Product quality can be referred as any non-value characteristic of a product that shows its dominance and develops a shift in its demand graph. If the industry has to follow a plan by presenting a high value product at a high cost targeted at a small market function, it efficiently eliminates itself from the competition in the market share dominancy in the broader market. The capacity of a company to pay high value for the good quality is dependent on relieving with which customers can decide the value of the manufactured goods. Costumers are likely to use cost as a marker of quality when the quality is not defined.
Market share: This shows an effective relationship between the organization and its profit. The study reveals that the relation between the profit and the market share is strong across various market share definitions, various sample frame, and control for the accounting plan discrepancy (Tzempelikos and Gounaris, 2015). The quality of explanation, market power explanation ad the efficacy explanations, and third-factor explanation method are the four types of methods associated with the Market share.
Market pioneering: A market pioneer defined as marketing of a new product or to provide employment a novice method or to come into a new business. Market pioneering advantage refers as the advantage connected with being the primary company to enter into a new marketing field.
The economic-analytical perception, a market pioneer, is capable to achieve sustainable rival advantage as a result of the access barrier.
Behavioural theories typically define as a pioneering advantage or the brand level at the manufactured goods level in terms of the role of learning in the customer liking configuration.
Market orientation: Market orientation is motivating modern marketing plans, proposes that to be winning, companies should determine consumer’s needs and demands, and fulfil them more efficiently than their rival do (Tretyak and Sloev, 2013). It is the association customs that effects and generates the essential behaviours for the making of the better rate for consumer and, so, incessant best presentation for the marketing of the company.
Changes to the global market in the last ten years: The global market has been changed a lot since last ten years. The changes include changes in the marketing tools, changes in the company’s technologies as per the current market (Huang and Hagan, 2011). The business of an organization needs to provide space for the social media. Before ten years back, when there were no social media the business didn’t have to turn around about, what is going inside the department. Now the organization needs to be open for its costumer. It’s more important than ever to break down departmental silos because consumers are not bothering about it, and they want to know all about the company. There is a huge change in the field of technology development (Boyd and Champ, 2011). Marketing has shifted from developing effective little mails to creating content that change people. The most important is change is a rise in the currency value. The four Ps that are about Place, price, product, and promotion have been changed in the last ten tears. Now it has been changed into the four E s that are Everywhere, Experience, Evangelism, and Exchange (Bell, 2015). Also, the buying prospective of the consumer is changed. In three way the consumer are changed and they are firstly, the buyers are not passive buyers, their awareness about the product time is very short and thirdly they don’t think that that their role in the business is more important .
The role of the manager in the marketing: The global market is changing, and thus the work of managers is difficult to handle it. Also, change in consumers’ perception imposes critical tasks for the managers. The company has admitted that they have to change or to die. There are two theories for the change in the global market the theory E related to the changes in the global economy and the theory O related to the changes in the organization capability (Conway and Monks, 2011). To overcome this manager needs to understand nature and the process of corporate change. Theory E usually includes huge usage of economic incentives, restructuring, scale down, and severe layoffs. To deal with the changes in E the organization Manager has to maximize the firm’s economic value. The manager has to develop reports market study and economic metrics for make improvements in marketing activities (Mählmann, 2015). Managers to make changes to theory O to develop company culture and individual potential through organizational and individual knowledge process, such as the method of changing, reaching feedback, making further changes, etc. The organization should have a strong bond with its employees. Managers have been implored to their consumers regarding making decisions in the area of product development (Gatenby, 2014). Managers should take feedback from the consumers and made changes as per the consumers demand.
The impact of global marketing changes on customer value creation: The change in global marketing also affected the consumer’s mindset about making a decision against purchasing a product (Dimitrova, 2013). The consumers are now open about their needs and requirements, and budgets. The technology has advanced the consumers perception about a certain product. Social media has helped the consumers in making a decision about using a product. Today’s consumers not only take action to their spoken needs but also to recognize their business satisfactorily well to deal actively with their current and future requirements. Consumer’ (Baumann and Le Meunier-FitzHugh, 2014) s value represents the tradeoffs, and the benefits and sacrifices that stem from a provider’s product association resources that consumers consider are easing their targets. Customers are changing their expectations from the products or the organization frequently. This act can critically confront the organizations. Consumer’s needs and expectations are growing, and if they get dissatisfied, there is a chance of terminating the relationship with the organization (Flores and Vasquez-Parraga, 2015). A study of proactive consumer orientation and its effect on the cost, fulfilment and reliability, the outcome was shown a striking finding concerning the worldwide and powerful consistency effects of proactive consumer orientation. The result suggests remodelling of many organizations.
Conclusion: The changes in the global market influence the market or financial of conditioning of an organization. The changes in the technologies, changes in the customers’ perceptions towards an organization, changes in the global economy, etc, always affect the marketing condition of an organization. These changes bring completion between the leaders of the rival companies. The managers have to work towards to overcome these problems. The managers should make a strong relation between the organization and the management to make improvement in the global market. The management also has to understand the consumer’s needs and requirements and should work toward it.
Conway, E. and Monks, K. (2011). Change from below: the role of middle managers in mediating paradoxical change. Human Resource Management Journal, 21(2), pp.190-203.
Gatenby, M., Rees, C., Truss, C., Alfes, K. and Soane, E. (2014). Managing Change, or Changing Managers? The role of middle managers in UK public service reform. Public Management Review, 17(8), pp.1124-1145.
Huang, Y. and Hagan, L. (2011). The role of market-oriented relations in public relations: The differing perspectives of managers and practitioners in the U.S. and Taiwan. Public Relations Review, 37(3), pp.297-304.
Mählmann, T. (2015). Market share and risk taking: the role of collateral asset managers in the collapse of the arbitrage CDO market. Rev Quant Finan Acc.
Bell, R. (2015). Has Business Segment Disclosures under SFAS No. 131 Improved in the Last Ten Years? (2013-2004). AFR, 4(2).
Boyd, J. and Champ, B. (n.d.). Inflation and Financial Market Performance: What Have We Learned in the Last Ten Years?. SSRN Electronic Journal.
Dimitrova, J., Fotov, R., Trajkovska, O. and Todorovska, M. (n.d.). Retrospective of Macedonian Capital Market for the Last Ten Years (from 2004 to 2013). SSRN Electronic Journal.
Baumann, J. and Le Meunier-FitzHugh, K. (2014). Making value co-creation a reality – exploring the co-creative value processes in customer–salesperson interaction. Journal of Marketing Management, 31(3-4), pp.289-316.
Flores, J. and Vasquez-Parraga, A. (2015). The impact of choice on co-produced customer value creation and satisfaction. Journal of Consumer Marketing, 32(1), pp.15-25.
Tretyak, O. and Sloev, I. (2013). Customer flow: evaluating the longâ€term impact of marketing on value creation. Jnl of Bus & Indus Marketing, 28(3), pp.221-228.
Tzempelikos, N. and Gounaris, S. (2015). Linking key account management practices to performance outcomes. Industrial Marketing Management, 45, pp.22-34.
Kalenskaya, N. (2015). Marketing Strategy of Higher Education Institutions. MJSS.
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