700867 Marketing Management in Action Assignment Sample
Here’s the best sample of 700867 Marketing Management in Action Assignment, written by the expert.
Introduction
Marketing management is an important necessary tool for a company to promote its products and brands and enhance the reputation of the company in the market. Marketing management helps a company to take competitive advantage of the market. There are many subjects including analysis of strategic groups for competition, value chain analysis, porter five forces, 4Vs, and swot analysis in marketing management. Usage of luxury items often seems to be highly nostalgic or sophisticated in a way that can provide an individual a certain kind of physical along with mental pleasure within the persons personal territory. There may be such kind of situation where a certain kind of products may seem to be luxury for someone while at the same time it can be seen regular to the user. Depending upon economical standpoint, social ground and other important factors, the usage of a certain kind of products of certain brands such as Rolex watches, Peter England shirts, Raymond suits and others that may or may not be manufactured by a reputed brand can impact on the life of an individual and the associates of that person will be discussed here. The discussion will be a personal reflection where the researcher will be subject and how the selection or usage of luxury products can impact his personal life will be critically analyzed with some proven theoretical approaches below.
Description of experience
I joined a multinational company as a marketing manager for several years. For working in the marketing division I gather vast knowledge and experience in marketing and different kinds of marketing strategies. At this time I realize the influence of porter’s five forces in the determination of marketing analysis. As cited by Ruiz and Holmlund (2017), a company’s reputation in the market depends on how a company can understand the customer base in the market. One of the most important problems or challenges faced by me at the time of working as a marketing manager is understaffed and inexperienced. As per the view of Chonko and Hunt (2018), understaffed in the marketing division is the main cause of any company for its poor marketing strategy. Understaffing in accompaniment especially in the marketing division is the main cause of the lack of promotion of a brand. Hence due to lack of promotion of the brand is the main reason for the company or organization to decrease in market share and market value of the brand. Inexperienced staff in the marketing division is not very useful for the company for their promotion and marketing strategy. As cited by Brown et al. (2017), growing marketing management becomes more complex and complicated, so staff in the marketing division there are more to track, more to know, and more to do. Inexperienced staff is not much suitable for a company’s marketing division for their lack of knowledge and experience in marketing management and in making action plans. As cited by Iddrisu et al. (2020), holes and voids appear in the marketing management team because of a lack of knowledge and professional experience in the market. Lack of marketing knowledge and experience of the marketing professional causes the poor performance of the organization. In one day the misbehavior of an inexperienced professional of the company is the reason for major losses.
Critical analysis of self-reflection
When I worked as a marketing manager in a multinational company I realized that experience as a marketing professional is necessary for the company for its long-term performance and goal. A gap in professional experience creates a void in the performance of the organization. Expert marketing managements professional can transform small enterprises into outperforming companies. From my experience, I strongly recommended that expert marketing managements professional helps a company to take competitive advantage from the market and retain and increase their targeted customer. From my professional experience, I strongly recommended that lack of proper communication among marketing managements professional is affected on companies efficiency and productivity. From my experience, I strongly recommended that portal five forces have an important role in marketing management. In industry most important necessary thing to do is identify the competition and competitors in the industry. Without knowing the ability and strength of competitors it is not possible for marketing managements professional is taking the proper decision and make the correct plan. From my long-term experience as a marketing manager, it is necessary to realize to potential and probability of the newcomer in the market. In marketing management, action plan marketing management professionals know the potential of a newcomer in the market. In the discussion about marketing managements action p, it is necessary to know about the strength of suppliers in a supply chain. When I worked in a retail and services-based multinational company power of supplies has a direct impact on the marketing strategy. Without a strong supply chain, a company can’t deliver the product in time. So supply chain has a significant role in organizational performance. From my Experience, I highly recommended that the power of the consumer is one of the most important determinant factors for the action taken by marketing management professionals of the company. As cited by Gligor et al. (2018), the satisfaction of customers or consumers is the ultimate goal of the marketing professional of the company. The capacity of the consumer is one of the important factors which determines how much products sell in the market. From my long-term experience, I recommend that marketing managements professional also0 analyze the threats from substitute pro0ducts that exists in the market provided by the other companies.
Selection of relevant marketing theories
Based on the customer’s requirements marketing theories are involved and it is always focusing on the customer’s satisfaction in every section. The most effective marketing theories are enhancing the basic requirements of numerous customers. Numerous customers fulfill their basic requirements by marketing theories and models. As per the view of Kukartsev et al. (2020), different types of consumers are engaged and are involved with the basic requirements of the business. Sometimes social media marketing engages numerous consumers and enhances their motivation level. As a result sales volume of the business increased.
Several marketing theories have been utilized in my strategy of marketing management. The basic and most relevant theories that I have used in the scenario of marketing management are quite effective and described below.
Application of marketing theories
SWOT analyses and Ansoff Matrix are the basic theories in my marketing approach and preparation of strategies. Referring to the theories I am providing a brief description of these theories and their application in my management opportunities. SWOT is the abbreviation of strength, weakness, opportunity and threat (Brown et al. 2019). It is helpful in case of planning strategically for the development of potential for the present and future. Instead of focusing on the volatile areas of the application in the management scenario, the theory highlights the facts that are practical in all aspects.
The method indicates the strong implementation of marketing theories of which are my basic choices of mine. In this case, I am going to elaborate on how I performed these strategies by mentioning the details about my performance. Developing a strong balance sheet, technological uniqueness, strong backup support and another developmental approach towards strong management has been applied by me. It helped me in building up a strong base with sufficient capital, which has been utilized in the case of trading and increasing the share value of the company (Martínez-López et al. 2020). The interest of the stakeholders towards the business goals and marketing operation of my company had increased manifold.
Finding the weakness of the organization was one of the greatest concerns for me to clarify the flaws associated with the previous strategies. The growth in the new areas and markets were one of the highlighted points among them (Panchenko et al. 2020). Co-coordinating with others and keeping the work done similarly can lead to a better place among the competitors. This helped me in the selection of the developmental areas and growth opportunities in the different regions of the company in the UK.
Last but not least of evaluation of the marketing theories included in the SWOT mechanism are threats. Such factors include low quality of the products, low grade of advertisement method, unorganized, management and lots more in it (Naudé and Sutton-Brady, 2019). Factors that can harm the organization in a way that can destroy the reputation and brand value of the organization are removed at first by me.
| SWOT analysis in Brief and its application | ||
| Number | Factors | Description |
| 1 | Strength | The part elaborates the idea of my own strengths at different aspects while in this case of management of personal assets and decision making capabilities in selection of goods that can be considered as luxury. Development of skills and other analytical approaches that can be applied are considered to be the key factor in this part. It differentiates my selection with others and makes me different in case of personal financial management and self assessment. |
| 2 | Weakness | This part is associated with the personal analysis for finding the flaws in thoughts and concepts. My consideration on luxury products like using Burberry clothing or Stuart-Weitzman foot wares how much effective for me is my objective to justify. |
| 3 | Opportunity | The part can be associated with the options and availability of new features that I can avail by using quality products. The benefits that I can obtain are the sole concern for this matter that I require to justify. |
| 4 | Threat | If the investments are fruitful or not and the economical, social and cultural threats associated with the usage of these products must be considered. For my case I must focus on the mentioned patterns that can utilize to find the threats and prepare for it or avoid it. |
Table 1: SWOT analysis
(Source: Naudé and Sutton-Brady, 2019)
Strategic implications of marketing professionals
The implication of the company’s highly skilled professionals in the marketing sector under my supervision as a marketing manager was one of the toughest challenges that I had encountered. There are steps which I had followed to get the prudent skills in my sector which I had been given the responsibility. The proper implication of marketing professionals with the given matrix removes the possibility of marginal conduction of business marketing (Chang et al. 2018). There are tools that I had utilized in this case and one of them is none but the Ansoff matrix. It is very helpful in the strategic development of the application of business management as well as a marketing operation. It is divided into four sects and these are market penetration, product development, market development and diversification.
Without a briefer mentioning the definition and application of these blocks, it will be possible to discuss the strategic development. Market penetration is associated with the development of the strategies of selling a common product in a common market (Di Benedetto and Lindgreen, 2018). This requires a proper skill set and people who know the skills for this application and can research the market to find out the demographics (Brown et al. 2019). The next phase is product development where several theories can be utilized.
I approached the designers and market researcher team appointed by our company and did seek their help and recommendation on designing the product for the proper branding. Later it is essential to focus on the market and develop strategies for the occupation of the new market (Hurth and Whittlesea, 2017). This requires social, economic, cultural and other marketing-related demands that can be critically evaluated in the marketing context. I did the same thing that is required for the purpose according to the theoretical application but did include my inputs in the field to avoid the change in the market scenario.
The earlier scenario was based on the existing product but entering a new market with a brand new product is quite a challenge. The market demands, customer requirements, customer involvement and other factors become determinate for marketing strategy (Mura, 2020). Subject to the concern of the managing department, along with the marketing operation, the involvement of the experts in the case of data analysis for the market research is essential. I did the same in this case as I had appointed several experts who could have delivered me the project report with absolute accuracy on time.
Conclusion
At the end of the case study and discussion on the above-mentioned topic, all the information had been verified carefully available to the company. The dependable staff, sufficient theory, proper infrastructure and technical knowledge helped in managing the marketing operation throughout active participation as marketing manager. Developing a new marketing plan and critical judgment helped in catering to new situations which can be proven beneficial. On the contrary, there were challenges such as the accomplishment of new goals with the existing theory and skill set, but with the advent of the new technology and continuous update, it has been simpler for the staff. Concluding the major facts it is to be notified that there are external organizational facts that often come as sudden and unexpected changes. But, the careful judgment of the mentioned authority, responsible for the management of the scenarios is crucial in tackling the major problems that can occur all of a sudden. Real marketing planning in the practical field of work is quite different from theoretical knowledge. Thus one can consider while analyzing the real marketing operation, there must be the careful observation of all the scenarios with the help of relevant theories by addressing the key issues of marketing panning.
References
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Chang, C.L., McAleer, M. and Wong, W.K., 2018. Big data, computational science, economics, finance, marketing, management, and psychology: connections. Journal of Risk and Financial Management, 11(1), p.15. Available at:https://www.mdpi.com/274260
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