In this part of the assignment, I am going to write about key principles of strategic marketing and its relationship with overall corporate strategy. I will also try to find out how it helps an organisation to achieve its prime competitive objective over its immediate rivals.
Marketing communications Marketing communications is a management process used by an organization to create a relationship with its various audiences.
By creating messages which hold a of significant value, they encourage audiences to offer attitudinal and behavioral responses.
Aims and Objectives The aims of this chapter are to present and explain some of the concepts that are associated with marketing communications and to underline the key characteristics of the main tools of the communications mix.
The objectives of this chapter are: This engagement is related to the form of communication and to whether the nature of the messages and media is essentially intellectual or emotional.
In most of the cases companies use a mixture of these two elements in order to communicate their messages, be understood and engage their audiences in dialogue with the scope of developing mutually beneficial relationships.
Effective communication is holds a high importance for every organization, being the reason why variety of promotional tools like advertising, sales promotion, public relations, direct marketing, personal selling and added-value approaches such as sponsorship are used.
Marketing communication is an audience-centered activity that is providing the ways by which brands and organizations are presented to their customers.
The goal of marketing communication is to create a dialogue that will, ideally, lead to a purchase made by customer and a complete engagement between parts. This interaction represents an exchange between each organization and each customer; by taking into consideration the quality and satisfaction of the exchange process, it will or will not be repeated.
It can be concludedthat communication is a very important and integral part of the exchange process, and it is the skill and judgment of management of the marketing process that will determine, in most of the cases, success or failure of communication.
The conditions that allow an exchange to take place involve at least two or more parties, each of whom can offer valuable to the other and is prepared to enter freely into the exchange process, a transaction.
It is possible to identify two main forms of exchange: Market exchanges Bagozzi, ; Houston and Gassenheimer, are transactions that occur independently of any previous or subsequent exchanges. They have a short-term orientation and are motivated primarily by self-interest.
When a consumer buys a product of a brand they do not buy regularly, then a market exchange can be identified.
In contrast to this, relational exchanges Dwyer et al. So, when a consumer buys a product on a regular basis, relational exchanges are considered to be taking place. These two types of exchange represent the extremes from the point of view of exchange transactions.
In industrial societies market exchanges have tended to dominate commercial transactions, although recently there has been a substantial movement towards relational exchanges. In other words a mixture of exchanges occurs, and each organization has a portfolio of differing types of exchange that it maintains with different customers, suppliers and other stakeholders.
Communication is an essential element that make this type of commercial exchanges to function. However, to enable these different exchanges to function properly, different types of communication are necessary.
Relational exchanges form the basis of the ideas represented in relationship marketing. Many organizations use relationship marketing principles, that are manifested in the form of customer relationship marketing or loyalty marketing programs. Communication plays an important role in these exchange networks.
At a basic level, communication can have one of the following main roles: This role the communication has may take the form of reminding clients of a need they might have, or of reminding them of the benefits of past transactions with the purpose to convince them that they should enter into a similar exchange.
In addition, it is possible to provide reassurance or comfort either immediately prior to an exchange, or morecommonlypost purchase.
This plays an important role, helping the firm to retain current customers and improve profitability. The focus was on products and on one-way communications, and there was a short-term perspective.
In addition to awareness and persuasion, new goals such as developing understanding and preference, reminding and reassuring customers have been recognized as important aspects of the communications process. Direct marketing activities created a new as one-to-one approach and teh two-way communications began to shift their focus from the mass communication to a personal communications process.
The next step in the communication process is to make the target audience aware of the existence of the offering. The use of the 4Ps approach has been criticized as limiting the scope of the marketing manager.
At this moment it is seen that the external environment can be influenced and managed strategically, and the rise and influence of the service sector is not easily accommodated within the original 4Ps. In order to accommodate these factors, additional Ps, such as Processes, Political Power and People, have been suggested.
A marketing mix of 20Ps has even been proposed by some, but the essence of the mix remains the same, and this deterministic approach has raised concerns and doubts about its usefulness in a marketing environment that is very different from that in which the 4Ps were created.
Promotion is therefore one of the elements of the marketing mix, and is responsible for the communication of the marketing offer to the target market.In the strategic pyramid of a company, corporate strategy level always comes at the apex of the pyramid. At this level, most of the major decisions of the company are taken.
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