Monday, April 1, 2019
Main Components Of Marketing Management Marketing Essay
Main Comp wholenessnts Of selling Management merchandise tasteThe industrial ground has get it on a long was from the ahead of time long time of industrial revolution. As the industrial universe has grown trem land upously, it has be catch to a immenseer extent complicated and a subject of academic study. Business concepts grow evolved and in the buff findings and ideas have been put down continuously. Different makeups have different business strategies and plans. trade solicitude has be adopt an essential part of a business strategy. Marketing commission is the proper use of trade techniques, resources and activities by a federation or geological formation to promote its products (Kotler et al, 2006).This report aims at explaining the primary(prenominal) comp binglents of strategical marketing management. For better empathiseing the report then concentrates on the paper diligence in particular. It explains how lucre has extend a key ch each(prenominal)en ge for the report intentness. Also the author demonstrates the ability to apply marketing surmise by doing a pulverization analysis of the report industry.Main Components of Marketing ManagementMarketing is one of the main aspects of business management. It is as well as one of the most powerful in that it has the potential to signifi stinkertly impact the whole business management process that few of the other aspects of business management drive out match. Marketing and its management is almost as diverse a field as business management itself. The main components of marketing populate of analysis, planning, implementation and control (Czinkota Ronkainen, 2007). These ar the components no matter what the kind of industry or service the target of marketing might be.Situational/strategic abstractStrategic analysis is mainly about analyzing the strengths of organization and the international factors that can influence the business send. It is necessary to understand the c urrent environment beforehand defining specific marketing activities (Lamb et al, 2008). It moves in assessing what a particular organizations position is with respect to its customers, how the business is functioning within and its competition outside. Various qualitative and quantitative methods of data collection argon used for marketing explore to be carried out. Sources of data go forth consist of primary and delinquent southary, with the secondary ones universeness those that argon already available i.e. reports, journals, articles, etceteraand the primary sources being surveys, questionnaires to the target audience, etc that impart reveal product specific or service specific reading at the desired time period. Analysis is also required of the external conditions to take account of the changes in technology, changes in administrational policies that could impact the industry, etc. Customer analysis is equ all(prenominal)y important which includes customer buying tr ends, unremitting assessment of the target customers to extend the base of potential customers. Various tools that can be used to carry out the analysis are canker analysis, scenario planning, fancy up analysis, market segmentation, etc. scheme PlanningThe slip pursual in depth analysis and data gathering leads to one that requires bad planning and simulation. Due to k directlight-emitting diodege of the opportunities and risks gathered from the analysis stage the recite essential instanter plan its actions based on its objectives that will involve long marches strategic decisions, tactical decisions that affect mid term goals and operational decisions that affect daily operations of a company (Czinkota Ronkainen, 2007). By rigorous cost and profit estimates on various models of action, the company will be best able to judge which model to choose. The model elect might require that necessary changes be made in the real organizational structure or a complete revamp in s ome cases to help achieve the goals and objectives set. It is also imperative that at this even in time, the company comes out with alternative plans in order to receive its goals and objectives in case the primary plan does non work out. scheme Implementation and ControlThese are probably the most important phases in the marketing plan since no matter how much effort is disgorge into the analysis and planning phases, the implementation needs to be carried out concord to plan with appropriate control. The implementation should be carefully carried out since oft times it is found that plans are hardly adhered to. The implementation and control essential also allow for adequate flexibility for tackling with unexpected and undesired situations. Strategy implementation directly affects everybody associated in an organization (David, 2006). By frequent observe and control of the implemented plans, the company can gauge the effectiveness of a particular plan or change it according ly based on the personal effects it is having.Marketing Management and other Aspects of Business ManagementAs mentioned above marketing is an important part of the overall business management and plays an important role in the organizations success. An organizations success depends on how it can re open its customers through its products and operate. This is where marketing plays an important role. It is the marketing plan of an organization that decides how an organization goes by in making its products and services available to its customers. Also marketing plan is what decides in which market the organization is going to compete and what are the steps to be taken to meet and satisfy the customers needs. Hence, the success of all other aspects of business management is directly or indirectly helpless on the success of the marketing strategy. For example staffing and production or a part of the business management. So these factors are directly helpless how an organizations pro ducts and services fares in the market. As mentioned marketing strategy plays an important role in the market success of a product or a service. Hence, all the other aspects of business management are closely related and dependent on the marketing strategy.Key Challenges Affecting Marketing Strategy of the paper Industrypasswordpaper industry has been one of oldest and dynamic industry that has enjoyed great success for a very long time. Newspaper industry has contend a dominant role in public communication in the past century. It has seen tremendous growth and financial success in the second half of the 20th century. Even though the main purpose of the theme industry is to make discussion available to public, its main source of income has been advertizing, especially, sell and categorize advertising (Picard, 2008). 75 to 85 percent of income of an average publisher in the Unites States and European countries is accounted by advertising. Newspaper advertising has witnessed a inexpugnable and consistent growth in the 20th century and also a relationship was observed between advertising spending and GDP (Gross house servant Product). All this was possible as there was literally very belittled competition in the advertising sector (Picard, 2008).The impeccable success of the word of honorpaper industry is now on a capitulation. The debate over the end of the composition industry has been doing rounds since the last decade of the 20th century and early 21st century. But now there have been observable effects of this decline around the world. In the US alone, The Rocky Mountain News and the Ann Arbor have completely shut down wherein Seattle Post Intelligencer has stop markering and has completely adopted web only model. The Detroit Free extort and The Detroit News have cut down their publishing to 3 eld a week (Barbara, 2009). In the UK, all national compositions have recorded a course of study on class fall. Pearsons financial daily and sovereign News Medias the Independent have both recorded a 3.17% and 14.02% year on year drop respectively (Busfield, 2009). There also has been a drop in the number of people employed by the newsprint industry. The number of people employed by the newsprint industry has gone(a) down by 18% over a 14 year period from 1990 to 2004 (Barbara, 2009). As per Pew Project findings, 14,000 reporting jobs have been lost(p) during 2001 to 2009 (Entman, 2010). All this is a strong indicator of the demise of the newspaper industry. hotshot of the key challenges or reasons for the decline of the news paper industry has been the internet. The situation is best summed up by Will Manley (2008), when he states Thanks to the meshing, the sinless newspaper industry is fighting for its life. The internet has hit the core of the industry. It has deviate both the advertisers and the readers away from the newspaper industry. The development of internet and its advertising abilities are now substituting the traditional newspaper classified advertising (Picard, 2008). Internet advertising model has taken away a major oaf of the newspapers primary source of income which is the classified and display advertising and also it has led to a decrease in the readership as well (Gardner, 2009). The newspaper mete out in the total advertising expenditure has decreased by one third. Clearly the newspaper industry is losing its dominance over the advertising world.First, lets necessitate the effect of the internet on the readership. Internet has achieved great penetrability straight off on a spherical stage and has connected the world worry no other communication means in the past. The internet, growing mobility and falling costs have lead the access of global multimedia networks which marry individuals, groups and news organizations (Entman, 2010). This has given the readers access to world news at short no cost. It gives them an opportunity to refine the news topics as per their individ ual interests and also to search news articles from previous issues if required. These advantages have started diverting readers from the traditional print newspapers to digital news websites on the internet. There is a drastic increase in the number of prole going online or using radio set devices to get news and information (Gardner, 2009). According to research news sites and digital newspapers are among the most widely demanded and visited web sites among the Internet community worldwide (Flavian Gurrea, 2008). News portals like Google News and Yahoo News have contributed immensely to this drastic diversion in readership. They dont just offer aggregated news content but also are available 24/7 to anyone who has access to internet from anywhere in the world (Barbara, 2009). Internet news portals and websites have an added advantage. They allow an interaction between the readers and also with the journalist who reports and edits the stories which is not possible in the traditio nal news papers (Entman, 2010). This is in correct with the trend that a great number of investigative stories about the government wrong doing have appeared on various news and opinion bloggers than in the newspapers (Manley, 2008). This indicates the trend that readers are looking for online resources for news and information. Internet is now being accessed by mobile phones and wireless devices which are not helping the newspaper industrys cause. All these reasons combined, have lead to a decrease in the readership of newspapers.Lets now consider the threat posed by internet on the newspaper advertising which is the financial back bone of the newspaper industry. Internet has come out with a dynamic advertising model which has proved to be much effective for classified advertising than in the newspapers. This has made a damaging impact on the newspaper industry as classified advertising has been the primary category of advertising sales and growth (Picard, 2008). The decline in r eadership and the advantages that internet advertising offers has made advertisers reconsider their overall advertising spending patterns. Concerns over the effectiveness of advertising took more momentum due to the economic downturn and recessions. This made advertisers explore new media for advertising and internet was a great substitute (Picard, 2008). Internet had great advertising models which attracted affair and also advertisers could target their customers which were not possible through newspapers. Models like Google AdSense are a great example of this business model where people were compensable for displaying ads on their personal websites and for increasing the traffic. Also there are agencies that pay people for viewing ads which means the advertisements have maximum reach. Huge revenues generated by Google, Yahoo, MSN are an indicator where the advertisers are channeling their dollars (Barbara, 2009). The newspaper industry is no more interesting to the advertisers a s it was a couple of decades ago.Newspaper publishers seem to have taken the hardest hit from the technological and economic challenges of publishing (Barbara, 2009). The decline in readership and newspaper advertising has made the newspaper industry less financially interesting for investors as they are looking for profits and assets growth (Picard, 2008).Strategic Analysis of the Newspaper IndustryAs mentioned above, strategic analysis is the main and foremost component of marketing management. A strategic analysis must analyze all the factors that influence the marketing strategy of an organization. Below is the SWOT analysis of the newspaper industry.SWOT AnalysisSWOT (Strength, Weakness. Opportunities, Threats) analysis helps an organization to determine where it is doing well and where it needs improvement. SWOT analysis must be made relative to the market needs and competition (Ferrell Hartline, 2007). Following is the SWOT analysis of the newspaper industryStrengths The str ength of the newspaper industry is that it targets a wide range of customers across the globe. Newspaper industry has penetration out-of-door parts of the globe where there are no other sources of world news. This is great strength as this gives the newspaper industry a hulking customer base.Weakness The cutting of trees for paper has become a global issue under the global warming context. The dependence of newspaper industry on paper has become its biggest weakness as there is long support from world wide for e-books and papers. The newspaper industry must come up with an alternative to paper.Opportunities There is a huge opportunity for the newspaper industry to venture into other markets and use advanced technologies to reach the customers or readers. Newspaper industry can join hands with electronic media to come up new business strategies and plans. But this is an opportunity which has to be used.Threats As mentioned above electronic media is an opportunity if used but right now it is a threat to the newspaper industry especially in real countries. Electronic media have gained popularity in the last couple of decades and have become a serious threat to the newspaper industry.ConclusionStrategic marketing management is very important for the success of any organization. The marketers must understand the importance of this and use the various tools and ideas at their disposal to come up with ideas and strategies that will help the organization to beat the competition and succeed. Being groundbreaking in formulating strategies is the need of the hour for every organization in order to survive in todays highly competitive industrial world. In particular, newspaper industry has to adopt new ways and methods to overcome the challenges posed by the technological advancements, particularly ineternet. The importance of marketing management can not be stressed any further and its high time that the organizations world wide realizes and implements marketing man agement in their business model.