Heavily research is needed, Market Led marketing is to determine what does the customer want? And what product or service may satisfy that want? Often Market Led marketing is used simultaneously with asset-led marketing strategy. (Engel F Pierce, 2008) Pierce ten steps of transforming the process of going to market provides with a framework for creating superior value for the customer before your competitors do. The company main focus should be on creating value for the customer, and what it takes to do better to win customer loyalty.
E-business is essential in new marketing. Business functions are now being conducted over the internet that includes interaction with customers, rye-sellers relationship, collaborating with distributors on sales promotion and research for new products. In the process of going to market innovation and creativity plays a major role, developing an innovative product that satisfies customer wants better. The company should create a strategy using integrated marketing methods and turn this strategy into a market plan in delivering and creating value to the customer. Engel F Pierce, 2002) Strategic Ability and Strategic Intent: Strategic ability is the ability to create value for the company by adapting and adjusting innovative ideas and strategic decision in the core business, creating not just new products and services but new business models to stay competitive on the other hand Strategic intent is a compelling statement about the company’s management plan for the long term and force companies to compete in innovative ways. (Gary Hamlet 1989;C. K Pharaoh solvable Chaired) The factors that may influence this balance are the 5 m’s of marketing. . Market: Identify your target market, that are your ideal customers and create strategy for selling them your product. 2. Message: Message is what you need to say it encompasses tone, look and feel. Why a prospective customer should prefer your product rather than your competitor? 3. Media: Media connects the company and the customer. How to deliver your message? It can be website, direct mail or advertising. 4. Moment: Timing plays a vital role in marketing, Delivering your message consistently and regularly to your target customer. 5.
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Method: Difference among the value you and your competitors deliver to the same targeted customers. (Steve Richardson) The world leading coke company “COCA-COLA” has created a successful balance between strategic intent and ability. ( Basil, M. (2013)) Planning Future in Marketing Environment : In planning the future in a marketing environment organization should consider the aspects of SOOT and PESTLE analysis which provide with the aspects that need to be focused in future planning. SOOT: SOOT analysis identifies the positive and negative both internally and externally.
It consists of four factors strength, weakness, opportunities and threats. ;Strengths: Strengths are internal and a positive factor, organizations strength may be its unique selling proposition (USPS); advantages over competitors. ; Weakness: Weaknesses are internal and negative factors; weaknesses include components that may be improved or should be avoided. Opportunities: Opportunities are external and positive; it may be a change in technology or government policies, social patterns. ; Threats: Threats are external and negative; that may be obstacles organization may face, competitors. Darrell Skyjackers Lewis 2013) PESTLE: PESTLE stands for political, economical, social, technological, environmental and legal. Political: Political or regional changes that may affect the organization’s plan. ; Economical: Stability of the current economy, unemployment rates, customer disposable income level and globalization. ; Social: Population growth rate, society level of health and education. Technological: New technologies, changes in the infrastructure. ( Francis Jugular 1967) SOOT is often linked to PESTLE analysis however these are different tools. Anon; 2008) Learning Outcome 2: Marketing Planning and its Barriers : Marketing plan outlines marketing activities carried out to attract the target customer. It is the implementation of marketing strategy that is to enhance sales for the firm. Deem Roily; 2012) However in the late ass’s Malcolm McDonald a leading marketing planning exponent identifies 10 major and distinct barriers in the process of marketing planning: ; Uncertainty between strategy and tactics. Segregating the function from operations. Confusion between the concept and the function. Organizational obstacle.
Lack of detailed analysis. Confusion between process and output. Lack of skills and knowledge. Require systematic approach to planning. Failure to prioritize objectives. Hostile organizational cultures. (Malcolm McDonald; 1992) To overcome these barriers we can refer to McDonald’s “Ten S Approach” that includes: ; Reviewing the business operations. Determining the requirements of the agency/sector. Setting up a clear vision. Establishing a strategic management team, receiving input, and evaluating shared ideas. ; Addressing the organization significant issues.