Marketing

The major factors determining an organization's success are marketing and marketing strategy, which are the topics of the research study. As a result, it is imperative to pay close attention when implementing a marketing plan for corporate entities. Company companies might reach their predetermined business goals by putting marketing tactics to use. In that instance, a literary work was created with the intention of illuminating the significance of marketing methods and their commercial significance. Two connected elements, decision-making and the implementation of marketing strategies, will be revealed through the analysis. The relationship between the components of the marketing mix and marketing strategy was also covered in the literature review. The discussion was also about how these elements improve the performance of business organizations. In that case, there is the need of carrying out empirical and conceptual studies. The literature review will illustrate that without effective implementation of marketing strategies business organizations cannot achieve their daily objectives.

The literature review also illustrated the performance of sale, customer performance, and financial performance. Sale performance is determined by the effectiveness of the marketing strategy and the activities of the persons involved. With customer performance, it is easy to evaluate the manner in which their needs and preferences were met. Still, it is the responsibility of the marketer to ensure that customers are satisfied. On the other hand, financial performance influences business growth and activity involved. From financial performance, the success of the business or firm can be evaluated.



Introduction

Marketing is one of the critical business activities in an organization. It is through marketing that an organization gets to sell its products by creating customer interest in goods and services (Amue, 2006). For an organization to achieve its set objectives, it should have a great marketing strategy. Organizations have different 0bjectives and activities depending on goods and services offered. Activities may include distribution of goods and services, production, marketing and many more.

When an organization invests in marketing, there are high chances of even bigger profits. This is because when consumers get to know about the product they tend to purchase more hence the company gets more funds. This, therefore, makes the business to go on and recycle its goods and services. However, as much as marketing is important, it cannot stand on its own. There must be activities like production and financing to make marketing successful (Dickson et al., 2001). Without production, marketing would be useless since there will be nothing to market and without marketing, production will also be useless. Financing the two is the greatest thing. This is because of both production and marketing both need finances to run. Therefore, the organization should have enough funds for its activities to operate without being hindered.

It is also through marketing that the companies get to build good customer relations and trust. This is through the production of quality goods and services hence get to maintain the customers. Good marketing requires an organization to focus on customer satisfaction and put first needs of their customers rather than interests of the company (Leonidou, 1996). By doing so, the products may sell and stay for a longer period in the market.



Literature Review

Marketing strategy is an essential force that is used to distinguish the success of several organizations. A good marketing strategy should not only outline about business competition but also show how business decisions are executed (Andrews et al., 1996). A marketing strategy that is well implemented should be able to guide on the deployment of limited resources through the marketing competencies of the given company in search of set business goals (Bonoma, 1984). The marketing strategy has two related features, which include marketing strategy implementation and decision. The decision-makers are encouraged to select the available resources that the firm can use in running a viable business. They then set priorities regarding the goals to be achieved by the same business organization (Barney, 1991).

The content of marketing strategy can also be about implicit and explicit decisions. This depends on how goals are set, target market selection, the time required to attain firm’s performance, and strategic location. Marketing objectives are always critical features of the marketing strategy. Therefore, the person involved should make good decisions on priorities and business objectives. The vision of the firm should also relate to the desired business goals. However, the desire can sometimes be complicated because the goals and business vision might be incompatible. For instance, it is difficult to achieve firm’s growing revenue and margin growth simultaneously (Cavusgil & Zou, 1994). Managers of a business organization should learn how to put their priorities right, and this calls for the conflicts that exist between the business objectives. This is because most of the definitions about marketing strategy concern plans for achieving the business objective. As one of the methods for goal setting, marketing strategy requires good decisions. The decisions must have business content.

Another significant feature of the marketing approach is the market, which primarily deals with the business segmentation. In that case, elements such as business positioning, market segmentation, and target market will determine whether a business firm is competing to meet its objectives or not. The value proposition is also another essential aspect of marketing strategy. This is one aspect, which determines the expectation of customers. However, it also depends on the characteristic of services and product delivered to the target market (Cespedes et al., 1996). There is always an assumption that value proposition can only be delivered by companies.

Customers also perceive value proposition as a method through which companies are hoping for positive returns. Therefore, in making marketing decisions, it is imperative that the business resources and capabilities are combined with the aim of transforming the business value. Therefore, marketing strategies should align with the marketing requirements for subsequent value addition and business performance (Jaworski & Kohli, 1993). Timing is an essential aspect of business strategy, especially when the business firm is targeting a new market. Even though marketing strategies will change, timing will always remain an important element. This is contributed by the rapid change in the preferences and test of the consumers. However, different business organizations have different timeframes depending on the marketing goals.

Literature review on Adaptation and standardization typologies

This section is about the business factors influencing the selection process of certain marketing strategies. This entails the forces that stimulate business standardization and adaptation.

Adaptation

This normally occurs when firms adjust their marketing strategies while joining new markets. Business adaptation to new market influences competition and thus performance regarding sales and customer satisfaction. Marketing strategies involving adaptation entail methods that result in price change, packaging methods, and product promotion (Kotler, 1999). Adaptation can even make a company change its product so long as the market demand will be met. For that reason, the objective will about meeting the preferences and needs of a given market. Moreover, adaptation is witnessed when the elements of the marketing strategies are adjusted to achieve a certain competitive advantage while entering a new market (Leondou, 1998). This helps with the attainment of great performance. Adaptation strategies are never that complex. They involve activities such as change of the business logo, brand, and packaging techniques. The end game is to meet the marketing objectives. The international marketing adaptation, however, emphasizes customization for meeting varied customer requirements.

Additional factors to consider when entering a new market are the environmental factors, religion, language barrier, climate change, education level, race, customer’s tastes and preferences, and different cultures (Dickson, 1992). Nonetheless, by using adaptation approach, firms must find their ways on how to adjust their marketing strategies and distribution techniques, which will meet the new market demands. For the implementation of a successful adaptation strategy, the business company must evaluate the available resources and objectives that are in line with the features of the new market.

Standardization

Standardization is the opposite of adaptation when it comes to marketing. Firms that follow the standardization approach use same promotional mix they used in domestic markets to get into foreign markets to attract customers in the export market. This is because it is expensive to make new production lines, packages, and advertisements as well. Standardization is much better than adaptation because it requires less Investment thus much time is saved. According to Levitt, enterprises that are well marketed can now offers globally standardized products (1983). Levitt further illustrates that firms can realize long-term business performance when they direct their advertising activities towards the preferences and needs of customers.

Literature review on the 4Ps based on standardization and adaptation

Product

When it comes to marketing strategy, product always tops the list. It is the heart of the brand, which will eventually influence consumers’ experience. However, most of the consumers normally go for what they have heard from other people. Therefore, it is the effort of every business organization to have a proper communication with the consumers regarding the product. According to Keller, distributing a product or service that fulfils the needs and preferences of customers is one of the guarantees for effective marketing strategy (2003). The product must meet or even exceed customers’ expectations to create brand loyalty.

They can know their customers are satisfied when the product exceeds their expectations. How the product is presented also helps in winning customers in international markets. Keller (2004), image positioning is also very important when it comes to differentiation for consumers. This is because some group of consumers usually have the desire of belonging to a particular category, which brings the sense of class. The image of the company is also an important aspect of international marketing strategy. For that reason, many companies have made the effort of improving their corporate identity.





Price

This is the second P described in marketing. Through price evaluation, a company can create sales revenue unlike all other elements, which are costs. Pricing determines the value of sales made. In that case, marketing managers should have the habit of evaluating the prices of services and goods offered by their companies. This will ensure that their current prices are appropriate with the current market situation. With increasing competitions and market fluctuations, it is always important to lower prices and at times increase prices depending on the current market situation. Asking for consumers’ opinion about the firms pricing may not be a good idea because it will be conflicting their love for your products or services.

The product of service pricing depends on the current market situation. Therefore, for the company to maximize sales and profit, then it is imperative to change the terms and conditions of your business. The company may also opt to introduce special offers on its products and services. In addition to the special offer, the firm may decide to include free additional items with the aim of attracting more customers. The firm should always be considerate because their pricing may not be appropriate for the current market situation. It should, therefore, be willing to revise its prices to remain in the market.

Place

This is the fourth P, which also determines market distribution. Its major concern is the availability of products to consumers. For effective marketing strategy, it is imperative that you evaluate and reflect on the business location. Maybe, a location, which promises cash flow. Changing distribution channels may help in increasing sales volume. Place involves transportation and storage of products than making them available to consumers. Therefore, a firm should choose the most effective channel of distribution for supplying goods to consumers. Choice of distribution, however, depends on different circumstances.

Place channels occur in different forms like selling through catalogs, selling at trade shows, sell in joint ventures or use distributors. However, choosing the best location is still the responsibility of the marketer. The marketer must ask himself or herself some critical questions, including on how to improve the marketing strategy and how can the product be available in the right market. In that case, a product may be good but fail to sell because it is not available in the right market.

According Kotler et al., all products need effective distribution structures. The firm must manage the distribution up to the end consumers (1999). Nonetheless, distribution channel is not only about meeting the market demand, but also delivering services and goods in the right place. Distribution channel comprises of different institutions and agencies like retailers, wholesalers, and carriers. Companies may deliver their product through intermediaries. However, companies also face challenges when implementing a distribution strategy. This may be due to different geographic areas, differences in competitive structure or even level of economic development. Still, goods can be distributed in two ways. They are direct and indirect channels. The direct way it comes from the firm directly to the consumer and indirectly is when there are intermediaries.

Phases of marketing strategy success

Many research studies have illustrated that there is increasing interest regarding the development of marketing strategies and it comes in different phases. Some studies have been carried out based on organizational approaches. In that case, an effective marketing strategy must have good formulation methods. A good formulation makes a marketing strategy superior, thus improved business performance (Farjoun, 2002).

Marketing strategy formulation

According to Farjourn, marketing strategy formulation is a useful principle for the development of the business framework (2002). People involved need to design roles and responsibility covering strategy formulation. As discussed by Harts, strategy development consists of five styles, which are symbolic, rational, command, generative, and Transactive. The command style describes the situation in which managers will control the development of a strategy. The visions and missions of the given company drive symbolic style. In that case, development of strategy is guided by formal procedures and writing as illustrated by rational style. Transactive as one of the five styles describing strategy formulation, emphasizes on the learning and interactions between the employees. The final style, which is generative style is about the development of marketing strategy that is characterized by experimentation approaches. It encourages entrepreneurial actions, and thus risk-taking.

Implementation of Marketing Strategy

The process involves making decisions regarding the best marketing strategy. It is determined by the business goal, target market, timing, and value proposition. All of these can be realized through appropriate marketing tactics and employment of viable resources (Cespedes, 1991). In that case, implementation is about the competence of a company when it comes to performing, evaluating, and directing the designed marketing strategy. Andrews & Smith (1996) also conducted a study on the calculated planning process, which calls for annexation of the various components of market strategy implementation and formulation. Evaluation, formulation, and implementation can be incorporated together with the link of the number of existing marketing elements and performance of the company as well.

Review of the performance of marketing strategy based on successful implementation

Performance of Sale

The performance of business sales depends on the effective marketing strategy, which also determines the activities of the people involved. Management of the sales performance is more than just achieving the target business goals. It focuses on guiding and monitoring the personnel involved in improving the sale performance. However, implementation of performance sale might be difficult because of factors such as international and governmental regulations. This can be surpassed by engaging motivational strategy. Three dimensions determine motivation strategy, and they include setting the quotas, salesperson’s involvement, and financial incentives (Kotler et al., 1999). The characteristic level of every firm will also affect sales performance and motivational strategy as well.

Financial performance

Financial performance is one of the factors for determining the growth of the business activity of a given company. In that case, financial performance is the degree in which financial objectives of a given enterprise are accomplished. The resulting policies and monetary operations of the firm are measured through financial performance. Financial performance can be used in engaging the total financial health within a given period. The comparison can also be extended to other organization. Through financial performance, firms and stakeholders involved seek answers to questions such as what is the financial situation of the company at a given point. How can the financial performance be improved? What is the interest of the stakeholder involved? Therefore, it is effective to analyze the financial situation of every firm (Koh, 1991).

The method for analysis will depend on the portrayed interest. For instance, bondholders are always interested in the cash flow of the business while creditors are interested in the liquidity. As a result, financial analysis is helpful when answering questions, which comes with the financial statement, policies sets, and business performance (Kotler et al., 1999). These elements cannot be explained without proper financial analysis and evaluation of financial performance as well. Through financial performance, factors such as business strength and weakness can be identified. Thus, the affected firm will have to establish a balancing relationship items such as profit and loss. Moreover, financial analysis normally accesses aspects of the firm such as productivity, production, liquidity, working capital, fixed assets performance, and profitability.

Customer performance

Customer performance is one of the ways of evaluating the needs and preferences of customers. It is a significant way of ensuring that your customers are satisfied effectively. This works best through the dispersion of various marketing capabilities, including strategic and relational forms (Jain, 1998). Customer performance will be relational if the business organization focuses on building a lifelong relationship with its respected customers. The objective is to retain them and continue to attract more.

With meta-analysis, several mechanisms have been re-affirmed through customer responsiveness and positive customer performance (Kohli & Jaworski, 1990). Customer performance is also determined by market orientation, which is also determined by the effective implementation of strategies. Effective responsiveness, which is dictated by customer performance, has resulted in a unifying focus so long as strategic implementation is delivered. The step taken for strategic implementation is an essential action that will contribute to convincing and visible outcomes. Customer performance is determined by the focus on critical elements for determining strategic execution of business plans and measurement of marketing performance. Responsiveness and customer performance signifies the commitment of marketing function when it comes to the provision of strategic and essential business directions. It is a matter of implementing effective marketing strategy combined with customer performance.

When business owners and customers embrace responsiveness, strategic marketing becomes an action. This will bring about competitive advantage and ultimately promote customer, sales, and fiscal performance (Day et al., 1988). Customer sensitivity and performance is also about the implementation of an effective strategy. Thus, successful business enterprises or organizations. Moreover, responsive customers are essential elements to the performance of a given firm because it gives them the ability to create superior solutions. Effectiveness created by the customer responsiveness will automatically result in high yield financial performance. However, in describing customer performance, customer focuses more on the relationship that exists between customer portfolio and business portfolio. It is from this relationship that business organizations will provide value to customer’s portfolio. Thus, greater business performance.

A customer will give full attention to firms, which respond to their needs and preferences promptly. In that case, suppose a firm will want to create customer value, which is superior to the available portfolio values, the firm must possess the ability that will help with the swift response to customers (Hu & Bentler, 1999). The same firm must strengthen its services and products. Establishing customer value is a continuous process, which requires the commitment of the firm and strong connections with the customer. The firm must identify an opportunity, which is the customer base. Moreover, a business may become profitable if it maintains the flow its customers than the capital cost. Companies, which enjoys customer performance, will always work hard in satisfying the needs of its customers and at the same time developing strong and aggregated relationship.

Conclusion

In conclusion, marketing and marketing strategy is important to every business. Business will not be successful without marketing. It influences that outcome and performance of the engaging business organization. Marketing is also similar to coordination of business projects, which is a significant aspect. Business coordination reduces interference and maximizes profit at the same time. Marketing strategy is essential in the sense that it describes the separation of elements, which can be adapted and standardized in the existing international market.

About the 4Ps, a business organization must continuously develop new products, which satisfy the product lifecycle. Getting the right price for the first time should not be a problem. However, it is more than evaluation of the consumer’s perception. You have to make the comparison with the rival company while considering the manufacturing cost. In building the marketing strategies, most of the energy should be directed towards the product. It is the central point of everything. However, marketing function does not determine the cost of manufacturing product. It is only concerned with what the customer understand about the product. The primary role of marketing is to determine aspects such as product appearance and functionality of the product. How will the product used and its effect on the marketing mix? Branding might be a tactical approach to outmatching competition with the rival company. Moreover, successful employment of marketing strategy is what will influence the performance of a given enterprise.

As mentioned before, performance is determined by increased sales and improved financial performance. The research study on the literature review links the adaptation required in the international marketing policy and company performance, which is also influenced by internal and external factors. In that case, it is commendable that future research studies should emphasize on the construction of models, which connects adaptable decisions, business performance, marketing strategy, and antecedent of business decisions.

























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