CHAPTER ONE INTRODUCTION Marketing management is
the organizational discipline which focuses on the practical application
of marketing orientation, techniques and methods inside enterprises
and organizations and on the management of a firm's marketing resources and activities.
Globalization has led some firms to market beyond the borders of their
home countries, making international marketing a part of those firms'
marketing strategy. Marketing managers are often responsible for
influencing the level, timing, and composition of customer demand. In part,
this is because the role of a marketing manager (or sometimes called managing
marketer in small- and medium-sized enterprises) can vary significantly based
on a business's size, corporate culture, and industry context. For
example, in small- and medium-sized enterprises, the managing marketer may
contribute in both managerial and marketing operations roles for the company
brands. In a large consumer products company, the marketing manager may act as
the overall general manager of his or her assigned product. To
create an effective, cost-efficient marketing management strategy, firms must
possess a detailed, objective understanding of their own business and
the market in which they operate. In analysing these issues, the
discipline of marketing management often overlaps with the related discipline
of strategic planning. Marketing management employs various tools
from economics and competitive strategy to analyse the
industry context in which the firm operates. These include Porter's five
forces, analysis of strategic groups of competitors, value
chain analysis and others. Depending on the industry,
the regulatory context may also be important to examine in detail. In
competitor analysis, marketers build detailed profiles of each competitor in
the market, focusing especially on their relative competitive strengths and
weaknesses using SWOT analysis. Marketing managers will examine each
competitor's cost structure, sources of profits, resources and competencies,
competitive positioning and product differentiation, degree
of vertical integration, historical responses to industry developments,
and other factors. Marketing management often finds it necessary to invest in
research to collect the data required to perform accurate marketing analysis. As
such, they often conduct market research and marketing
research to obtain this information. Marketers employ a variety of
techniques to conduct market research, but some of the more common include:
Qualitative marketing research, such as ⦁ focus groups and various
types of interviews Quantitative marketing research, such as ⦁
statistical surveys Experimental techniques such as ⦁
test markets Observational techniques such as ⦁
ethnographic (on-site) observation Marketing managers may also design and
oversee various environmental scanning and competitive
intelligence processes to help identify trends and inform the company's
marketing analysis. A brand audit is a thorough examination of a brand's
current position in an industry compared to its competitors and the examination
of its effectiveness. When it comes to brand auditing, five questions should be
carefully examined and assessed. These five questions are how well the
business’ current brand strategy is working, what are the company's established
resource strengths and weaknesses, what are its external opportunities and
threats, how competitive are the business’ prices and costs, how strong is the
business’ competitive position in comparison to its competitors, and what
strategic issues are facing the business. Generally, when a business is
conducting a brand audit, the main goal is to uncover business’ resource
strengths, deficiencies, best market opportunities, outside threats, future
profitability, and its competitive standing in comparison to existing
competitors. A brand audit establishes the strategic elements needed to improve
brand position and competitive capabilities within the industry. Once a brand
is audited, any business that ends up with a strong financial performance and
market position is more likely than not to have a properly conceived and
effectively executed brand strategy. A brand audit examines whether a business’
share of the market is increasing, decreasing, or stable. It determines if the
company’s margin of profit is improving, decreasing, and how much it is in
comparison to the profit margin of established competitors. Additionally, a
brand audit investigates trends in a business’ net profits, the return on
existing investments, and its established economic value. It determines whether
or not the business’ entire financial strength and credit rating is improving
or getting worse. This kind of audit also assesses a business’ image and
reputation with its customers. Furthermore, a brand audit seeks to determine
whether or not a business is perceived as an industry leader in technology,
offering product or service innovations, along with exceptional customer
service, among other relevant issues that customers use to decide on a brand of
preference. A brand audit usually focuses on a business’ strengths and resource
capabilities because these are the elements that enhance its competitiveness. A
business’ competitive strengths can exist in several forms. Some of these forms
include skilled or pertinent expertise, valuable physical assets, valuable
human assets, valuable organizational assets, valuable intangible assets,
competitive capabilities, achievements and attributes that position the
business into a competitive advantage, and alliances or cooperative ventures.
The basic concept of a brand audit is to determine whether a business’ resource
strengths are competitive assets or competitive liabilities. This type of audit
seeks to ensure that a business maintains a distinctive competence that allows
it to build and reinforce its competitive advantage. What’s more, a successful
brand audit seeks to establish what a business capitalizes on best, its level
of expertise, resource strengths, and strongest competitive capabilities, while
aiming to identify a business’ position and future performance.
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