Archive for September 2011
Marketing Management – Read More About It
Marketing Management is the integration of marketing techniques so that it can be applied efficiently and effectively in the marketing operations of a firm. All the resources and activities of the firm which are marketing-related are also administered so that it is ensured that they are utilized in an efficient manner.
Nowadays, the marketing strategies of a firm are likely to include the internet because of the vast reach it could afford to more potential clients. That is why marketing management today also strategically involves the techniques to apply internet technology to increase the market share of many companies. It involves as well what are the internet-based activities that can be utilized for the benefit of a wider consumer reach. Modern marketing management also includes how a portion of the companies resources can be spent for internet based activities to let people get to know more and become engaged in their products.
Marketing management is a thinking activity. For instance, it seeks to understand their consumers. The large pie of customers is usually divided into smaller groups either according to demographics like age and sex or according to behaviour, in this case their buying behaviour. This line of study enables the company to offer more targeted products to its consumers. The firm is better able to deliver goods and services when they know the specific profile of the intended users.
Aside from studying the current and potential consumers, marketing management also analyzes the firm from within. It identifies for instance what are the things that the firm are good at so that it has a clear view of how it can compete. It also studies the existing resources of the firm so that it is able to gauge what it could mobilize in order to remain competitive in its industry. Even the products, services or the brand itself is looked into in order to know its strengths and improve on its weaknesses.
Marketing management also seeks to assess other stakeholders in the business such as its business partners, suppliers and distributors. Assessment in this regard is important to see if there is any inefficiency in the product or service delivery process. Thus, the supply chain too must be studied.
Aside from this, the external environment of the firm is also assessed. What are the opportunities and threats besetting the industry for instance when it comes to the political, economic, social and technological environment? The study of this is also an important component of marketing management.
8 Guidelines to Help You Manage Change
1. Create a Sense of Urgency. For successful change to occur, it is said that 75% of the business’s management needs to agree that these changes are necessary. After an agreement has been made it is important for the management to install a sense of urgency within the employees so everyone is committed to achieving the goals at hand.
2. Form an Influential Coalition. The leadership that is proposing the change needs to stand united. Having key employees agree with the change will help to lead the rest of the employees toward a common goal. The leading employees do not have to be upper management. They can range from all levels of the organization and should have open communication with each other.
3. Create a Vision. The changes that are to made should be clearly stated so everyone is in agreement of the terms and conditions. There should be a clear statement regarding what the change is, why you are making the change, how the changes are going to be executed and when the changes will be commencing.
4. Communicate the Common Goal. Once you have created your vision, it needs to be clearly communicated with all staff members. Make sure everyone understands what needs to be done and by when. Make sure to ask for suggestions and keep an open mind so everyone feels like their questions and concerns are being heard.
5. Identify and Resolve Obstacles. With change comes some resistance. Make sure that you clearly identify what obstacles are standing in the way of change, and resolve any issues that present themselves. Establish a clear structure for the entire business to follow and abide by. Don’t forget to remind the upper management to lead by example.
6. Create Short Term Targets. Instead of only stating the final goal, create short term goals that need to be completed first and offer rewards. This will create motivation within your company to achieve the long term goal.
7. Build on the Change. Many changes fail because upper management claims success too early. Make sure that the short term goals are thoroughly and always re-evaluate where you are in your change plan. Reinforce the vision and make sure that company leaders stay on track.
8. Integrate the Change into your Company Culture. For any changes to stay in place for the long run, you need to successfully integrate them into your company culture. Make sure all employees adhere to the changes at hand and new hires are trained properly. This goes for upper management too. It can be hard to change a routine that has been in place for several years. Remind them that they are always leading by example.
Strategic Management
It is very important to understand upfront the difference between the terms strategy and strategic management.
Coulter defines a strategy as “a series of goal directed decisions and actions that match an organization’s skills and resources with environmental opportunities and threats” (Coulter, 23). It further defines strategic management as “those decisions and actions in which organizational members analyze the current situation; develop appropriate strategies; put those strategies into action; and, evaluate, modify, or change those strategies as needed” (Coulter, 23).
Consider these two definitions and the differences between them very carefully. Strategic Management is a business function, analogous to other business functions such as accounting, marketing, advertising, etc. It involves the development and management of strategies.
The strategies themselves that are being managed can be directed at almost anything of concern to the business or organization. Strategies can exist that are directed at any organizational level. High level strategies can and often do give rise to lower level strategies which in turn can give rise to even lower level strategies, etc. Like wise the function of strategic management can exist at any organizational level.
The reason for this paper is that this class is concerned with the study of strategic management as a business function, i.e. how are strategies developed, implemented, measured, etc. You will find as we proceed through the business analogy that there are even strategies (for example, SWOT analysis) for strategic management, which means that there are strategies for developing, implementing, and measuring the effect of strategies. When you fully understand that strategic management is a business function this should not surprise you.
One of the problems, I typically see is managers confusing the management of strategies with the strategies that are being managed. In this class, since we are discussing the business function of strategic management, when discussing a particular strategy let’s say an example of a marketing strategy, you should also keep in mind the strategic management dimension of that strategy, that is, how was it developed, how was it implemented, how is its effectiveness measured, and how will it be changed if that is necessary. Similarly if, for example, you are comparing the advertising strategies of two companies in a particular industry, you should also consider what effect the comparison of those strategies should or could have on the strategic management function in each of the companies involved.
Let me try and clarify what I am trying to say by using an analogy. Suppose we were having a class on how to manage a used car lot. We might easily find ourselves discussing the differences between Ford cars and Dodge cars. But since we are having a class on managing the used car lot we should probably be the most interested in those differences that actually impacted how we would manage a used car lot.
Works Cited
Coulter, Mary. Strategic Management in Action. 2nd ed-custom ed. New Jersey: Prentice-Hall. 2002.