Business Marketing Course
Table of Contents
Nowadays question about marketing strategy is important for every company, both small and large. Marketing strategy is closely related with the processes occurring in external environment. In our century the processes of globalization occur more actively. They imply integration of national markets and technologies, easy access to communicate and travel. Some kind of current globalization is westernization. Considering this fact, many American companies try to use standardization approach when they enter new markets. It can be effective for some product lines. Another direction is contrast to the first. It is based on the particular consumer needs, differences between national cultures and other aspects of social life. This approach is named customization. It is characterized by high cost but can be used in companies from small to large. The alternative way is incorporation of both approaches. It allows company to find the balance between standardization and customization.
Nowadays the lack of a specific strategy for the company development as well as the lack of measures for its implementation inhibit the company growth or may even lead to the real crisis and the disappearance of the enterprise from the market. Generally the concept of a strategic management can be termed as enterprise management system in unstable and rapidly changing environment. This system should provide a dynamic, adaptable and high competitiveness of the company. Also it is important to measure “the value that is created by marketing in the form of revenue” (Gummesson, 2012, p.227). There are two different directions: standardization and customization. Direction selection depends on the size of the company, the environmental conditions in which the company operates.As a rule, effective marketing starts with well-organized marketing strategy. A good last one can help define mission and goals, outline main steps company need to take. Usually company is interested in hire such employee as “marketing master” (Martin, 2009, p.14). Marketing strategy is a comprehensive planning tool that:describes main aspects of the company and its products or services;explains the position of products or services on the market;knows the target audience and main competitors;identifies the marketing tactic plan;allows building marketing campaigns and measuring its effectiveness.According to the work of specialist Peter Drucker “the business enterprise has two – and only two – basic functions: marketing and innovation” (Jagpal and Jagpal, 2008, p.11). Thus, choice of marketing strategy is important for every company.
In 1983 Theodore Levitt, Harvard marketing professor, wrote an article “The Globalization of Markets”, in which he represented new marketing approaches. According to Levitt the processes of globalization around the world have led to the appearance of standardized products. New technology allows communicating people from different places of the Earth. Wholesale transfer of goods and services grows from year to year. Specialist Mathieson (2010, p.10) wrote: “Today, these same consumers routinely and cavalierly check balances, make purchases, and place trades from home via their laptop computers or while on the go, via their iPhones and BlackBerrys”. Now it is simply enough to promote good for …