Marketing management refers to application of marketing orientation and process for creation of company’s goods and services. In strategic marketing management, organizations use marketing mix for gaining sustainable advantage over their competitors. Marketing mix comprises of product, promotion, place and price. Organisations use differential pricing strategies and charge different prices from customers in different segments. Companies also use different packaging and texture for differentiation of their product in the marketplace. In strategic management, organisations develop new products to gain competitive advantage over their rivals. Organisations launch products in accordance with customer needs and preferences. Products represent face of the organization and hence corporate ensures delivery of quality goods and services in timely manner at affordable price (Tan, L., Ding, J., 2015). Organisations uses strategic marketing management for gaining market share and market penetration. The emphasis is on supply chain management for wider distribution of company’s products and services. Organizations maintain harmonious relationship with supplier to enjoy uninterrupted supply of raw materials. Promotion refers to creating awareness about the product in consumer fraternity. Organisations use offline and online methods for marketing their goods and services. With increased usage of internet and social media, managers focus on building customer relationship through presentation of information about company’s products (Tsai, S., 2011). In addition, customer’s feedback is used by organization for delivery of world class products and services. Thus, marketing management is used by managers to gain from existing capabilities for gaining core competencies through differentiation in their service offerings in the marketplace.
It can therefore be concluded that managers need to identity areas according to firms capabilities for creation of sustainable competitive advantage. Managers should use resources according to their capabilities for creation of core competencies and gaining sustainable competitive advantage.A business framework pyramid should be established for the organization. The framework should start with initial talks with senior and junior mangers, project scheduling based on risk ranking, provision for contingencies. Financial goals should be established after studying of business risk and SWOT Analysis. Effective and efficient business plans and strategies should be implemented for the achievement of desired objective consideration of customer’s expectations, needs and requirement from the business. The key features affecting businesses are organizational behavior and dynamics. In a linkage process, communication problems might lead to problematic conflicts among the employees and may affect their performance. The biggest threat of organizational risk comes from the top management as it lays down the desired set of policies and objectives which are expected to be achieved. Thus, stated objectives should be on the management agenda for accomplishment in a timely and cost effective manner. In addition, managersshould use talent management, financial management, management accounting and marketing management for utilization of firm’s capabilities. This would enable company to achieve high growth and outperform competitors.
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