Marketing Management
Marketing Management "Marketing ideas have made singularly little penetration into the centres of influence of the construction industry. ... The subject of this assignment is a construction firm that has recently designed and implemented a marketing management strategy. The objective of this assignment is fourfold, firstly the company’s approach to marketing management will be documented this will then be related to marketing management theory Then by analysing data collected through research the effectiveness of the strategy will be discussed. Finally using marketing management theory as a foundation recommendations will be made to identify where the initial strategy could be improved in order to promote future business development and success, in line with the strategic mission of the company. ... The level of turnover and number of employees had increased at such a rate that the organisation now employed a sizeable management team. All with an experienced technical background in the fields of surveying, estimating or site management and who had either progressed through the ranks of this firm or other organisations of a similar size and nature. The company was at the time of the initial implementation of this initiative inexperienced in marketing management and strategy. ... In developing the company’s marketing management strategy numerous workshops were held, attending these were the company directors and two senior managers. ... There are many reasons for running a business, this company wanted to be clear on why it wanted to improve or introduce the marketing effort so that appropriate goals can be set. ... The development of the mission statement was the start of the company’s marketing management initiative. ... Perhaps the implementation of a mission statement doesn’t have a direct link to the theory of marketing management however it’s place in the overall field of strategy is illustrated below. "A firm’s mission is top management’s view of what the organisation seeks to do and become over the long term. ... This way of thinking doesn’t have a direct link to marketing management theory but can be proved to be a form of market segmentation. For the construction industry the application of marketing theory in order to segment the market is not directly appropriate, but it can be applied in the way stated to produce effective results as the common goal is the "identification of target markets". ... "From the customer’s point of view, the information process is the least visible of all the marketing functions. It is, nevertheless, the basis of all marketing activity. If the product / service is said to be the cornerstone of marketing, then it must be remembered that good products / services accurately reflect the needs and wants of customers, which can only be ascertained by gathering information. Information provides the means for a company to fulfil the marketing concept," (Lancaster & Reynolds, 1995: p. ... These environmental factors are in a broader context and are ones that the organisation has little or no control, however, they could highlight the marketing opportunities and threats of the future. ... In order to make marketing management decisions some kind of formal marketing planning would now be required. "There can be little doubt that marketing planning is essential when we consider the increasingly hostile and complex environment in which companies operate" (McDonald, 1995: p. ... Another option was to offer the "usual" service to a wider range of clients, not necessarily meaning a different type of client but to increase the marketing effort as regards selling the company or perhaps by widening the geographic region. ... "Marketing objectives are about each of the four main categories of the Ansoff matrix, market extension, product development, market penetration and diversification. ... The plan of action was to stay the same for six months to consolidate customers, to ensure profitability and develop the action plan investigating the marketing methods needed in the months to come. ... "There may be any number of strategic options, which give us the chance to be creative in thinking about a variety of routes that might be chosen to achieve company and marketing objectives" (Lancaster and Massingham, 1993: p. ... Having determined the range of segments in which they will participate, and nature of services to be offered, the next decision in formulating the marketing strategy is to determine the utilisation of individual elements of the marketing mix and the relative degree of reliance to be placed on each. In accomplishing the market development strategy of promoting the company’s range of services to a wider audience the work group fitted to the theory of the marketing mix. ... "The marketing mix is a set of market tools that the firm uses to pursue it’s marketing objectives in the target market" (Kotler, 1997: p. ... Following the apportionment of a marketing budget discussions were held in order to decide the best way of using this allocation. ... "The setting of the correct price is of enormous importance in marketing - both in getting the product accepted by the target market, and in generating sufficient revenue for the organisation. ... It was agreed that use would be made of the analysis undertaken for marketing purposes when making the commercial decision of the level of profit margin to be added to a project. We have seen how the firms approach to marketing management links closely to theory. ... It has been two years since the implementation of the initial marketing plan and it is assumed that sufficient time has past to draw conclusions as to it’s effectiveness. ... Now critical analysis of the marketing management strategy recommending improvements and changes to promote future business success and development. Firstly, the stages taken by the company in developing the marketing management function relate directly to that of theory and therein provide the perfect framework for the critical analysis. Analysing marketing opportunities, developing marketing, planning marketing programs and implementing the strategies is in essence the way that the workshop team organised itself during this initiative. "As a management function marketing involves the process of analysis, planning, implementation and control. ... However, I believe that the actual significance of the marketing concept has not been realised. "When applying the marketing concept the firm seeks to evaluate market opportunities before production, assess potential demand for the good, determine the product characteristics desired by consumers, predict the prices consumers are willing to pay, and then supply goods corresponding to the needs and wants of target markets more effectively than competitors.