MARKET-LED APPROACH

Market-led Approach



Market-led Approach

Q1. Explain what you understand from the marketing literature about what it means to adopt a market-led approach to managing organizations.

Marketing

Marketing is a "multifaceted function" as noted in the introduction, so that there is an innumerable variety of definitions of marketing. MJ Baker attributes this to the novelty of the concept (Keung 2005, p. 624). He says that marketing is an emerging discipline that has not yet strong theoretical base station, which could explain the many definitions. Baker says, however, that there still many similarities between these definitions.

The marketing approach requires managers to change their body, since the needs of customers will of course change over time, depending on the environment is changing him too. The important place the analysis of customer needs or market approach in marketing direct result of this basic principle.

The marketing is so much more than what most people think. In fact, many people think that marketing is synonymous with advertising or public relations. However, it is only the tip of the iceberg, one of the last stages of marketing where after studying the needs and services have adjusted to these needs, we communicate with the market (Vandyck 2006, p. 124).

For these reasons we opt for a broad definition of marketing, summarizing all those we have mentioned:

Marketing can be defined as a management philosophy that is for the organization:

1.To make active listening to the needs of clients (users and nonusers).

2.To adjust the organization and its products or services based on identified needs to ensure satisfaction.

3.To make themselves known by contacting the customer.

4.Finally, to measure the satisfaction of customers to make the necessary corrections if necessary.

Marketing led Approach

To address the many complexities involved in different types of market, marketers need to plan and implement one or more marketing strategies in order to achieve the objectives that the company or business unit aims to achieve its target market.

The purpose of the marketing strategies is to provide the company or organization a useful guide on how to meet the challenges that hold different types of the market are, therefore, part of the strategic planning business level (Stickney & Weil 2007, p. 169).

Now, during the planning stage, especially during the selection and development of marketing strategies, you must perform a careful analysis of the characteristics of the company or organization, its marketing mix, target market in which supply and make the characteristics of competitors in order to choose the most appropriate strategy or strategies. In other words, it is essential to conduct a study of the environment (both external and internal) of the company or organization before making a decision about the marketing strategies to be implemented.

Then, during the implementation stage of the marketing strategies that have been planned by the marketers, it is essential to carry out constant monitoring of the objectives to be achieved (Helfert 2001, p. 158). For example, in the event that a company (which ranks second in market share) is proposed to be the leader need to implement a strategy to challenge ...