Understanding Marketing Management



Understanding Marketing Management

Why the chapter content is related?

The chapter contents are relevant because they are based on understanding the marketing concepts in a holistic context. The chapters are based on the explanation of developing the marketing strategies and plans. Additionally this essay also reflects how the information is gathered and scanned through the environment as discussed in chapter 3 of the book. This book focuses on the major decisions marketing managers and top management face in their efforts to harmonize the organization's objectives, capabilities, and resources with marketplace needs and opportunities. This book presents a framework for analyzing recurrent problems in marketing management. Cases and examples illustrate effective marketing principles, strategies, and practices. This book covers all the topics an informed marketing manager needs to understand: it covers the major issues in strategic, tactical, and administrative marketing.

2) What are the most important marketing principles discussed in the chapters?

Following are the most important marketing principles discussed in the chapters:

Kotler/Keller is the gold standard in the marketing management discipline because it continues to reflect the latest changes in marketing theory and practice.

Topics covered include brand equity, customer value analysis, database marketing, e-commerce, value networks, hybrid channels, supply chain management, segmentation, targeting, positioning, and integrated marketing communications.

Value chain analysis describes the activities within and around an organization, and relates them to an analysis of the competitive strength of the organization. Therefore, it evaluates which value each particular activity adds to the organizations products or services. This idea was built upon the insight that an organization is more than a random compilation of machinery, equipment, people and money. (Keller, 2002)

Core competencies are those capabilities that are critical to a business achieving competitive advantage. The starting point for analyzing core competencies is recognising that competition between businesses is as much a race for competence mastery as it is for market position and market power. Senior management cannot focus on all activities of a business and the competencies required to undertake them. So the goal is for management to focus attention on competencies that really affect competitive advantage.

Successful marketing requires companies to have capabilities such as understanding customer value, creating customer value, delivering customer value, capturing customer value, and sustaining customer value. Creating, providing, and communicating value requires many different marketing activities. To ensure that the proper activities are selected and executed, strategic planning is paramount. Strategic planning calls for action in three key ...