MARKETING MANAGEMENT MODELS

Marketing Management, Models and Segmentations

Marketing Management, Models and Segmentations

Introduction

The life time achievement of any business firm is the retention of its customers and marketing, which is the fundamental tool that helps the firm to achieve this mission. The marketing department is exclusively responsible for understating the perceived value of the customer and then satisfies the needs through product identification, specification and customization strategies. In the recent years, potential growth in goods and service hubs are originating the concept of marketing models that, beneficially aid in the enhancement of relationships between the management of the firm and the customers. The concept of building marketing models started in the fifties and with the passage of time gained the importance by researchers and the academics as a field of study. From the initiation till today, companies have developed marketing models, which are not only helping in the decision making strategies, but also provide the platform for exploring the advancement in the marketing world. Models of marketing provide the future outlook of marketing science.

The marketing models define the marketing relationship with the help of diagrams, symbols and mathematical formulas. These models further use for analysing the variables like pricing, advertising, trading or others logical elements that comprise the marketing decisions of a business firm. The building block of these models is the marketing theories that combine together with the mathematical expressions. These models provide ideal assumptions that can meet by the business firms through a complete knowledge of perceiving value of their customers. Globalisation and technology is brought the concept of e-commerce with extensive customer relationship management from all the way through the internet. This provides an absolute raised area designed for interaction with clients.

Discussion

Marketing Strategies of Different Businesses in the United Kingdom

Most of the companies in the United Kingdom are small enterprises and covered 95% of the entire business. However, whether small or large firm, all are sharing the same concept of providing best values to the customers. A researcher writes that “the three major components of this strategy are employees of those firms, profit concept and the identified market segments for their business operations” (Blankson, 2002). Marketing strategies are unique for every business organisation in the United Kingdom. On the other hand, lacking in the marketing strategies and product orientation leads to a loss in business.

In the engineering sector, UK firms are establishing their strategies in the areas of tools for hulking machines. A scholar writes that “however, proper implementation of market orientations is not enough; the companies are still achieving little progress towards the marketing and customer satisfaction aspects. Although, the firms will have to perform beyond this level in order to compete their national and international competitors” (Rafiq, 1996).

In the fashion industry, different marketing strategies have studied by the researchers and analysers. The purpose of these studies is to investigate the marketing tools that will help in the managerial decisions making policies. In the UK, the most common practice in relation with an implementation point of ...