Question:
Discuss about mediterranean marketing and postmodern marketing?
Answer:
The competitive environment has encouraged many industries to bring up with advanced ideas in order to maintain sustainability in the market. Likewise, the technological industry has come up with various advancements to feed the need of their customers (Atkinson, 2015). Illustrating the example of Apple Inc., it is heading ahead compared to other companies as it take the best of all. In this industry, there are several competitors like Samsung, Microsoft, etc. who are directly in competition with Apple Inc. In order to beat its competitors, Apple Inc. in coming up with the latest innovative enhancements in its products to satisfy its customer and maintain customer retention (Apple, 2015).
There are internal and external factors that affect the functioning of several operations in the organization. Concentrating upon the internal factors, the supporting activities are enhanced in the organization for the improvement of firms’ infrastructure and for advancing the use of technologies in the organization (Braun & Latham, 2014). Taking the example of the manufacturing unit of an organization, the activities of advancing the technologies will ultimately affect the production department of an organization. Therefore, introducing the technical knowledge, hardware and software will enhance the quality of the product manufactured.
The resources based strategies highlights the way of utilizing the resources in the organization effectively. Therefore it identifies the potential key resources to fulfill the shoes of the value of the product, inimitable and non-substitutable. For example, Apple inc. manufactures its own product with specialized material to make the quality best for all its products (Grewal & Levy, 2015). While ascertaining the iPhone, it is ascertained that Apple is utilizing the resource strategy to make enhance its quality in the market compared to other phone in the market (Apple, 2015). Therefore, it deals with LG for its camera, for bandwidth it deals with Samsung and so on.
Core competence of the organization is referred when the company competes with its competitors with all its strength and competency. For example, Apple Inc. is the organization who competes with all the advancement in the technologies to beat its competitors in the market. As Apple Inc. is dealing with several products in the field of technologies, it is expanding in new markets to provide support to more customers (Hanic & Domazet, 2012). Additionally, it can be said that Apple Inc. is also promoting its product according to the classified products such as in the sector of iPhone, Mac, etc.
The drift in the strategic management of the organization due to changing environment is known as Strategic Drift. It usually takes place when the company has to face uneven challenges and situations of operation of the company. In this case, the company fails to meet the expectation that was planned while deciding the implementation of the strategy. There are several reasons that results to the strategic drift in an organization (Hill, Canniford & Mol, 2014). It is very important to be identified in an organization in order to make changes in the strategy implemented for the functioning of the business in an organization. It also highlights the problems that are faced by the organization in the business.
Corporate objectives are very much important to be rectified before handling the operation of the business and meeting the expectation of the organization goal. Therefore, these goals are quite important to identify the operations and requirement of the company and to forecast the future objectives as well (Johnson, 2015). On the other hand, corporate governance is equally important in order to implement the corporate rules and regulation in the organization. There are various acts under the corporate governance that need to be followed by the organization in order to avoid the penalty charged by the government if not followed. It also helps the organization to identify the restrictions in carrying out the business activities.
Using Porter’s three generic strategies, illustration of the business of Apple Inc. is provided here. Firstly, cost leadership strategy is adopted in Apple Inc. in which Apple Inc. have reduced the price of iPhones in order to increase the profit of the company in older models (Apple, 2015). On the other hand, it also increases the price of the shares that ultimately increases with the increase in the profitability of the company (Keegan & Green, 2015). The other strategy implement is the differentiation strategies in which Apple makes a good research and is quite able deliver high quality products to its customers. Focusing strategy is also emphasized here in which Apple Inc. has focused in different sector of market simultaneously to meet the unique need of the customers and also getting to know about their competitors.
Strategic business unit (SBU) is a unit that has uniqueness in the implementation of strategy in carrying out the business. There are many SBUs present in the market who competes with the competitors in the market. For example, LG is one of the SBU that competes with the electronic products and gives a cutthroat competition to other competitors (Lagarde, 2012). Therefore, SBUs have various advantages in the market as its increase the competition in the market. Furthermore, there are several elements that are included in the SBUs, which most of the companies prefer to increase the sales and to implement the changes in the strategies.
Business strategy aids the business operation in several industry in which the industry need to develop various ways to carry out the business activities. Therefore, it also involves the method in which the company takes decision and uses its competitive advantages (Mamula, 2012). The formulation of the strategy requires position of the business and strategy needed to meet the expected changes in the demand. On the other hand, corporate strategy provides the business the guidelines for carrying out the business and sets up the objectives to be fulfilled. Therefore it can b said that both are significant equally in order to coordinate and carry out the business activities of the organization.
Ann’s Matrix includes the significant elements that contribute in the growth of business in an organization. Penetration of the product in the market, development of market, development of the product and diversification are the essentials that are covered here (Lindgreen, 2012). Therefore, this strategic planning is utilized with Apple Inc. who followed this strategy while making an entry in the international market (Apple, 2015). In Corporate level, diversification of the product of Apple Inc. is given importance to expand the business globally.
BCG matrix has a great significance in the corporate sector that contributes readily towards the strategic positioning of the business and emphasizing upon the potential of the business a well. It sheds light upon relative market share and market growth rate of an organization stating the four different quadrants. Stars, question marks, cash cows and dogs state the different position of the brand in the market (Marshall & Johnston, 2015). Therefore, BCG matrix enables the company to ascertain the position of the brand in comparison to other companies in the market.
The international activities and programs are involved in the organization when selecting the International Strategy for the business. In International Strategic Framework, the major priorities are given to the culture trade and promotion development highlighting the Global exchange and exposure for inventive growth of business in the international market (Milisavljevic, 2013). On the other hand, the priority is also provided to social inclusion and participation, where global migration of the company is emphasized. Cultural diversity is also covered at this portion. Sports and cultural relations has also been the third priority to develop integrated approach seeking visibility of the culture of the country in which the business is expanded.
Apple Inc. may adopt the strategy of culture trade and development of promotion to enhance the expansion of the product in the international market (Apple, 2015).
Porter’s diamond includes the four elements that emphasizes upon the factor conditions, strategy, rivalry and structure, condition of the demand and relates the supporting industries. Therefore, these four factors are focused by Apple Inc. for determining the condition of production and promotional factors, demand of Apple products, the business strategy, structure and rival organizations that are in the international market (Ostergaard & Fitchett, 2012). On the other hand, it involves certain other supporting industries as well that resulted to support the business of Apple in the foreign countries. Factors may include the world class telecommunication, locations, etc.
There are three major steps of entering the international market for attaining success in the business carried out in foreign country. Firstly, the company entering in the international market need to peek over the finance invested in the business and the cost of the project as well. The product or services to be introduced in the foreign market is another important segment need to be covered along with the leaders and team who will be managing the business in foreign country (Spender, 2015). Another step is to find the relevant market to enter for carrying of the business. The relevancy of the market can be found out by taking a market survey. Finally, planning of the project and executing the project in the market is quite important before making an entry.
Therefore, Apple Inc. takes a short survey before introducing its range of products in the foreign market and on the side it also finds the relevant market as well to enter.
Marketing mix is most important in order to implement marketing strategy in the business. Considering the elements of marketing mix, offering and target customers are identified. Furthermore, the delivery of message and creation of value is also enhanced (Stankovic, Djukic & Popovic, 2013). The 4P’s are overviewed before implementing any marketing strategies in the business. Furthermore, delivery of the message comes under promotion is another factor that signified in reaching the right customers in the foreign market. Creation of the value of the products launched includes the selling and buying process of the customers. Therefore, these factors need to be seen before making any offerings to the targeted customers in the foreign marketplace.
Marketing analyzing planning is the plan to carry out the survey of the international marketplace in order to derive the information concerning the competitors and substitute products. While carrying out market analysis, three main factors are peered (Starcevic, 2013). These are the internal and external information of the organization and external secondary information that are used to market the product. It renders a great importance in introducing the product in the foreign market and applying the relevant marketing strategy as well.
While implementing the marketing strategy in the business, there are several issues that rise relating to the marketing mix. Therefore, in order to sort those issues, integration of the marketing mix must be emphasized (Stosic, 2014). Therefore, this aids the business while dealing with the foreign customers and sorting out the issues that rise concerning the promotion and price of the product. Therefore, setting up the product with promoting it in the right place and at the right price will increase the sales of the product. Therefore, integration of these 4 P’s is effective for successful business operation.
Price is one of the significant elements of marketing mix. It therefore plays an important role in increasing or decreasing the sales and demand of the product in the company. For example, the price of commodity A rises; therefore, it shall decrease the demand of the commodity due to availability of substitutes at lower price or some other factor (Stroh, 2015). Therefore, it renders a great importance in evaluating the value of the product as well. It also affects the other factors of marketing mix such as the promotion and product offered to the customers.
Promoting the technology in proper place is very much important for the relevancy of the business. For example, Apple Inc. introduces its product in the places where it find that customer have the capability of buying the product. Furthermore, it is also seen that selecting the right promotional plan is another factor that is important for the expansion of business (Tracy, 2015). Place is another factor that plays a significant role to encourage the growth of the business. If the product of Apple Inc. is not promoted at the right place, then it would not be able to raise the expected sales to meet the profit motive of the business.
Innovation of the product is very much significant to meet the expectation of the customers. Therefore, the company needs to make the relevant changes to maintain customer retention and sustainability in the market. On the other hand, to carry out the business for the long run, regular changes in the product is required with innovative ideas to make the products more useful by the customers and to increase the rate of satisfied customers (Tresidder, 2014). Innovation also attracts the customers and increases the sales of the product to some extent. There are numerous competitors in the market, therefore, to be ahead of every competitor, innovation is a must.
While analyzing the elements of place, there are several factors that need to be considered by the company. There are several channels that are required to place the product at the right location and at the right price to increase the efficiency and sales of the product. Therefore, place is an important factor for introducing and marketing the product (Lagarde, 2012). If the customer could not avail the desired product at the right place then it will decrease the demand of the product in that particular market. Therefore, channel of distribution of the product is very much significant to implement the marketing strategy efficiently.
In order to attain success in marketing of the product, the producer must analyze the life of the product beforehand. Therefore, it is very important to analyze the cost that will be incurred in promoting the product (Grewal & Levy, 2015).
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