>> Marketing Management
To prepare for this Individual Assignment:
- Reflect on the following:
o What is marketing? Why is important? Review the Readings. Consider how marketing strategies and orientation might contribute to or reduce an organisation's profitability. What strategies do the Readings suggest for aligning business and marketing strategies?
o What is a brand? Why is it worth developing? Consider the various categories of brand equity proposed by Aaker (1996) for what makes a strong brand and why this adds to customer perceptions of value.
- Using the Interbrand Web site in this unit's Readings, consider how Interbrand has calculated brand value.
- Select one brand and corresponding organisation from the bottom 50 (50-100) on the Interbrand report to research and feature throughout this module as the focus of your Final Project.
- Using credible online sources, research and critically assess the business, marketing and brand strategies for the organisation you chose.
- Reflect on the following: Are there any areas of marketing in which your chosen organisation appears to be particularly strong or weak? Are there any areas of business in which your chosen organisation appears to be particularly strong or weak?
To complete this Individual Assignment:
- Describe your process for conducting an informal situational analysis on the organisation you chose. What areas did you consider in your analysis?
- Based on your situational analysis, describe the business, marketing and branding strategies.
- Describe the alignment of the business, marketing and branding strategies. Be sure to address the following questions:
o At what points do they intersect and diverge?
o How strategic is this alignment?
o What are the dangers of not aligning these strategies?
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Marketing lies at the core of any business. Successful marketing is a solution for most problems that organizations face. Marketing is the process by which products and services are developed, introduced, promoted and distributed to the targeted customers. According to Narver and Slater, 1990, for a firm to become successful, its business strategies and marketing strategies have to be interlocking rather than being individual.
The importance of marketing therefore lies in the various approaches and strategies that marketing offers in order to gain success in business strategies application. Also, according to Kohli and Jaworski, 1990, market orientation implies collecting, disseminating and responding to the intelligence in market (Winn, 2011). For determining an organizations synergistic relationship (business strategy aligned with marketing strategy) it becomes important for organizations to acknowledge the concept of marketing.
From the readings it was evident that to align business and marketing strategies there are various methods such as situational analysis wherein a base is provided to firm’s for beginning such an alignment. As a matter of fact, situational analysis done by market intelligence collection. Another important way is through PESTEL or 5 C analysis.