MARKETING MANAGEMENT Assignment 1: Case study

MARKETING MANAGEMENT

Assignment 1: Case study

Introduction

Marketing for an organization plays an important role in the process of enhancing the brand image of the organization. In the present scenario, the role of business marketing for enhancing the perceived value of the customers regarding the brand image of the organization will be discussed. Apart from that, the aspect of market orientation delivered by the organizations associated with the Information and Communication technology are discussed within this context. Moreover, the impact of market orientation on the formation of business strategy and implementing the same for the growth of the organizations will also be discussed within the boundaries of this assignment.

Discuss the role of marketing in achieving organisational goals including delivering perceived value to customers.

Marketing for an organization is considered as an important measure for retaining its sustainability in the business market scenario. The role of marketing for achieving organizational goals and enhancing the perceived value among the customers are discussed as follows:

Figure 1: Role of marketing

(Source: developed by the learner)

Marketing and increasing market share:

Marketing is considered to be a bridge between an organization that helps to establish an effective relationship between the customers and the products offered by an organization. As mentioned by Hole et al. (2018), the process of marketing helps an organization in the process of influencing their customers for purchasing their products or availing their services. Moreover, effective implementation of marketing channels enables the customers to gain the confidence of trying the products or services delivered by the organisation.

Figure 2: Category of marketing channels

(Source: Winter, 2019)

It is observed that the application of marketing helps an organization to increase its visibility among their targeted customers that helps to enhance its brand image and awareness about the products and services. As stated by Winter (2019), better awareness about a product or services helps the organization to outreach the maximum number of customers. This measure not only intends to improve the market share of the organization but also enables the organization to gain a high margin of profitability. Hence enhancement of market share helps an organization associated with the ICT industry to deliver their products to a maximum number of customers and also achieve the state of globalisation. Marketing also plays an important role in generating awareness about the service of information sharing that can helps multiple users highlighting the need for an information-sharing platform.

Marketing and innovation:

Marketing for an organization is considered as one of the major platforms for evaluating the needs and demands of the customers. As mentioned by Itani et al. (2020), accumulation of feedbacks and reviews of the customers are considered to be an important strategy used by the organizations for identifying the needs and demands of their customers. Evaluation of customer’s demands and needs enables an organization to deliver a better and effective quality of service that enhances the satisfaction of the customers to a greater margin. Hence, analysis of customer’s needs and demands can allow the organization to identify the changing trends of the market and the pattern of using the technology. As per the opinion of Ying et al. (2020), changing customers demands enforces every organization to adapt to the current preference of customers for retaining their sustainability in the target market. Moreover, marketing also plays an important role in comparing the benefits and drawbacks of a product delivered by its competitors. This measure enables the respective organizations to innovate their products for attracting the attention of the customers. Hence, it is observed that the application of marketing enables an ICT organization to evaluate the extent of technology expected by its customers for data sharing.

Role of marketing for influencing the perception of the customers

Figure 3: Role of marketing in influencing the perception of the customers

(Source: created by the learner)

The aspect of marketing helps an organization to raise the standards of living for its customers connected with the targeted marketplace. As commented by Eckhardt et al. (2019), marketing enables an organization to deliver its products uninterruptedly as per the needs and demands of their customers. Hence, it is observed that the application of marketing for an organisation enables them to identify their needs and demands in a precise manner that delivers better satisfaction of service. It is also observed that the application of marketing enables an organisation to conduct the process of managing business decisions in the most effective manner (Mistry et al., 2020). This measure reflects the ideas of fixing the pricing strategy of the products according to its category and its demand in the targeted market. Thereby, it can be considered that the application of marketing enables an organization to deliver better value for money service to their customers that intends to improve their perception towards the organisation. This measure also reveals that marketing channels also help to enhance the brand image of the organisation and the trust of the customers regarding the products and services delivered by the respective organisation.

In the context of the ICT industry in the UK, like BlueWolf or Folio3 intends to deliver the service of the data centre, mainframe infrastructure or cloud infrastructure and services. The trust of the customers plays an important role in the process of availing the services and sharing their private information with a third party organization. As noted by Lehrer et al. (2018), the application of marketing enables an organisation to demonstrate the benefits that are accessible along with their service. This measure helps in the process of improving their approach towards the customers and allows them to connect with the organization conveniently. Hence, the customers are widely available to compare the facilities of services in a transparent manner that gradually influences their perception towards the organization.

Marketing plays an important role in the collection of feedbacks from customers for improving the quality of products and service delivered by the organizations associated with the ICT industry. As mentioned by Gao et al. (2018), customer’s feedback enables an organization to identify the flaws and drawbacks of service that helps in the process of product line management. The use of customer’s feedbacks also enables an organisation like Virtusapolaris to maintain a class of distinction among each of their service. This strategy enables the organization to deliver a wide distinction among the range of services as compared to its competitors that enables them to gain a high competitive advantage. Apart from that Kim et al. (2020) stated that maintain stable and consistent connectivity with the customers helps an organisation to maintain a healthy and sustainable relationship. It is observed that a sustainable relationship for an organisation helps in the process of responding with high perceived value for the products delivered with the respective organizations.

Illustrate what it means to be ‘market-orientated’.

Market orientation for an organisation is considered to be the strategy that enables them to identify the needs and requirements of the customers and undertake a measure for completing the demands. As opined by Othman et al. (2020), orientation towards the market enables an organization to gain better loyalty from the customers by delivering better satisfaction of service for the respective products. It is evident in the ICT industry that delivering better attention to the needs of the customers enables an organization to enhance its sales margin to a greater margin. This measure highlights the aspect of greater profitability that can also facilitate a high rate of business growth for organizations associated with the ICT industry. As contradicted by Kunle et al. (2017), an organization that intends to satisfy the needs and requirements of the targeted customers in the market also gains a steady level of competitive advantage. It is evaluated that organizations within the ICT industry in the UK like BlueWolf and Folio needs to identify the changing trends of technology and predict the future demands for securing their competitive advantage.

Figure 4: Concept of market orientation

(Source: influenced by Li et al., 2021)

Sales orientation and product orientation are considered to be the major concepts that are applied by the organizations for preserving their orientation towards the target market. As noted by Li et al. (2021), orientation towards the market enables an organization to raise its business volume along with market share by delivering the services according to the preference to the customers. As observed within the ICT industry, changing technological usage is considered as a gradual shift from the traditional storage to the online cloud storage. Apart from that, the mode of data sharing with the security of an encrypted data centre is contemplated as the market demands in the UK. Hence, the organizations need to focus on these strategies of improving their services and influencing the customers for the purchase of the products.

Discuss how being market-oriented affects strategy formulation, implementation, and planning.

Organizations that are considered to be more oriented towards the market tend to adapt the strategies as per the change in market trends for maintaining the balance of organizational behaviour. The impact of market orientation on the process of decision making and business execution are discussed as below:

Impact of market orientation and formation of strategies: Business strategies play a crucial role in the process of business growth and achievement of organizational goals. As mentioned by Balven et al. (2018), the majority of organizations tends to evaluate the internal functions in terms of opportunities and associated risks for the formation of growth strategies. As orientation for the targeted customers enables an organization to manufacture the products according to their preference, thus, the organization can transform the risk of losing market sustainability into opportunities of business expansion. One of the major strategies of business development is considered as the strategy of identifying the movements of their competitors. As noted by Salunke et al. (2019), analyzing the specification and features of the products served by its competitors, an organization is widely enabled to manufacture products with improved quality of service. For instance, ICT organizations like Atech Support Ltd delivering better quality and speed of data connectivity than Silicon Reef can be considered as a strategy for attracting a wide section of customers. This measure also resembles the aspect of market orientation for satisfying the needs of customers that highlights their preference for fast and reliable data connectivity.

Impact on the implementation of strategies: Market-oriented companies tend to highlight the process of implementation of strategies according to the preference of the customers. As per the views of Sony (2020), implementation of pricing strategy is the major concept that is implemented by an organization as per the affordability criteria of the customers. It is noted that delivering the service as per the affordability rate of the organization enables an organization to maintain its sustainability in the target market. Apart from that, the customers are also delivered with the accessibility for availing the service. Hence, orientation towards the customers in the market enables an ICT company to evaluate the demographics of their customers including their monthly income for determining the price of a product.

Market-orientation and its impact on business planning: understanding the business capabilities and functionalities enables an organization to evaluate the extent of service that can be provided. As per the views of Rodriguez and Walters (2017), tactical planning for an organization enables an organization to achieve their long term goals and helps in evaluating ideas for achieving the goals. The high degree of market orientation enables an organization of ICT industry to transform their service as per the suitability of the customers. This measure helps to attract a wide variety of new customers as well as retain their loyal customers that can help an organization like BlueWolf to attain their business goals in a short term.

Conclusion

The process of marketing is considered as a major process that enables an organization associated with the Information and Communication Industry (ICT) to widespread their service. Marketing process enables organizations of the ICT industry to innovate their products with a wider aspect of flexibility for enriching the satisfaction of their customers and remain oriented towards the market. The aspect of market orientation enables an organization to assess its strengths and weakness in implementing the required level of innovation. Moreover, market-orientation also helps in the formation of pricing and innovation strategies that can help organizations like Folio3 to achieve their business growth at a steady rate.

Reference list

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Eckhardt, G.M., Houston, M.B., Jiang, B., Lamberton, C., Rindfleisch, A. and Zervas, G., 2019. Marketing in the sharing economy. Journal of Marketing, 83(5), pp.5-27.

Gao, S., Tang, O., Wang, H. and Yin, P., 2018. Identifying competitors through comparative relation mining of online reviews in the restaurant industry. International Journal of Hospitality Management, 71, pp.19-32.

Hole, Y., Pawar, S. and Bhaskar, M.P., 2018. Service marketing and quality strategies. Periodicals of Engineering and Natural Sciences (PEN), 6(1), pp.182-196.

Itani, O.S., Jaramillo, F. and Paesbrugghe, B., 2020. Between a rock and a hard place: Seizing the opportunity of demanding customers by means of frontline service behaviors. Journal of Retailing and Consumer Services, 53, p.101978.

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