Journal of Trends in Economics Management - Myassignmenthelp.Com

Question: Discuss about the Journal of Trends in Economics Management. Answer: Selection of subject This essay focuses on the four subjects which are covered during the study. Before starting the analysis of the four topics in the business strategies and management, it is important to understand the concept of all the four topics selected for this essay. Those topics are marketing management, Digital marketing and communication, international strategy and strategic management. By this essay, the objective during the master course is to integrate as numerous experiences as possible into educational program (Ghuman, 2010). The essay focuses on the theoretical and practical use of these topics in the business operations. The descriptions of all four topics are as follows: Marketing Management Marketing management basically is the act of selecting and targeting various markets and establishing good relationships with them in terms of resources of the company. The marketing managers are accountable for running a company to various markets by setting effective marketing tactics and approaches based on the information gathered by the research of market. Managers also research the market in order to define the needs and want of the customers and come up with the products that can satisfy the needs of the customers. Marketing is basically used to identify the customers, to satisfy them and to keep connected them with the company (Armstrong Cunningham, 2012). Marketing management is one of the major components of the business management. There are various definitions of marketing given by many scholars and authors. Marketing can be defined as social and managerial process by which individuals and groups are able to achieve what they want by creating, providing and exchanging th e products of value with others (Baker, 2003). The term marketing concepts states that achieving organizational objectives depends upon the needs and requirements of the target customers and providing them desired satisfactions. In order to satisfy the organizational objectives, the companies should focus on the needs and wants of the customers effectively (Bickhoff, Hollensen Opresnik, 2014). Digital marketing and communication The term digital marketing are basically used in order to signify the management and implementation of marketing by the digital media tools such as internet, email and mobile technology. Essentially, companies are using digital marketing as an important part of their marketing function. It can be said modern technologies have capabilities to do marketing on the advanced level. According to Kotler (2012), the information technology basically deals with researching, collecting, analyzing, organizing and controlling information. Digital technologies are able to cover almost every aspect of marketing communications and traditional media channels (Kotler et al, 2012). Digital promotions are very precise and a significant part of the marketing communication mix. Digital media is not only the means of communication but also a technique of allotment of products and servicers among the customers. Marketers and managers are learning how to use and recognize up-and-coming technologies i.e. soci al media, analyzing how to make effective strategic decisions which would enable them to make best utilization of the technology in the business operations (Epstein Yuthas, 2007). International strategy At the time of globalization, companies are expanding their businesses in the international markets. The study of international marketing includes an understanding of marketing in the global context. According to the American Marketing Association (AMA), Global marketing is the global procedure of setting up the formation, costing, endorsement and sharing of ideas, products and services in order to convince the customers and organizational goals. In the international strategies, marketing activities are undertaken in various countries and the activities are coordinated across the nations. In the world of international marketing, government agencies, governments, profit seeking and non-profit companies are involved (Pealoza, Toulouse Visconti, 2013). International marketing is selling abroad, licensing, contracting or direct entrance of the marketing company into a new country. This can be attained by selling the product into a new country, entry by contracting in the target country or direct venture in the overseas country. The improvement of marketing mix of the company needs global marketing. This can be described as the expansion of existing marketing tactics with the customization of marketing mix i.e. product, price, place and promotion for the specific country. Strategic Management Strategy is the complex concept that includes various processes and activities within a company. Strategic management is the study of planning, executing, and analyzing the cross-functional resolution that allows the company to attain the organizational goals and objectives. Strategic management focuses on incorporating management, research and development economics and accounting, marketing, manufacture or functions, and information system to get success in the business. The term strategic management is the synonyms with the term strategic planning. The objective of strategic management is to create new and various chances for the upcoming years. The strategic management process includes three stages i.e. strategy formulation, strategy implementation, and strategy evaluation. Not every organization has unlimited resources so alternative strategies will benefit the company most. By fostering interaction and communication among employees and managers, strategic management is helpful a companys function as the competitive team in the market (Cravens Piercy, 2013). Critical analysis In current time, marketing is dynamic and interactive. It includes new and advanced technology and creates new ways of engaging, reaching and keeping the customers. Because of cost effectiveness and accessibility, marketing management and digital marketing in the big as well as small businesses are providing a remarkable growth and opportunities in the global market. Marketing plays an important role in the business world today as it is the central to the success of the business. The critical analysis of all four subjects is given below: The marketing covers wide range of interrelated business activities. Main and basic concern of marketing management is to identify and satisfy the specific needs of the customers by the specific products and services in order to gain profit. In the market, competition is coming from all the directions. Global competitors seek to grow the sales in the new market, and online competitors seek cost-effective ways to expand distribution. Marketing is the managerial function which includes various activities like research into markets, product planning, demand forecasting, distribution and advertising. In the international marketing, there are some marketing strategies for the successful business operations at the global level (Gupta, Sahi Chahal, 2013). Table 1: International marketing Further, there are various types of marketing i.e. relationship marketing, social media marketing, Meta marketing and De-marketing. In case of digital marketing and communications, companies are able to connect with billions of people around the world by the internet. Internet connects people within the company, facilitates communications and connects the company with the trading partners (Basil, 2011). Figure 1: Digital Marketing (Source: Basil, 2011) Interconnection of subjects Marketing management, strategic management, digital marketing and communication and international strategy are the concept of management which is effective in solving business problems and promoting management practices. There are various theories and models in the modern marketing management which are useful for the companies to take effective decisions in the business. This can be understood by an example of Coca Cola business practices. Coca-Cola had to face controversies in the business and labor practices in few countries. The allegations were made against Coca-Colas practices in Columbia, trade practices in Mexico and environmental and product issues in India. In order to deal with this issue, Coca-Cola conducted the business with the responsibility and strategy. The companys business practices have objectives to create value for the customers, provide positive working environment and quality products. Coca-Cola has one brand strategy and tastes the feeling campaign to operate in the global market. Examples of theoretical, applied and reflective skills By the study of marketing and management theories, I realized that marketing theories are important for a company to expand the business in the new market. I studied the case of a famous company Starbucks which has adopted marketing mix theory to enter in various countries. Marketing mix of the company is as follows: Product- Cappuccino, Expresso, Brood Coffee, and various flavored drink Price- High prices for the quality products Distribution- Online and social media platforms i.e. Twitter, FaceBook, Google Plus, SEO and Email Communication- Social media tools to communicate along with email marketing and innovative messages Further, in case of the theories of strategic marketing, I researched on popular clothing product company Marks and Spencer. The company has adopted strategic marketing theories i.e. Ansoff Matrix to deal with the competitors in the new market. Market Penetration- Marks and Spencer penetrate the market by the promotional campaigns by ecommerce, competitive pricing strategy and sales promotion. Product development- In the new product development, the company is providing some services like events, parties and wedding to display their products among the customers. Market Development- Company is selling existing product in the new market in the growing demographic areas by innovative marketing strategies. Diversification- Marks and Spencer are using this strategy in the rising economies like India, Russia and other western countries in order to promote innovative products. Theories related to subject There are various theories and models in marketing management, Digital marketing and communication, international strategy and strategic management. The theories are helpful in solving business related problems. In marketing management, there are theories related to marketing practices i.e. marketing mix, Porters five forces, SWOT analysis, marketing environment, Segmenting and PESTEL analysis (Bose, 2012). In the strategic management, there are Ansoff Matrix, Balanced Scorecard, Stakeholder mapping, GE matrix, Maslows hierarchy of needs and Boston Consulting Group Matrix. These theories are helpful for the companies to take important decisions in the business like product manufacturing, branding, positioning, market expansion and pricing strategies (Alam, 2014). In case of digital marketing and communication, Game theory, network theory, collective intelligence, and generational theory are important theories. These theories are helpful for the companies to interact with the customer s through digital media tools. International marketing includes the new value chain theory, and transaction cots analysis model. The marketing and management theories are helpful for the companies to deal with the business issues. The theories are helpful in the described ways i.e. Framing the right problem, Developing effective and end-state vision, Identifying the alternatives and benchmarking, Evaluation of alternatives, Identifying and understanding risk, Developing and implementing solutions, and Analyzing the results Use of theories in business problems Lets take an example of Whirlpools product improvement and brand name building tactics in India which is all about recreating the lost magic among the customers. In order to compete with various competitors in the market, company achieved leadership in the direct cool-refrigerator division by segmentation and target market theories. Company had done promotion aggressively by the marketing mix theories in order to come back in the appliances segment (Hooley, Piercy Nicoulaud, 2012). Further, another case is related to Lenovos brand building strategies to deal with the competitors in the China market with transactional model. In the international business, Lenovo has tried to build own brand image in the global level. With the transactional model, company is competing with the leading brands i.e. HP, Dell and Accer. This theory is helpful for the company to operate at the bigger level (Baines, Fill Page, 2011). Next, Adidas is the biggest sporting goods maker has to face strong competitive rivalry fro Reebok International Ltd in the US market. Adidas has faced issues to expand in the global market. After that Adidas used SWOT and PESTE analysis of US market and launched new marketing and branding strategy to attract the customers (Lynn et al, 2011). Further, in US market, Nivea has used Ansoff matrix and Boston Consulting Group Matrix for the brand extension. Company used clear benefit concept to promote the growth in Asia, Eastern Europe market and Latin American market. The company was successful in the new product rollouts by maintaining consistency in the brand message. To increase global market share, company launched various new initiatives (Dibb, Simkin, Pride Ferrell, 2012). Critical reflection In terms of self-reflection on this paper, I found this study very useful and I believe that my understanding and ability have augmented after learning the role and importance of these four topics i.e. marketing management, Digital marketing and communication, international strategy and strategic management in the business. My knowledge related to marketing has been significantly expanded including international tactics to marketing challenges. In fact, I learned that the activities and practices of marketing for the business have much complex because of the impact of globalization. By the marketing management theories, I found that usual strategic tools for business operations like SWOT and PESTEL analysis took a new significance while looking at the point of view of international perspective. By the study of these four subjects, I got to know how to capture global marketing opportunities by providing real-life case studies from global business world. I realized that traditional mar keting mix elements have now become too complicated while trying to implement global settings (Pride, W. Ferrel, 2008). I understood by the international marketing that internet transformed the business successful and it also affects the marketing aspect of the business as well. There are various internet marketing methods like Facebook, viral marketing, blogging and YouTube etc. in this way, I learned that global marketing is very vibrant and organizations in the global market need to be proactive in order to get benefits by innovational advertising methods. I found that new product development for the global market is more difficult as compared to new product development for the local market as product life cycle was found to be shorter in the global market because of high level of rivalry there. So, marketing managers need to have good knowledge about domestic as well as international market in order to eliminate the issues and problems in the business. References Alam, M.M., (2014), Market Orientation and Innovation: Are They Related Concepts: International Journal of Trends in Economics Management and Technology, 3(6), pp. 1721 Armstrong, G., Cunningham, M. H., (2012),Principles of marketing, Australia: Pearson publication Baines, P., Fill, C. Page, K. (2011), Marketing, (2nd), New York: Oxford University Press Baker,M.J., (2003), The Marketing Book (5th), Burlington: Linacre house, Jordon hill Basil, M., (2011), Marketing and social enterprises: implications for social marketing: Journal of Social Marketing, 5(4), pp.285 306 Bickhoff, N., Hollensen, S., Opresnik, M., (2014),The Quintessence of Marketing: Strategic and Operative Marketing PlanningSegmenting, Targeting, Positioning.pp. 47-11 Bose, T., (2012), Market Segmentation and Customer Focus Strategies and Their Contribution towards Effective Value Chain Management: International Journal of Marketing Studies, 4(3), 113-121 Cravens, D., Piercy, N. (2013), Strategic Marketing, (10th), Singapore: McGraw-Hill Dibb, S., Simkin, L., Pride, W. Ferrell, O., (2012), Marketing Concepts Strategies, (6th), Hampshire: Cenage Learning EMEA Epstein, M. J. Yuthas, K., (2007), Evaluating the Effectiveness of Internet Marketing Initiatives, accessed on 15th December 2017 from https://www.cimaglobal.com/Documents/ImportedDocuments/Tech_MAG_Evaluating_Internet_Marketing_April06.pdf Ghuman, K., (2010), Management: Concepts, Practice Cases, USA: Tata McGraw-Hill Education Gupta, M., Sahi, G., Chahal, H. (2013), Improving market orientation: the theory of constraints-based framework: Journal of Strategic Marketing, 21(4), 305-322. Hooley, G., Piercy, N., Nicoulaud, B. (2012), Marketing Strategy and Competitive Positioning, (5th), Essex: Pearson Education Kotler, P., Keller, K., Brady, M., Goodman, M., Hansen, T. (2012), Marketing Management, (2nd), Essex: Pearson Education Ltd Lynn, David J, C.R.E., Wang, T., Mehlum, C., (2011), Investing in emerging markets: China, india and brazil: Real Estate Issues, 36(2), 21-26. Pealoza, L., Toulouse, N., Visconti, L. M., (2013),Marketing management: A cultural perspective, USA: Routledge Pride, W. Ferrel, (2008), Marketing, USA: Cengage Learning