Topic 1: Delivering Customer Value through Marketing in Small and Medium Sized Enterprises
- INTRODUCTION – Contemporary Issues In Marketing
Marketing is defined as the organizational function as well as a set of practices and processes for communicating, creating, and delivering value and satisfaction to customers through managing their relationships in a manner that benefit the entire organization as well as the shareholders. This definition relates to two major objectives of marketing; discovering customer needs and requirements and satisfying these needs. The primary goal of marketing is to identify customer needs and demands and planning how they can be satisfied by providing them with high quality goods and services. Contemporary Issues In Marketing.
Achieving these goals involves developing a marketing mix that comprises of product, pricing system, distribution network, and promotional strategies (Doole & Lowe 2005, p. 61). A marketing audit puts into consideration both the internal and external influenced of marketing planning and review of the plan. It is very important to conduct marketing audit to identify the successes and failures of a marketing plan by indicating how well the plan has helped in achieving the stated marketing objectives. Contemporary Issues In Marketing.
In the wake of globalization, small and medium sized enterprises (SMEs) face increased competition from multinationals because the latter have adequate resources such as finances, skilled and highly qualified manpower and marketing capabilities. However, SMEs can achieve competitiveness and competitive advantages in the market through innovation and effective customer value creation through market. Contemporary Issues In Marketing.
According to Bagozzi, Gurhan-Canli and Priester (2002, p. 43), marketing helps in creating customer awareness about a brand or products and services and engages customers with the marketing process. For instance, the social media marketing strategy involves customers who interact among themselves and discuss about the provisions of a company or a brand. However, for the SMEs to achieve marketing objectives they must have capabilities and competencies. In this case, competency gaps should be prioritized and closed through training as well as support intervention (Doole & Lowe 2008, p. 56). Contemporary Issues In Marketing.
- IMPLICATION FOR PRACTICE
Understanding of the destination marketing and its concepts enables marketers in the tourism industry to adopt the most appropriate strategies of marketing their destinations. Destination marketing involves not only the geographical region but also products and services involved in tourism that offer integrated tourism experience to the consumers. Since the tourism has become highly competitive, it is important for marketers to devise new strategies and ways of marketing to remain competitive in the market. Contemporary Issues In Marketing.
Understanding of the factors that influence revisiting of a destination by consumers is very imperative as it enables marketers to attract and retain consumers by increasing catalysts and reducing constraints. For instance, providing high quality social amenities such as clean water, electricity and sewerage systems and encouraging the government to reduce taxes on the industry; are some of the ways that would attract destination tourists. The behaviors of tourists are best explained by the theory of planned behaviors. Marketers need to understand the perceived beliefs of the tourists towards their destinations because these beliefs will determine the frequency of visiting by the consumers. Contemporary Issues In Marketing.
List of References
Aarts, H., Verplanken, B. & Knippenberg, A. (1998) ‘Predicting behavior from actions in the past: Repeated decision making or a matter of habit?’ Journal of Applied Social Psychology, 28(15): 1355 – 1374.
Ajzen, I. (1991) ‘The theory of planned behavior.’ Organizational behavior and human decision processes, 50(2): 179 – 211. Contemporary Issues In Marketing.
Bagozzi, R., Gurhan-Canli, Z., & Priester, J. (2002). The Social Psychology of Consumer Behaviour. Buckingham: Open University Press
Boone, L. & Kurtz, D. (2011) Contemporary Business. New York: Prentice Hall
Boone, L. (2012) Contemporary Marketing. London: Blackwell
Cavusgil, T. & Riesenberger, J. (2009) Conducting Market Research for International Business. New Jersey: McGraw Hill
Clifton, N. (2014) ‘Towards a holistic understanding of country of origin effects? Branding of the region, branding from the region.’ Journal of Destination Marketing and Management, 3(2): 122-132. Contemporary Issues In Marketing.
Cox, N., Gyrd-Jones, R. & Gardiner, S. (2014) ‘Internal brand management of destination brands: Exploring roles of destination management organizations and operators.’ Journal of Destination Marketing and Management, 3(2): 85-95
Cronin Jr, J., Brady, K., & Hult, G. (2000) ‘Assessing the effects of quality, value, and customer satisfaction on consumer behavioral intentions in service environments.’ Journal of retailing, 76(2): 193 – 218.
Czinkota, M. & Ronkainen, I. (2007) International Marketing. New Jersey: Prentice Hall. Contemporary Issues In Marketing.
Dess, G., Eisner, A. & Lumpkin, G. (2011) Strategic management: Creating competitive advantages. New Jersey: Wiley
Dillingham, B. (2009) ‘Making the Connection.’ Food in Canada, 69(5): 35
Doole, I. & Lowe, R. (2005) Strategic Marketing: Decisions in Global Markets. New York: Wiley
Doole, I. & Lowe, R. (2008) International Marketing Strategy: Analysis, Development and Implementation. London: Sage. Contemporary Issues In Marketing.
Gillespie, K., Jeannet, J., & Hennessey, H. (2010) Global Marketing. New Jersey: Sage
Gooch, M., Schmidt, C., Fread, G. & Felfel, A. (2011) ‘Assessing the opportunities and challenges facing Canada’s Specialty Food Industry.’ Value Chain Management Center, 1-90
Gummesson, E. (2001) ‘Are current research approaches in marketing leading us astray?’ Marketing Theory, 1(1): 27-48
Hemmatfar, M., Salehi, M. & Bayat, M. (2010) ‘Competitive advantages and strategic information systems.’ International Journal of Business Management, 5(7): 158-165. Contemporary Issues In Marketing.
Holsapple, C. & Joshi, D. (2000) An investigation of factors that influence the management of knowledge in organizations School of Management, Carol M. Gatton College of Business and Economics. Lexington: University of Kentucky,
Hult, T., Reimann, M. & Schilke, O. (2009) ‘Worldwide Faculty Perceptions of Marketing Journals: Rankings, Trends, Comparisons, and Segmentations.’ Global Edge Business Review, 3(3): 1-23
Jang, S. & Feng, R. (2007) ‘Temporal destination revisit intention: the effects of novelty seeking and satisfaction.’ Tourism Management, 28: 580 – 590. Contemporary Issues In Marketing.
Jang, S., Bai, B., Hu, C. & Wu, C. (2009) ‘Affect, travel motivation, and travel intention: A senior market.’ Journal of Hospitality & Tourism Research, 33(1): 51–73.
Jones, P., Clarke-Hill, C., Shears, P. & Hillier, D. (2001) ‘Case study: retailing organic Foods.’ British Food Journal, 103(5): 359-65. Contemporary Issues In Marketing.
Kahn, K. & Myers, M. (2005) ‘Framing marketing effectiveness as a process and outcome.’ Marketing Theory Research Note, 5(4): 457-469
Kotler, P. & Kevin, K. (2009) Marketing Management. New Jersey: Pearson Prentice Hall, Inc,
Kristallis, A. & Chryssohoidis, G. (2005) ‘Consumers’ willingness to pay for organic food: Factors that affect it and variation per organic product type.’ British Food Journal, 107(5): 320-343. Contemporary Issues In Marketing.
Lawson, B. & Samson, D. (2001) ‘Developing innovation capabilities in organizations: A dynamic capabilities approach.’ International Journal of Innovation Management, 5(3): 377-400
Lindgreen, A., Palmer, R. & Vanhamme, J. (2004) ‘Contemporary marketing practice: theoretical propositions and practical implications.’ Marketing Intelligence & Planning, 22(6): 673 – 692
Malhotra, N. & McCort, J. (2001) ‘A cross-cultural comparison of behavioral intention models-Theoretical consideration and an empirical investigation.’ International Marketing Review, 18(3): 235–269. Contemporary Issues In Marketing.
McDonald, M. & Meldrum, M. (2013) The Complete Marketer: 60 Essential Concepts for Marketing Excellence. New York: Sage
Meissner, H. (2011) Strategic International Marketing. London: Wiley
Mohr, J., Sengupta, S., & Slater, S. (2009) Marketing of High-technology Products and Innovations. Victoria: McGraw Hill
Mohr, J., Sengupta, S., & Slater, S. (2010) Marketing of High-Technology Products and Innovations. London: Prentice Hall
Niininen, O., Szivas, E. & Riley, M. (2004) ‘Destination loyalty and repeat behaviour: an application of optimum stimulation measurement.’ International Journal of Tourism Research, 6(6): 439 – 447.
Okpara, F. (2007) ‘The value of creativity and innovation in entrepreneurship.’ Journal of Asia Entrepreneurship and Sustainability, 3(2): 1-14
Onkvisit, S. & Shaw, J. (2008) International Marketing: Strategy and Theory. New York: Wiley
Peter, J. & Jerry, O. (2009) Consumer Behavior and Marketing Strategy. Singapore: McGraw Hill
Pride, W. & Ferrell, O. (2012) Foundations of Marketing. London: Sage
Ruby, B. & Heine, J. (2011) ‘Meat, morals, and masculinity.’ Appetite, 45-51
Sanchez, R. & Heene, A. (2010) Enhancing competencies for competitive advantages. London: Prentice Hall.
Shaw, D.,Edward, S. & Ian, E. (2000) ‘The contribution of ethical obligation and self-identity to the theory of planned behaviour: an exploration of ethical consumers.’ Journal of Marketing Management, 16(8): 879-894
Solomon, M., Askegaard, S., & Bamossy, G. (2006) Consumer Behaviour: A European Perspective, (3rd ed.) Harlow: Prentice Hall
Soteriades, M. (2012) ‘Tourism destination marketing: Approaches improving effectiveness and efficiency.’ Journal of Hospitality and Tourism Technology, 3(2): 107-120
Tellström, R., Gustafsson, I. & Mossberg, L. (2006) ‘Consuming Heritage: The use of local food culture in branding.’ Place Branding, 2(2): 130-143.
Thilmany, D., Bond, C.A. & Bond, K. (2008) ‘Going Local: Exploring Consumer Behaviour and Motivations For Direct Food Purchases.’ Agricultural and Applied Economics Association, 5: 1303-1309.
World Travel & Tourism Council (2013) Travel & Tourism Economic Impact 2013. [online] <http://www.wttc.org/site_media/uploads/downloads/world2013_1.pdf> [Accessed May 29, 2014]