Essay Assignment Question :
Examine the three journal papers below and identify three key findings that emerge in terms of lessons for practitioners for an industry of your choice.
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Answer :
MARKETING PLANNING
Marketing planning, market orientation and business performance
Sue Pulendran; Richard Speed; Robert E Widing II
European Journal of Marketing; 2003; 37, 3/4; ABI/INFORM Global pg. 476
The authors of this article believe that marketing planning will allow companies and organizations to clearly establish and follow their goals and business strategies and put them into action. This approach also enables the companies and organizations to issue feedbacks around both the internal business processes and external outcomes, and this undoubtedly helps them on their drive to continuously improve in terms of their strategic performance and results. When appropriately implemented, the marketing planning procedures will be able to develop strategic planning into the brain of an organization.
The authors affirm that marketing planning may be identified as the process of measuring the competence and efficacy of purposeful action. The assessment or management of marketing planning is significant as this may serve as a tool for implementing organizational strategies. Marketing planning is being applied in companies and organizations as it can be used to translate the strategy of the organization into concrete objectives. Through marketing planning, these objectives can be communicated well to the employees. In turn, the knowledge of these set goals will serve as the employees’ guide towards their attainment. Marketing planning is also used in companies and organizations to assess whether the strategic objectives are achieved or not. This system allows the use of double-loop learning to test the strength of the strategies as well. Finally, marketing planning lets the company visualize the overall contribution of the employees in the achievement of its objectives.
More often than not, the authors believe that ordinary employees and consumers of companies and organizations don’t really recognize the crucial roles and tasks of marketing planning. Instead, these consumers and employees engage in activities that various schools of management typically associate with marketing planning. These activities include the manufacturing of products, product development, production and distribution.
However, the authors affirm that marketing planning deals with all operations done within products and services. Activities such as the management of purchases, the control of inventories, logistics and evaluations are often related with marketing planning. A great deal of emphasis lies on the efficiency and effectiveness of processes. Therefore, marketing planning includes the analysis and management of internal processes.
Strategic marketing planning: A grounded investigation
Nicholas J Ashill; Mark Frederikson; John Davies
European Journal of Marketing; 2003; 37, 3/4; ABI/INFORM Global pg. 430
With the implementation of marketing planning in companies and organizations, the authors believe that production and other essential operations will improve with several benefits such as lower costs capital management, fastest time, reduces pressure and hassles in the workplace among others. As the authors stated, marketing planning is not an easy job because it entails processing of vast amount of information that is usually needed immediate attention. With the rise of globalization, businesses rely on marketing planning to get the work over and done.
Marketing planning will guide companies and organizations on how to gain competitive advantage by adding value to the overall operation of the organization through an efficient marketing planning system. Business firms that utilize the marketing planning strategy also consider increasing the companies’ relationship with its shareholders by separating the business system into a series of value-generating activities, namely: (a) inbound logistics, (b) operations, (c) outbound logistics, (d) marketing and sales, and (e) customer service. In effect, from the receiving and warehousing of raw material from the suppliers, all through out the manufacturing and production process, as well as in the entire the distribution and sales of finished goods, the value-generating activities are supported by the infrastructure of the firm, its human resources management, and the technology it uses.
The authors believe that companies and organizations nowadays offer two-way learning experience within the company between the employers and the employees concerning the importance of marketing planning. Employers benefit largely from trainings that they offer to staff and members of the firm given that the expected marketing planning knowledge and skills were learned through the organizations venture on their human resources. At the best possible results, the organization will gain competitive attitude in the business world by housing in competitive and qualified workers. Employees on the other hand, are given the opportunity to improve on their work capabilities as qualified and productive members of the modern and information age work force.
Towards rigour in action research: A case study in marketing planning
Hugh N Wilson
European Journal of Marketing; 2004; 38, 3/4; ABI/INFORM Global pg. 378
The author affirms that marketing planning is the simplest yet most comprehensive representation of successful marketing endeavors. This marketing component puts into primary consideration the significance of attaining superior results through marketing planning, control and improvement. This trilogy results into the achievement of unparalleled quality and optimal performance.
A. Marketing Planning
Marketing planning is a necessary function within companies and organizations especially when establishing supplier partnerships. In manufacturing companies this process is often very difficult because of the fast rate of change and the occurrences of unplanned events. Most companies use several methodologies depending on the rate of demand of the customer and the price of the products. Nevertheless, the objectives of the company for every transaction do not change: efficiency and effectiveness.
B. Marketing Control
Marketing control is being implemented by companies and organizations in order for their activities and resources to be coordinated over time. This enables the company to achieve its goals with minimal resource utilization. Marketing control also enables companies to monitor the progress of their plans at regular intervals and maintain their control over marketing operations.
C. Marketing Improvement
Marketing improvement within companies and organizations can be monitored in four elements: scheduling improvement, labor improvement, equipment improvement, and cost improvement.
- Scheduling improvement involves the specification of the beginning, the length or the duration, and end of the planned marketing activities.
- Labor improvement involves allocating the necessary personnel and delegation of responsibilities and resources
- Equipment improvement involves identifying the types and needs in terms of equipments.
- Cost improvement involves determining the costs and the possibility of their occurrence.
LUXURY GOODS INDUSTRY
As a person with knowledge of the luxury goods industry, the author has always brought up to his superiors the viability of strategy formation regarding the analysis of this industry and at times fail to understand the reasons or logic behind certain strategic implementations imposed on it.
By delving into this project paper, the author intends to have better insights into how marketing planning of companies and organizations the luxury goods industry is thought up, formulated and then imparted down. The author hopes to have an in-depth understanding as to how the marketing planning in the luxury goods industry enables companies and organizations in this business to compete effectively and profitably in this era of internationalization where competition is extremely intense.
In order to reinforce the learning objectives, two key focal issues were focused upon i.e. innovation and diversity. Innovation was discussed with regard to the marketing planning in the luxury goods industry where it was renowned for its developmental capabilities to constantly innovate. Diversity came under strategic thinking and formation as the author considered the diverse culture, political climate, economic surroundings, social environment, technological settings, government policies and legal systems in order to better understand the issues being discussed.
Three Key Findings
1) The role of marketing planning among companies and organizations in the luxury goods industry is based on a simple concept: that through marketing planning they could best understand consumer needs and efficiently provide the most effective luxury goods and products to meet those needs. The marketing planning procedures eliminates retailers, who adds unnecessary time and cost, and also allows the companies to build every system to order, offering customers powerful, richly designed luxury products at competitive prices.
2) The traditional marketing planning in the luxury goods industry is characterized as a slow but sure process. Companies design and build their products with preconfigured options based on marketing planning forecasts. Products are first stored in company warehouses and later dispatched to resellers, retailers, and other intermediaries who typically added a 20–30 percent markup before selling to their customers.
3) Through efficient marketing planning, luxury goods companies are able to command the upstream part of the value chain, while giving the downstream part to middlemen (resellers, retailers and other intermediaries). Retailers justify their profit margins by reasons that they also give free several benefits to customers: easily accessed locations selection across multiple brands, opportunity to see and test products before purchasing, and knowledgeable salespeople who could educate customers about their choices.
REFERENCES
Ashill, N, 2003. “Strategic marketing planning: A grounded investigation”. European Journal of Marketing; 37, 3/4; ABI/INFORM Global pg. 430
Pulendran, S, 2003. “Marketing planning, market orientation and business performance”. European Journal of Marketing; 37, 3/4; ABI/INFORM Global pg. 476
Wilson, H, 2004. Towards rigour in action research: A case study in marketing planning. European Journal of Marketing; 38, 3/4; ABI/INFORM Global pg. 378
Credit:ivythesis.typepad.com
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