A Critical Evaluation of Current Marketing Management Theory

Critical Evaluation of the Contribution of Current Marketing Management Theory and Practice

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Table of Contents INTRODUCTION ...................................................................................................................... 1 TASK 1....................................................................................................................................... 1 Task 2 ......................................................................................................................................... 4 Dynamics and Trends in the Marketing Environment ................................................................. 4 Task 3 ......................................................................................................................................... 7 Relevant theories about Profitability, market share and sustainability - ....................................... 7 References ................................................................................................................................ 12

A Sample Report on Current Marketing Management Theory

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INTRODUCTION Marketing management is determined the process where the needs of people are fulfilled.

It states as some basic needs such as clothes, food, home . It is the systematic way to aims on the working activity to form the marketing orientation. It is a way where to examine the competitive and economical measurement. It consider the marketing models and analysis(Dyer, Song, 2015. ). It aims on implementing the weakness on TESCO. It is an essentials which invest in searching and collecting data of customer which are analyzed over the organization in market. Marketing management increases needs and demands

according to trends in an organization. An

organization formulates and overlook on organization and it examine the environmental and competitive area(Ball, et.al. 2012). Ana organization has goal to make over the business with strength weakness threats and opportunity. It works on the basic concept which beats the competitors in market. It is the successful business which aim to develop lots of marketing skills and they challenge to promote the future progress in the organization.

TASK 1 Marketing management is system to manage marketing strategy and the position to understand the appreciation value of market. It gives opportunity to perform and learn about work and their roles and responsibilities with high qualification. This process focus to understand the needs and choice of customer(Bejou, Palmer, 2013). The cited firm build customer relation to satisfy the needs of customer and to be competitive nature at the entire market. Their knowledge are highly qualified by workers and the methods are framed for the employers to build successful career(Baker, Saren, 2016). The cited firm consider the marketing philosophy and the various concept of the marketing strategy. It means to seamless where to simplify the high range of skills and capabilities. It considers criteria for marketers and it generates the methods or techniques for benefit of objectives marketing. It leads to market place and judge the performance which gives the opportunity for the business and several activities such as promotional Campaign.

TESCO adapt the marketing philosophy and the models they apply to run their business in successful manner such as follows: Get best quality marketing assignment writing services in UK. Hurry Up! to avail best discount on marketing assignments.

Market orientation – It is the traditional desires of the customer which is most effective and expressed for the development of an organization (Bozarth, Handfield, 2016). It also considers the improvements for the awareness and being the option in the area of market. It promotes for the long term development. It is very effective and it meets the expectation with business and customer needs.

Social Marketing strategy – It is one of strategy where it becomes special in the market and it targets to lead analogues to judge. They works to implement and accomplish the product and their services. It is process which encourages to develop programs for conflict and maintain the behavior of the organization. It supports for deciding the marketing strategies and mixing up ideas of the market and the people whom work with as well as the nature. It is to examine how to judge the performance(Carraher, Paridon, 2015). The target of marketing is to modify and maintain the behavior of many individual. It increases skills and attitude in the social market.

Holistic Marketing – It is one of the sector which it includes the business as whole market in various parts. It includes connection in the market area at every department. It determines the competition for the customer to purchase the product. This strategy applied on an organization and has a study on right product consider the right price in the organization. It varies the successful and best opportunity to work individually in an organization working on opinion of traditional way(Chan,He,Wang, 2012).

There are the four basic elements of the marketing mix approach which TESCO are as follows: 

Product – It includes goods and services as it includes what is customer needs and the satisfaction with the goods. The particles or substances are included are costly. It is branded and what to people known for that product it is maintained.



Place – It the destination where the product to purchase and how to access and it is available in stores.



Price – what is the exact value of the products and the discount are provided or not and it will increase according to the needs and demand of the customer.



Promotion – It is the area to achieve goal and make the place in the market area. It increases the competitors and easily beat competitors and good time to promote in the seasonal and according to environment.

Relationship Marketing – It is the policy which is based on customer honesty and maintain their loyalty. It increases the interaction level to maintain relation for the long far and this Get best quality marketing assignment writing services in UK. Hurry Up! to avail best discount on marketing assignments.

provide the interests in communicating more customer and understand their mentality. It focuses to build the relation strongly and maximize the value of customer(Chaston, 2014). It considers the improvement in the internal options and they apply the new methods if the changes done in the products. Relationship can be maintain the happiness of the customer. The online made the simple method to understand and acknowledge the information about the products(Coombes, Nicholson, 2013). Consumer feels important as most of the people offer that very product and tell other as the “it is ultimate good and please have it”. It considers the feelings and wishes that the customer requires. With the relation of individual to individual and conduct the business in TESCO. They maintain the customer profile and the base of the sales. The accounts are to be very executive over the organization for the development.

Performance Marketing – It is the process where the advertisement plays role on the basis of performance. Marketing is the officially attachment where it is one of largest. It receive the large portion of sales. It is system which interact the peoples where the price are set.

It creates as opposed and to sell their products and the services(Cova, Kozinets, Shankar, 2012).

It is based on the cost which it considers the special feature with the effective performance so it easy to get the value of the product. It is based on technique of cost per click which is the best way to raise the production and attract the customer easily. It is to advertise on website and the strongest method where simply it based on demand and the supply of the products in the cited firm.

Internal Marketing – It is one of most important instrument for an organization to achieve target and it is based on the strategies they allow to follow approach. The employer's appreciation, attitudes and their effort where the quality of the product they present to the customer(Dyer, Song, 2015). It is simplest medium to educate the customer about the benefit and their use. In this approach the customer view is most important. It maintains the attitude of the organization to develop their productivity and their performance. They consider inside the organization as well as employees who works in an organization. It's necessary to cooperate and communicate the information as well as efforts of employees which are based on performance of an organization. It's important to coordinate the efforts of employees to strengthen the performance of the company.

Task 2 Get best quality marketing assignment writing services in UK. Hurry Up! to avail best discount on marketing assignments.

Dynamics and Trends in the Marketing Environment To understand the marketing environment and its trends and dynamics of the Tesco , which dealing with FMCG department, the fast moving consumers goods that is house holding products, Company must have a knowledge of internal and external forces in marketing environment(Eastman, Iyer, Thomas, 2013). FMCG department wants to grow more in the market with the confectionery section. This is a fast moving consuming goods that means a short life products. So while preparing marketing strategies must consider these facts. Business environment plays also an important role in the company’s portfolio. It depends on internal and external forces which can be defined through PESTLE, Porter’s five forces. There are market theories to define how FMCG department can increase the market share, improves market sustainability and increase market profitability.

The marketing environment is combination of the internal and external forces which surround an organization, and both the things have an impact upon marketing. This consists of the Macro and Micro environment.

Macro environment includes the social, economic,political and legal forces. Demography and technological forces also affect the macro environment(Foxall, 2014). Macro factor can be defined with the PESTLE analysis. Its expended from denotes that are

Political



Economic



Social



Technological



Legal



Environmental

Its give bird's eye view of the whole environment from different angels. These forces can not be changed by the organization but they can prepare themselves for the changes(Eisenberg, Trethewey, Goodall, 2013).

Micro environment consists of the forces that closely and direct influenced the company, these are employees,suppliers, customers, competitors, marketing intermediates,shareholders, public etc. this can be defined with help of the Porter's five forces tools. This is a five forces analysis that determine competitive power n a business that includes

Supplier Power Get best quality marketing assignment writing services in UK. Hurry Up! to avail best discount on marketing assignments.



Buyer power



Competitive rivalry



Threats of substitution



Threats of new inventories

It helps to understand the strength of the current position and the strength of that position which is considering to move.

Marketing dynamics- the changes related with environment can turn the marketing growth of a company or its product. A company must take into account their marketing plan adjust as the changes in the environment occur(Hutt, Speh, 2012).

The prior change of environment dealt with the social changes as this company Tesco has many stores that have many department related with many products and services, so to deal with social changes is more crucial than other changes. FMCG department of any company have to provide products on the desire of the consumers, as every person have different choices of taste and when choices comes on large scale like social than managed all the demand is really a hard task, which is done by FMCG department(Mullins, Walker, Boyd, 2012).

The second environmental change is demographically, it is related with the person's age, race , nation. A company must select the certain group to target because most often what one certain group likes another will not like. For example in FMCG department there are many option of eating product and other product for all age groups, from a family prospect they always prefer one destination to full fill all demands of all family members(Perreault, Cannon, McCarthy,2013).

Economics conditions are third environmental change in the business, they have to deal with economics condition some time economy is doing well they can achieve their target easily, some time economy face slump period they must drop their prices, give discounts and prices scheme to stir up the interest of customers in their products(Shani, Chalasani, 2013).

Marketing environment changes can be understand with SWOT analysisThis analysis act as a tool for scrutinize an organization and its environment. In the marketing this is a first stage of plan marketing strategy to focus on key elements of target market.

SWOT is place for

Strengths



Weakness Get best quality marketing assignment writing services in UK. Hurry Up! to avail best discount on marketing assignments.



Opportunities



Threats

Strengths and weakness are related with internal force and opportunities and threats are external force. Both the combination has its positive and negative aspects like strengths are positive and weakness indicates internal negative factor of the company. The purpose of this analysis add value to the products and services(Wilson, Gilligan, 2012). For an FMCG department strength and weakness which is from internal factors are

Strength could be-



Marketing expertise



New innovative product



Location



Quality process and procedure



Other factor that add value to the business.

Weakness could be

Lack of marketing expertise



Same products



Damaged reputation



Low quality in good and services

Opportunities and threats which are external factorsopportunities could be

Use of new technologies, such as online marketing.



Joint ventures ans mergers



New market segment to improve profits and gains



Enter into International market segment.



Quit by an ineffective competitors.

Whether Threats could beThreat could be

Arrival of new competitor in the market



Price wars with competitors



Arrival of new innovative product by competitor



Undertake the market by competitors Get best quality marketing assignment writing services in UK. Hurry Up! to avail best discount on marketing assignments.



competitor have strong access of distribution channels in the market.

To achieve marketing objectives this tool can be used in simultaneously with the other tools for analysis(Eisenberg, Goodall, Trethewey, 2013). SWOT is very popular marketing terms, but there are some conception that should be follow while using this tool-

Real analysis of strengths and weakness Distinguish between the situation where the the company stand now and where it could be in future. Always apply this tool in relation to competition. It is subjective. scrutinize this simple and short and understandable. It should be specific.

FMCG department of Tesco can overcome the weakness and threats and increase the add value in profits. In confectionery department they can provide those products which can divide into three segments, one segment which must be related with the kids, next can be related with women and other with men, every person have the different taste and choices because taste matter a lot to every one in any way(Chaston, 2014). So Tesco's FMCG department can innovate a new product healthy and tasteful and which is not in the market at present.

Task 3 Relevant theories about Profitability, market share and sustainability Marketing environment has great impact on the market, and marketing department make their strategies according to this. To understand marketing environment there are may theories which gives correct view or sense of marketing which is helpful to accomplishments of marketing goals(Carraher, Paridon, 2015).

As a marketing manager of the brand Tesco' FMCG department in U.K., it is important to understand where the company standing now and what the future position is consider. To undertake the market with the products or desired product by the people, marketing department must have a relevant field work, determined marketing person. In a confectionery segment there are tough competition in the market. Because there are many other brands are ready to give competition(Baker, Saren,2016. ). There are some marketing theories by this marketing team can understand the facts one of them areď Ź

Ansoff Matrix

ď Ź

SWOT Analysis Get best quality marketing assignment writing services in UK. Hurry Up! to avail best discount on marketing assignments.



The GE matrix



Porter five Forces



PESTEL Analysis

The Marketing Mix and other theories relevant with marketing.

The Ansoff Matrix is used to develop strategic options for businesses. Like SWOT it is also common tool to analysis the market. It can be divide into four part of strategies for existing product and new products and market activities(Bejou, Palmer, 2013). The four factors are

Market Penetration



Product Development



Market Development



Diversification



Market penetration

Market Penetration- this strategy focuses on increasing the volume of sales of existing products to the company's existing market. This can be depend on two questionsHow can defend market share?

How can grow the market?

Product development- in this part strategy focuses on reaching the existing market with new products along with the questionHow can expend product portfolio by modifying or creating products?

Market development- this strategy focuses on reaching new markets with existing products in the portfolio along with the questionsHow can extend market?

Through new market sectors?

Through new geographical areas?

Diversification- this strategy focuses on reaching new markets with new products. It can be related or unrelated.

Related Diversification- stay in a familiar market with the products.

Unrelated Diversification- to move into that market with they have no experience. This can be consider in high risk strategy(Chaston, 2014).

-To increase the profitability of company- profitability can be increase by taking few steps which areGet best quality marketing assignment writing services in UK. Hurry Up! to avail best discount on marketing assignments.

Overview- the key area that can help drive profitability are reducing cost, increasing turnover, increasing productivity and increasing efficiency.

Manage the costs- one of the most important step of the strategy is to manage the cost. If cost is managed , profit can be accessed. Cost management can drive profitability of the company(Cova, Kozinets, Shankar, 2012).

Key point to consider the cost area1. suppliers- getting the best deals from the supplier is also works as support. There are some question that could be consider, getting best deals with the suppliers ,negotiate better terms, need to change supplier.

2. Finance- it is a important thing to consider in any business. The question arise related with finance are- need a review of finance facilities? Are they at the most competitive terms available?

3. Premises- place which effect the business most,it has some question that more efficient use of premises? Sublet some unused space?

4. Production- assessed the situation cut the waste and lower the costs of materials.

Buy more effectively- it is best way to increase the profitability to buy more effectively. Buying the things or raw material on reasonable cost can add value in the business(Hutt, Speh, 2012).

For this two things are important to consider that areGet the best deals from the suppliers- try to bargaining with the suppliers for the good material can also play a supportive part in creasing the value.

Cut waste throughout the business- how to reduce the waste part also increase the profit. To find out those thing which is unused and payable, reduce unused services. Consider on how can get best from the property which is used by company.

Concentrate on the sales efforts- when sales are good than profit will be in the pockets. The two key strategies for boosting profitability through sales that are- selling more to existing profitable costumers and finding smilier customers to sell (Mullins, Walker, Boyd, 2012). To working with best customers one should know about the what they buy, when they buy. Customers and the product can divide into four segments- High sales and high profits ď Ź

High sales and low profits

ď Ź

Low sales and high profits

ď Ź

low sales and low profits Get best quality marketing assignment writing services in UK. Hurry Up! to avail best discount on marketing assignments.

To find new best customers- make a judgment on expending customer base by finding new customers, who have similar profile to existing profitable customers(Wilson, Gilligan, 2012).

Boost productivity- it can be minimize wastage costs and still remain competitive. Measurement and streamline of process are tow part by which company can boost the productivity.

-Measurement, measure company's operational efficiency on an ongoing basis. Put system and processes in place that will enable to get the most from resources.

-Streamline processes, it is useful to get an idea about how comparable business approach similar issues this is known as Bench marking. It can be on a basic like-for-like-level such as sharing data and analysis production and stock holding patterns with other business(Dyer, Song, 2015).

Increase sustainability of business- making operation sustainable is another lens for creating a better company. sustainable development is about to making business decisions that provide economic development. The sustainability provide motivation and that motivation should not only come from regulators but should from the desire to make company as efficient, productive, profitable, ethical as it can be.

A sustainability strategy can – 

Reduce energy costs



Enhance brand reputation and improve public relation



Increase customer and staff loyalty



Manage risk



Improve internal and external relationships Improve market share- market share is a percentage it controls of the market for its products.

It is the part of total sales a company claims to have in a particular market over a particular period. Marketing department tend to follow two measure that are sales volume and sales value. Marketing share may be measure by measure of percentage of total sales in a city in a region, in a country, continent. There are some ways to increase market shares that areStay relevant through innovation- to gain market share is to spot new trends ahead of competitors(Foxall, 2014).

Respond to customers as fast as possible- this is also a good and effective way to increase the market share to respond customers more fast way, to give them hand to hand attention. This feature would attract the customers.

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Use customer’ idea- this is also innovative and impressive way to increase the market share, when customers find their involvement in the relevant product or the company this thing can help in the business and increase the profitability than market share increase automatically.

Be more flexible- an organisation can steal their best people by offering more flexibility in how and where people work. Flexibility not only in the internal environment but also from in external services will be good for the business profitability(Coombes, Nicholson, 2013).

FMCG department of Tesco can increase their market share and market position with the help of these tools. They provide and examine the quality of people and bring new varieties.

It works very effective on the customer demand. It plays to get the opportunities with effective products and their special features. It generates time, place, product,promotion and various uses of product. In this report it has been describe about the roles and responsibilities of management function .

Conclusion In the present report Tesco company’s FMCG department wants to grow more in the market with the confectionery section. This is a fast moving consuming goods that means a short life products. So while preparing marketing strategies must consider these facts. Market theory can understand with the help of Ansoff matrix. From the above apart of marketing management it describe about the process, strategies, policies. It brings the products and services for satisfaction of the needs of people. To understand market trends and market dynamics SWOT analysis is useful tool. It determines about relating what TESCO consider the roles and responsibilities of management. It is the interrelation between production and consumption. It generates to maintain the standard of living in the market.

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References Books and Journals Baker, M. J and Saren, M. eds., 2016. Marketing theory: a student text. Sage.

Ball, D., Geringer, M., Minor, M. and McNett, J., 2012. International business. McGraw-Hill Higher Education.

Bejou, D. and Palmer, A., 2013. The future of relationship marketing. Routledge.

Bozarth, C. B and Handfield, R.B., 2016. Introduction to operations and supply chain management. Pearson Higher Ed. Carraher, S. M and Paridon, T. J., 2015. Entrepreneurship journal rankings across the discipline.

Journal of Small Business Strategy. 19(2). pp.89-98.

Chan, H.K., He, H. and Wang, W.Y., 2012. Green marketing and its impact on supply chain management in industrial markets. Industrial Marketing Management, 41(4), pp.557562.

Chaston, I., 2014. Small business marketing. Palgrave Macmillan.

Coombes, P.H. and Nicholson, J.D., 2013. Business models and their relationship with marketing: A systematic literature review. Industrial Marketing Management, 42(5), pp.656-664.

Cova, B., Kozinets, R. and Shankar, A., 2012. Consumer tribes. Routledge.

Dyer, B. and Song, X.M., 2015. The relationship between strategy and conflict management: A Japanese perspective. In Proceedings of the 1995 Academy of Marketing Science (AMS) Annual Conference (pp. 126-132). Springer International Publishing.

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Eastman, J., Iyer, R. and Thomas, S.P., 2013. The impact of status consumption on shopping styles: An exploratory look at the millennial generation. Marketing Management Journal, 23(1), pp.57-73.

Eisenberg, E.M., Goodall Jr, H.L. and Trethewey, A., 2013. Organizational communication: Balancing creativity and constraint. Macmillan Higher Education.

A Sample Report on Current Marketing Management Theory

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