Marketing management
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The Evolution and Strategic Role of Marketing Management
Changing Role of Marketing in Corporations
In recent years, the role of marketing within corporations has undergone significant transformation. Traditional market-based transactions and hierarchical organizations are being replaced by strategic partnerships and networks. This shift necessitates a reevaluation of the historical marketing management function, which was primarily based on the microeconomic maximization paradigm. Modern marketing now emphasizes managing strategic partnerships and positioning the firm effectively within the value chain to deliver superior value to customers. Customer relationships are increasingly recognized as the key strategic resource for businesses.
Contributions of Marketing to Strategic Management
Marketing plays a crucial role in strategic management by focusing on customers as the central element of strategy. It helps define the business environment in terms that are important to customers and uses segmentation to group customers with common needs. This segmentation aids in making strategic decisions about which customer segments to serve and with whom to compete. Additionally, an emerging theory of market evaluation supports dynamic analysis of customers, competitors, and strategic choices, thereby enhancing the strategic management process.
New Responsibilities of Marketing Managers
The responsibilities of marketing managers have expanded beyond traditional roles due to changing economic conditions. Modern marketing managers are now tasked with planning marketing strategies, conducting realistic analyses of business operations, introducing innovative distribution processes, and defending the private-enterprise system. This multifaceted role requires a balanced application of both artistic and scientific skills, necessitating the development of diverse talents within the organization.
Marketing Theory and Operational Planning
Marketing management provides a fundamental logic for guiding both strategic and operational planning. A key component of this logic is a model of the customer, which serves as the basis for dynamic processes throughout the business lifecycle. Companies must adapt their key functions to these changes, ensuring that all elements of the management process are aligned with the goal of maximizing shareholder wealth.
Practical Value of Marketing Management Theory
There is ongoing discourse about the adequacy of marketing management theories presented in textbooks. Many of these textbooks focus predominantly on consumer goods mass marketing, which is only a small part of the broader marketing landscape that includes services and B2B marketing. Recent developments in services marketing, quality management, relationship marketing, and CRM are often treated as special cases, despite their relevance across all types of marketing. This calls for a reinvention of marketing research to better serve both academics and practitioners.
Digital Marketing and Business Strategy
The advent of the internet has introduced a range of digital marketing tactics, requiring marketing managers to prioritize their goals and decide which tactics to invest in. Different business strategies, such as prospectors, analyzers, low-cost defenders, and differentiated defenders, approach these digital marketing issues in varied ways. Understanding these approaches can help marketing managers implement their firm's strategy more efficiently and effectively.
Conclusion
The field of marketing management is evolving rapidly, driven by changes in organizational structures, economic conditions, and technological advancements. Modern marketing managers must navigate these changes by focusing on strategic partnerships, customer relationships, and innovative distribution processes. By integrating marketing with strategic management and adapting to digital marketing trends, businesses can better position themselves to deliver superior value to their customers and achieve long-term success.
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