Marketing Strategy with Criticism - Marketing Essay Example
Nowadays in any business success, marketing always plays as a key part and have the most important role in doing business around the world - Marketing Strategy with Criticism introduction. According to the economic in the real world nowadays is quite down, it makes many companies were shut downed or took over, and also have a new business enter in the market so the marketing is the important factor to make the business running and succeed. Marketing is the process of introducing and promoting the new product or service to the market and achieve the company’s objective, customer’s need, and competitors.
Although we can achieve these goals, but the success marketer have to more concern and responding to a criticism, and use it to adjust the weakness and develop to be better, then the marketing will be succeed in the business world. In the modern business, the goals of every company are to satisfy customers and gain high profit. To achieve this, the companies must have a good marketer and good marketing. The basic before doing marketing and lead to be success is a marketing planning.
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Marketing plan is considered a part of an overall business plan, it is widely used by businesses from all areas of industry to implement the components of marketing management. The process of marketing plan involves marketing analyses, strategy development, and implement marketing program. Having a marketing plan will let the company identify our customer’s needs and wants. The company needs to work out how we will reach and win new customers and make sure that they will be happy and remain satisfied of the services we are providing them.
Company needs to always review and keep on improving everything to stay ahead of the competition. If don’t have any marketing, how the business runs and success. There are many factors that business has to concern such an economic, environment, competitors, politic, barrier in the market, and etc. According to the theory of “Five Force Model”, Michael Porter described the concept that it involves a relationship between competitors within industry, potential competitors, suppliers, buyers and alternative solutions to the problem being addressed.
Five force models include Threat of new entrants, Bargaining power of suppliers, Bargaining power of buyers, Threat of substitutes, and Rivalry among existing firms. If the marketer understands in these structure factors in industry that we are competing, it will be created more advantages in finding the strategy to fight with the competitors. For the example how Burger King was succeeded in long-term hamburger business, in establishing these objectives, the authors will adhere to seven characteristics of a proper long-term objective as defined by Pierce and Robinson (2001).
First, the long-term objective must be acceptable by those whom the objective was meant to serve. Second, the objective must be flexible; otherwise, striving to complete an objective while ignoring outside factors may null the results or may be harmful to the organization. The objective must be measurable over time and motivate those that will carry out the work. The fifth and sixth characteristics are the objective must be understandable and achievable. The authors will define Burger King’s Long-term objectives as they align to the following areas: market position, image, public responsibility, and product innovation.
Nowadays Burger King Corporation is the second largest fast-food chain in the United States, trailing only McDonald’s. The company has more than 10,400 franchises and owns about 1,000 for chain wide, with locations in all 50 states and 56 countries around the world. The company serves 15. 7 million customers each day and over 2. 4 billion Burger King Hamburgers are sold each year across the globe. It clearly to see that marketing have more important in the business world, it is the most factor that lead the company and product success in global competing nowadays.
Pearce II, J. A. & Robinson Jr., R. B. (2001). Strategic Management, Formulation, Implementation, and Control. Boston: McGraw-Hill Companies Dibb, S, and Simkin, L. (1997) “Marketing and Marketing Planning: Still Barriers to Overcome”, European Marketing Academy Conference Proceedings, 4, Warwick, pp, 1636 – 1645 Burger King. (2003). Website. Retrieved September 13, 2003, on the World Wide Web: http://www.burgerking.com/.
Pearce II, J. A. & Robinson Jr., R. B. (2001). Strategic Management, Formulation, Implementation, and Control. Boston: McGraw-Hill Companies Dibb, S, and Simkin, L. (1997) “Marketing and Marketing Planning: Still Barriers to Overcome”, European Marketing Academy Conference Proceedings, 4, Warwick, pp, 1636 – 1645
Burger King. (2003). Website. Retrieved September 13, 2003, on the World Wide Web: http://www.burgerking.com/.