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The prospect of marketing planning is widely discussed in business circles. Many involved people tend to use formal marketing planning, so that to minimize risks when drawing strategic variables for further development of a company. The paper is dedicated to work out the influence of marketing planning on the strategic coloring of some companies chosen for the research.
The real importance of marketing research for companies’ success in making business is vital for today’s era of high technologies. That is why the paper deals with the current issue on base of four sources. One of them gives current information about big companies in recent years in the form of case studies: Management Information Systems: Managing the Digital Firm by Laudon and Laudon. One is the article which presupposes the main idea of formal marketing and rigidity in strategic planning: The Paradox of a Marketing Planning Capability by Rebecca J. Slotegraaf and Peter R. Dickson. One more source points out the idea of strategic marketing for today’s companies; it is the book by Colin Gilligan, Richard Malcolm Sano Wilson Strategic marketing planning. Another source is compiled in the form of press-release: Poor implementation of risk management plans a factor in credit crisis, actuaries told.
In recent times the need for having innovative implementations in strategic marketing planning highly increased. Many companies include in their strategic plans the use and development of information technologies, so that to succeed in collaboration and knowledge management. One of the examples concerns the Coca-Cola Company. The senior management team spent huge sums of money for making the relation between employees and customers reliable. Moreover, the company continues providing of new decisions about IT implementation for better and competitive work (Laudon & Laudon, 2009). Marketing implementation is significant for huge and small companies, in order to make processes within them controlled and well-organized. Gilligan & Wilson (2003) point out a special attention of companies not only on the mass advertisement of their products considered in the marketing plans, but also on better stimulation of “street “buzz”. It is seen on the examples of Apple, Virgin, Starbucks, McDonald’s etc. That is why marketing implementation represents a strategic correlation of a firm or a company. Risk management is the field where such”drawbacks” can be surveyed. During 2008 some of world’s major banks failed in correctness of aims’ modeling and structuring initiatives with primordially excellent marketing planning. HSBC is one of such examples. This world’s third major bank failed in giving subprime mortgages which increased and provoke the inability of subprime borrowers to pay back due to the crisis and increase of the interest rate (Laudon & Laudon, 2009). In this case it is vital to mention the words of one within professors of Harvard School of Business: “You can develop elaborate risk management models, but if the systems are not genuinely integrated with business decision-making, they will not prevent problems” (The Actuarial Profession, 2008).
Thus, poor implementation of main goals maintained in the marketing plan can cause crash of a company within time of strong competitive approach. Words of managers should be proved in practice.
- Gillian, C, and Wilson, RMS 2003, Strategic marketing planning, Burlington, MA: Butterworth-Heinemann.
- Laudon, KC, and Laudon JP 2009, Management Information Systems: Managing the Digital Firm. Ed. 11 New Jersey: Pearson Prentice-Hall, Upper Saddle River.
- Slotegraaf, RJ, and Dickson, PR 2004, The Paradox of a Marketing Planning Capability, New York: Journal of the Academy of Marketing Science, Volume 32, No. 4, pp. 371-385.
- The Actuarial Profession, 2008, Poor implementation of risk management plans a factor in credit crisis, actuaries told, Press release, 2008.