Blog 1 (Chapters 1, 2, 3)

Chapter 1

The holistic marketing concept looks broadly on how to develop, design and implement marketing programs, processes and activities and their interdependence. With Holistic marketing everything matters in marketing and that a broad, integrated perspective is often necessary. Relationship marketing, integrated marketing, internal marketing and performance are the components that characterize holistic marketing.

I will talk about one characteristic which is relationship marketing.  Relationship marketing purposes to build strong, mutual, long-term relationships with key constituents in order to earn and retain the business. The key constituents are: customers, employees, marketing partners (channels, suppliers, distributers, dealers, agencies), and members of the financial community (shareholders, investors, and analysts).

In the end the company will profit highly by gaining a marketing network out of its constituents with whom it has built mutually profitable business relationships.

My take on this is that relationships are so important for any unit to exist and thrive. A holistic approach to marketing is more intriguing.

According to (http://en.wikipedia.org/wiki/Relationship_marketing), relationship marketing differs from other forms of marketing in that it recognizes the long term value of customer relationships and extends communication beyond intrusive advertising and sales promotional messages.

With the growth of the internet and mobile platforms, relationship marketing has continued to evolve and move forward as technology opens more collaborative and social communication channels. This includes tools for managing relationships with customers that go beyond simple demographic and customer service data. Relationship marketing extends to include inbound marketing efforts, (a combination of search optimization and strategic content), PR, social media and application development.

         

Chapter 2

A marketing plan summarizes what the marketer has learned about the market place and indicates how the company plans to attain its marketing objectives. Each product level whether product line or brand has to design a marketing plan for achieving its goals. Marketing conditions are dynamic and they change rapidly so planning and adapting to the changes is crucial and indispensable. Today marketing plans have their own flaws, such as lack of realism, insufficient competitive analysis and a short-run focus.

Firms make marketing plans on a yearly basis, the plan defines how progress toward objectives will be measured so management can assess the results and evaluate the effectiveness and efficiency of the organization’s marketing.

Returns on marketing investments are not easily measured because outcomes such broader brand awareness, enhanced brand image, greater customer loyalty, and improved new product prospects takes months or even years to manifest themselves.

I do think that although a marketing plan has its own flaws, it is an important tool that a firm cannot forego. A plan keeps your marketing efforts aligned with corporate goals and objectives; A good marketing plan will help determine what should be done and what should be left out. This will keep the team focused on work that matters—work that accomplishes the company’s goals and objectives.

A plan puts the firm on the same perspective, companies suffer from a lack of unity. Everyone has different goals and objectives and has an opinion on what the company should do and how it should be done. A good plan will help get the team in agreement on your problems, challenges, goals, objectives, strategies and tactics, ultimately getting everyone aligned and contributing.

A plan helps capture sight of the big picture, a lot of the tactics we engage in these days tend to be very specialized and focus on the small picture. Twitter, for example, is a micro-exchange between you and your audience, 140 characters at a time. It’s a powerful tool, but one that’s very much about the moment. A good plan will the company keep sight of the big picture so it does not get lost in the weeds and miss out on opportunities.

Chapter 3

Marketing research is a process of systematically designing, collecting and reporting of quantitative and qualitative data and findings that are relevant to a specific marketing situation that faces the firm. Marketing Research in big companies has a dedicated department meaning that it is of utmost importance for a company to channel resources in order to study and understand the industry, competitors, and audiences.

Marketing research starts by defining the problem and the objectives. The problem is well defined and specified because it aims at addressing a marketing challenge. The objective responds to the possible questions that align to the problem definition. Developing a research plan is equally important, it is the way forward for gathering the needed information, data sources, research methodology, tools, sampling plan, and contact methods. The process involves collecting the information, analyzing the information, presenting findings and making decisions.

In my view, for any business whether startup stage or expansion phase; for it to be successful it has to regularly undertake market research in order to stay tuned to changing market trends and to retain competitive edge.

Market research is vital for understanding the critical characteristics of the target market to increase sales revenue, profit, ROI and overall business success.