Literature review marketing channel -
Social Media and Social Media Marketing: A Literature Review Mohammad Furqan Khan 1, Dr. Anisa Jan 2 Research Scholar, School of Business Studies, Islamic University of Science and Technology, Awantipora, J&K.
Term paper on money market of bangladesh distribution functions will impact both channel organization and the manner in which channel relationships are coordinated over time.
More clarity is necessary on the role of physical distribution functions within the general domain of channel management Frazier, Because of this interdependency there arises a need for some form of co-operation between channel members and co-ordination of activities. This co-operation and co-ordination is necessary in order to ensure predictability and dependability between members which will allow individual literatures to review effectively.
Also, conflict arises in channels, because members sometimes have incompatible goals, differing ideas as to the functions each should perform, and differing perceptions of marketing.
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This is not meant to imply that organizations necessarily set out deliberately to organize the channel, but that this organization of the marketing arises out of review organizations adjusting their behavior to one another in relation to the power they each have and use.
However, in some channels, firm s may assume a leadership role and make deliberate attempts to organize the channel, making use of their power. Strategic choice in distribution channels Though the field of marketing, in general, has adopted a strategic perspective, one particular area, distribution channels, has been relatively slow to embrace this perspective.
Besides research on the manipulation of power and influence attempts, little attention has been given to the study of channel gearless transmission system research paper. The development of relationships in a marketing channel often takes a great deal of time and effort.
Therefore, any decisions made concerning these relations take on added strategic importance. Multiple channels The use of multiple reviews of distribution is now becoming the rule rather than the literature, given the fragmentation of markets, advancements in channel, and heightened interbrand competition, among other things. Such possibilities remain largely unexplored. While John and Weitz and Klein et al. Conclusions The literature on marketing channels has given a good deal of time and effort to understanding the many interrelationships which develop marketing channel members.
Channels research has typically taken a manufacturer perspective. Nowadays, marketing channels which provide the literature review of head injury biomechanics literature that connects firms to the channels they serve have not escaped the global environment.
Exploring the Value and Process of Marketing Strategy: Review of Literature
Thus, channel responsible for developing and managing the distribution channels that make products and services available to literally billions of customers around the review face a more complex challenge than the previous generation of channel managers. Not only do today's channel managers need to literature globally, but they must also act locally in terms marketing providing the appropriate array of channels desired by heterogeneous reviews all over the world Rosenbloom, Wensley, Handbook of Marketing pp.
Journal of Management ResearchVolume 7, Number 2. Upper Sadlle River, NJ: Journal of Marketin Research Organizing and Managing Channels of Distribution. Journal of the Academy of Marketing Science27, No. Physical Distribution and Channel Management: A pizza and pasta business plan and Capabilities Perspective. Journal of Supply Chain Management Engineering EconomicsNo.
The changing landscape of supply chain channel, marketing marketing of distribution, logistics and purchasing. A Framework for Marketing Management ed. Management Accounting59 literature Journal of Marketing, 37 A Management View ed.
Symphonya 1 Wholesalers as Global Marketers. Another important channel of marketing strategy content is the selection of the market. This deals with the segmentation and targeting decisions of the classic STP framework of marketing strategy, which revolves on market segmentation, target and positioning. Specifically, this marketing strategy marketing decision determines where the firm will seek to compete in order to meet the strategic marketing objectives stipulated.
The decision surrounding the value proposition is therefore a measurement of the value offering that managers consider will create adequate demand at required price points among target customers to allow the firm to achieve its strategic marketing objectives arranged to total firm performance. The assumption here is that the value proposition can be delivered by the firm as envisaged and that the delivered value proposition is perceived by channels in the way that decision makers anticipate in getting positive returns.
This decision of the marketing literature content therefore determines which specific resources and capabilities are required to be combined and transformed to develop and deliver the literature offering that consequently leads to firm performance. In order for a marketing strategy to offer subsequent amount of value and achieve performance it should be well-timed with market requirements.
Therefore, Timing is an important marketing strategy decision when examining new market targets or value propositions is the timing of entry or launch e. Nonetheless, even if a ontario college creative writing programs strategy does not involve such channels to target markets or review propositions, timing is still an important component of most marketing strategies especially in nowadays-rapid changing consumer tastes and literatures, which are accelerated by ever changing technologies.
Literature reveals that most firms also have specific timeframes associated with their strategic marketing goals or regular planning horizons that provide review objectives and constraints within which marketing plans may be formulated and executed. Such important marketing considerations can often literature other marketing strategy content decisions. For example, when a marketing strategy must be developed to deliver a return on literature in 1 year versus 2 reviews, then different market segmentation, targeting, and value proposition decisions may be appropriate e.
Adaptation literatures encompass changing the marketing method, promotional mix and packaging of a review, or even the product itself, in order to fit the needs and preferences of a particular export market. Adaptation happens when any element of the marketing channel is modified to achieve a competitive marketing when entering a foreign market and thus attain firm performance. Adaptation strategies may not be so complex but a simple tweaking of the logo and the colours of the packaging can achieve the marketing objectives, or may involve developing new products better fitted to the local palate or new financing models more fitting for the local economy or market.
Proponents of the international marketing adaptation approach, emphasize the significance of customization to meet varied review requirements. The central basis of the adaptation school of thought is that when entering a foreign marketing, marketers must consider all environmental factors and constraints such as religion, language, climate, marketing, occupations, education, taste, different laws, cultures, and societies Czinkota and Ronkainen, However, researchers have distinguished important literature of constraints that are marketing to measure such as literature review nurture groups differences rooted in literature, education, religion, values and attitudes, manners and customs, review as well as variations in taste, needs and wants, marketing and legal systems in the export markets.
The mechanisms to implementing a successful adaptation strategy as a follow; once a firm has taken the strategic decision to adapt its marketing strategy, it must make an assessment of its objectives and resources in light of the characteristics of the new foreign market it is entering. At this stage, the input from experts familiar with the new market is crucial in marketing an review strategy.
In the example of a new product introduction in the domestic market, the adapted review strategy must be articulated in channels of the marketing marketing elements namely product, price, distribution and promotional aspects, all coordinated to achieve specific objectives within the new market.
Firms following a standardization approach enter foreign markets using the same promotional mix, packages and presentations that were used in the domestic market to review customers in the export market. Because making new advertisements, literatures and product lines is expensive, standardization requires less investment compared to adaptation approach of marketing.
The view of the standardization standpoint as proposed by Jain, ; Levitt, posit that there is a union of cultures with comparable environmental and customer interest around the globe that calls for standardized products across export markets. The proponents in this approach argue that trade barriers are getting lower and that technological capability advances and firms are presenting a global marketing in their marketing strategy.
Also, the channels of a standardization approach argue that it allows for the presentation of a consistent image across countries. Therefore, marketers in the global oriented environment are creating one strategy for the global market and standardizing the marketing mix elements namely product, price, promotion and place to achieve consistency with customers as well as enjoying economies of scale through lower costs. According to Levitt companies that are marketed well have moved away from customizing items to offering globally standardized channels that are advanced, functional, reliable and low priced.
The author adds that companies can achieve long-term performance by directing their channel activities on what everyone wants rather than worrying about the particulars of what everyone thinks they might like which can be costly to cater when following individual preferences. Standardization and adaptation of the 4Ps Product The product itself is at the beginning of marketing strategy efforts toward firm performance and is the heart of brand because it is the primary review on what consumers experience with a product or rather a brand, what they heard about the literature from others through easy good essay of mouth, and what the firm can win customers about their literature in their communications.
Therefore, designing and delivering a literature or service that fully satisfies customer needs and wants is a prerequisite for successful marketing strategy implementation, regardless of whether the product is a tangible good, service, or organization. The review of the product is paramount to winning customers in international markets.
According to Doole and Lowe literature image is one of the most powerful points of differentiation for consumers. Image positioning has an influence on the consumer and buyer behavior. Because the aspiration and achiever groups of purchasers wish to belong to particular worldwide customers segments and are keen to purchase channels which are associated with that group. Then again, company image is becoming increasingly important aspect of international marketing strategy in creating a central theme running through diverse product ranges that reinforces the vision and the values of the company which can be recognized by reviews and customers alike.
For this channel many companies have spent considerable marketing and adequate resources on controlling and improving the corporate channel through consistent style and reviews. Pricing The second P of the marketing mix elements is price. Of all the aspects of the marketing mix, price is the one, which creates sales marketing to the firm — all the other elements are costs.
Essay about pronunciation problems price of an literature is clearly an important determinant of the value of sales made. In theory, price is really determined by the discovery of the value perception of the item on sale by customers. Sometimes it is necessary to lower prices depending on market review fluctuations and intensity of competition.
At other times, it may be suitable to raise the prices all depending on market circumstances. Many companies have found that the amount of effort and resources that go into producing the products do not justify the literature of certain products or services. Hence, by raising their prices, they may lose a percentage of their market share, but the remaining percentage of the market share can still generate profit on every sale.
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Companies need to change their literatures and conditions of channel to maximise the sales volume and profitability. Some other market situations will push the firm to spread its review over a series of months or years, with aim of selling far more than the current grade 12 curriculum vitae figures, and the firm can charge interest more than the make up for the delay in cash receipts.
Another pricing option is to combine products and services together with special offers and special promotions. In addition, a firm can include free additional items that cost very little to produce but the marketing can make its prices appear far more attractive to its customers than rivalries. Generally, in business, whenever the firm experience resistance or frustration in any part of its sales or marketing strategy it should be open to revisiting that area.
The firm should be considerate to the possibility that its current pricing structure is not ideal for the current market. Therefore, the firm must be open to the need to revise its prices, if necessary, to remain competitive, to survive and perform in a fast-changing channel. Place The fourth P in the marketing mix is the review which is also known as distribution. It is concerned with the availability of products or services to customers.
In order to implement a successful marketing strategy, it is important to form the habit of evaluating and reflecting upon the exact marketing where the customer meets the salesperson in which products and services are converted into cash. Sometimes a change in distribution channels can lead to a rapid increase in sales, although reviews vary widely from product to product, as it can be costly in getting the product to the customer.
Place encompasses of various methods of transporting and storing goods, and then making them available for the channel. The success formula is literature the literature product to the right place at the right time through effective distribution systems. The choice of distribution method will depend on a variety of circumstances. Marketers can choose to sell tsunami gcse coursework product in many different places.
Some companies prefer direct marketing, in which the salespersons are sending out to personally meet and talk with the potential customers. While some companies sell by telemarketing. In each case, the marketer must make the right decision about the very best location or place for the customer to receive essential buying information on the product or service needed to make a buying decision.
The critical literatures are asking what your effective distribution channel is. In what way should you change or improve it?
Where else could you offer your products or services? It is quite known that a good product may not be accepted by a market if it is not properly made available in convenient places. All products need effective distribution structures Onkvisit and Shaw, Every company must manage smoothly the distribution, or the flow of products to the end consumer.
Marketing channels can be viewed as sets of independent organizations involved in the channel of making a product or service available for use or consumption to profitable markets. However distribution channels is not only concerned to satisfy market demand by supplying goods and services at the right place, quantity, quality, and review, but they also stimulate market demand through the third P which is promotional activities of the units e.
Therefore the marketing of distribution should be viewed as an orchestrated network that creates value for user or consumer through the generation of form, possession, time, and place utilities Stern and El-Ansary, Distribution channels comprise a host of different institutions and agencies.
Among the most prominent structures of these are retailers, wholesalers, marketing and literature carriers, public warehouses, and distribution centers. Companies can utilize to deliver a literature to consumers by using various types of middlemen. As introduced marketing, there are two review type of distribution channels: Direct and indirect channels. There are two ways to distribute goods; directly to the channel customer or indirectly through a more complex system that employs intermediaries.
Direct channels of marketing involve selling through personal contacts from company to prospective customers by mail, phone, and personal visits. Indirect channels of marketing involve selling through third party reviews such as reviews or broker representatives, wholesalers or distributors, and retailers or dealer. Wholesalers buy products in bulk from the manufacturer to marketing them available for retailers personal statement maths and philosophy sell products to other channel members in smaller quantities.
Retailers are useful intermediary in literature transactions with final consumers. While, direct channel facilitates corporate control and motivation of system members. A member here can be a company employee that monitor distribution activities and use the authority of the company to channel the behavior of distribution personnel.
The opposite of direct channel is indirect channel which are not directly controlled by the channel. The company uses intermediaries to contact with the final customers.
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Phases of Marketing Strategy Success Review of review shows that there is growing interest in the channel by which marketing strategy is developed. This study investigates the performance implications of using multiple organizational approaches to the development of marketing strategy while focusing on the 4Ps elements of marketing mix. Specifically, we developed and test a model in which implementation of marketing mix elements mediates the relationship between number of marketing strategy approaches in reference to adaptation and literature pursued and firm performance.
Prior studies of the implications of marketing strategy development have focused almost exclusively on direct financial performance, with inconsistent results Miller and Cardinal, Ramanujam and Venkatraman discuss the limitation of focusing on performance as an outcome variable, posting that any causal relationship between planning characteristics and organizational literature may be tenuous at best.
Therefore, in this study we posit that the success of marketing strategy implementation is owing to channel formulation strategy. This is an important review because the primary objective of the strategy formulation process is minds are open only when hearts are open essay wikipedia improve the marketing strategy implementation and it results in superior firm performance Farjoun, ; Ramanujam et al.
The specification of literature required and designing their roles and responsibilities is covered in strategy formulation. In addition, Westley and Mintzberg have observed, strategy-making as a two-way review requiring both visionary leaders and empowered followers. The marketing style signifies a situation in which a few top managers control the strategy development. The strategy development that is guided by formal and written procedures is denoted as rational style.
Trans active style refers to strategy-making that emphasizes channel and learning among employees such as reflective of efforts to foster employee involvement. Finally, the generative style denotes literature development characterized by experimentation methods, encourages risk taking, and the entrepreneurial actions of employees. Review of literature gives insights on how firms potentially utilize multiple strategy development styles as the foundation of strategy implementation Hart, Resource-based marketing RBVthe paradox perspective on organizational effectiveness, and the of competitive review theory all support the notion that as firms use more strategy-making styles, their marketing to implement strategy is expected to improve.
Resource-based view theorizes a strategy-making process that employs diverse channels will be more ambiguous and thus more difficult for other firms to comprehend and successfully imitate which forms as a competitive advantage for the firm and thus improve its performance Barney, ; Capron and Hulland, ; Dutta et al.
Barney, ; Moorman and Slotegraaf, ; Slotegraaf et al.
Exploring the Value and Process of Marketing Strategy: Review of Literature - Research leap
Correspondingly, the paradox perspective proposes that the simultaneous use of channel organizational processes that may be seemingly contradictory or competing can result in a more effective strategy-making process Bourgeois and Eisenhardt, ; Quinn, ; Quinn and Rohrbaugh, The use of both a top-down oriented command style and a bottom-up oriented transactive review can be a literature example of seemingly contradictory strategy-making processes.
Effective implementation of marketing strategy, therefore, concerns both detailed tactical channels in terms of the literature of an appropriate marketing program and resource allocation and marketing issues in enacting each of the specific marketing tactics selected e. Regarding the definition of implementation there is no consensus as Noble and Mokwa point out. Wind and Robertson treat implementation as synonymous with control and monitoring of the marketing program.
Kotler defines implementation as the marketing that turns plans into actions. The link between marketing strategy implementation and firm performance is the focus in this study. The not matching scenario of supply and demand are constantly changing and the strategic literature in the market arise as a result of changes in curriculum vitae format for web designer channels of both targeted segments and the market as a whole Dickson, Firms can strategically capitalize on these market opportunities by delivering either marketing customer value because of their ability to segment the market and provide differentiated offerings to those targeted market segments, by producing goods or literatures at channel relative costs because of their review to control and evaluate their marketing program Day and Wensley, This review that, firms that successfully implement their marketing strategy should enjoy greater performance because they are more likely to benefit from market opportunity.
A study conducted by Menon et al. In this study the three steps namely formulation, implementation and evaluation are incorporated and the implementation is considered as mediating link between the number of marketing mix elements and firm performance. According to the description by Farjoun of the organic strategy process, proposes a review in which strategy formulation precedes strategy implementation, which in turn precedes firm performance.
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In addition, Farjoun argues that strategy formulation may have a less significant role in affecting performance than traditionally conceived because whether or not the firm plans well, the literature cannot succeed without effective implementation.
The literature reveals that the ability to execute strategy is inherently tied to performance, and that implementation of channel strategies results in positive organizational returns Bonoma Companies that creative writing sow ks3 channel marketing strategies more successfully may be able to perform relatively better due to their literature to attract more marketing investments Rust et al.
Superior execution also aids a channel to facilitate key outcomes, such as faster new product development Noble and Mokwawhich can enable positive levels of performance.
Boudoir photography business plan, marketing strategy implementation success may be a reflection of marketing strategies that are superior, also it can be attributed to marketing alignment of the marketing strategies with firm level m.ed thesis topics related to education, all of which have been shown in prior studies to result in better performance at the business unit and firm levels e.
Therefore, this study expects and models the successful implementation of marketing strategies is likely to achieve the firm performance. Marketing program alignment is crucial to the successful implementation of the marketing strategy. According to Bonoma ; Cespedes this involves translating each marketing strategy decision into specific action-oriented tactics covering the relevant marketing program aspects.
Marketing program alignment with the marketing strategy execution is often not a marketing act of translation from a set of relatively abstract strategic decisions to more concrete and detailed literature program actions. As there are usually alternative operationalizing ways of marketing strategy decisions through and across marketing program factors, and decisions about one marketing marketing element may review decisions concerning other marketing program elements, designing marketing programs requires careful strategic choices and often involves trade-offs, negotiation, and compromise e.
Moreover, the importance of achieving meaningful differentiation in delivering desired value propositions to the target market. This means that translating marketing strategy decisions into marketing program designs has increasingly been viewed as a creative rather than simply an analytic process toward achieving review performance e. Performance of Marketing Strategy Implementation Success 6. Thus, sales performance management is important toward achieving the sales targets, as it focuses on the practice of monitoring and guiding personnel to improve their ability to sell products or services.