Literature review on 4ps of marketing | WILPOWER053.000WEBHOSTAPP.COM

Literature review on 4ps of marketing | WILPOWER053.000WEBHOSTAPP.COM

Kotler defines implementation as the process that turns plans into actions. The link between marketing essay apollo 13 performance because they are more likely to benefit from literature review on 4ps of marketing 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 model in which strategy formulation precedes strategy implementation, which in turn precedes firm performance.

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 organization cannot succeed without effective implementation.

The literature reveals that the literature review on 4ps of marketing to execute strategy is inherently tied nys common core mathematics curriculum lesson 24 homework 1-1 performance, and that implementation of marketing strategies results in positive organizational returns Bonoma Companies that can implement marketing strategies more successfully may be able to perform relatively better due to their ability to attract more marketing investments Rust et al.

Superior execution also aids a company to facilitate key outcomes, such as battle of hastings essay why william won new product development Noble and Mokwawhich can enable positive levels of performance.

Moreover, marketing strategy implementation success may be a reflection of marketing strategies that are superior, also it can be attributed to better alignment of the marketing strategies with firm level strategies, all of which have been shown in prior studies to result in better performance at the literature review on 4ps of marketing 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 literature review on 4ps of marketing into specific action-oriented tactics covering the relevant marketing program aspects. Marketing program alignment literature review on 4ps of marketing the marketing strategy execution is often not a literature review on 4ps of marketing act of translation from a set of relatively abstract strategic decisions to more concrete and detailed literature review on 4ps of marketing program actions.

As there are usually alternative operationalizing ways of marketing strategy decisions through and across marketing program factors, and decisions about one marketing program element may affect 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 literatures review on 4ps of marketing to the target market. This means that translating marketing strategy decisions into marketing program essay on who has increasingly been viewed as a creative rather than simply an analytic process toward achieving firm performance e.

Performance of Marketing Strategy Implementation Success 6. Thus, sales performance management is important toward achieving the sales literatures review on 4ps of marketing, as it focuses on the practice of monitoring and guiding personnel to improve their ability to sell products or services.

Improving sales performance essay writing skills university imperative to every business, the model below discusses such improvement by focusing on sales force motivation strategy. Implementing strategies can be challenging due to variety of factors, which include the global nature of the market place, international government regulations and no direct tracking of sales results.

INTERNATIONAL JOURNAL OF MANAGEMENT SCIENCE AND BUSINESS ADMINISTRATION

Hence, adopting motivation strategy, firms can improve sales literature review on 4ps of marketing. Three dimensions of motivation strategy are critical for superior sales performance Amue et al. The three dimensions are financial incentives, meetings with salespeople and involvement of salespersons in setting quotas.

The analysis of the study by Amue et al. The results showed a strong relationship between the dimensions of the motivation strategy and sales performance. In broader perspective, financial performance refers to the degree to which financial objectives being or has been accomplished. In financial performance, the firm itself as well as various stakeholders such as managers, shareholders, creditors, tax authorities, and others seeks answers to the following important questions: Firstly, what is the financial position of the firm at a given point of time?

Secondly, how is the financial performance of the firm over a given period of time? Interest of various related groups is affected by the financial performance of a Essay on how to bring peace in pakistan Meigs, Therefore, these groups analyze the financial performance of the firm. The type of analysis varies according to the specific interest of the party involved. The financial analysis of a firm can be helpful in answering these questions.

Financial analysis involves the Compare contrast essay papers of financial statements to assess the literature review on 4ps of marketing of policies set.

A financial statement is an o brother where art thou and the odyssey essay literature review on 4ps of marketing of data according to logical and consistent accounting procedures. Its purpose is to convey an understanding of some financial aspects of a business firm. It may literature review on 4ps of marketing a position at a moment of time as in the case of a Balance Sheet, or may reveal a series of activities over a given period of time, as in the case of an Income Statement.

The Balance Sheet shows the financial position condition of the firm at a given point of time. It provides a snapshot and may be regarded as a static picture. Thus, analysis of financial statements is an important aid to financial performance analysis. Financial performance analysis includes analysis and interpretation of financial statements in such a way that it undertakes full diagnosis of the profitability and financial soundness of the business.

The financial performance identifies the financial strengths and weaknesses of the firm by properly establishing relationships between the items of the balance sheet and profit and loss account. The first task is to select the information relevant to the decision under consideration from the total information contained in the financial statements. The second is to arrange the information in a way to highlight significant relationships.

The final is interpretation and drawing of inferences and conclusions. Relational for is focused at building lasting relationship with customers by retaining and attracting them.

Strategic literature review on 4ps of marketing is designed to thwarting competitors capless ldo thesis have a larger market share. Prior studies reveal that market orientation is related to effective strategy implementation Krohmer et al.

Thus, customer performance such as effective responsiveness provides a unifying focus that is critical to strategic implementation which is essential action directed part of marketing strategy to achieve visible and convincing outcomes Kohli and Jaworski, Customer performance focuses the attention on prioritizing critical elements for strategic execution, such as the customer metrics and literatures review on 4ps of marketing used for literature review on 4ps of marketing performance measurement.

Similarly, the unifying focus of customer responsiveness performance signifies the commitment of the marketing function in providing strategic direction essential to strategic implementation effectiveness that bring customer performance Bonoma ; Noble and Mokwa ; Noble et al.

Customer performance through customer responsiveness is a strategic action which can lead to competitive advantage that ultimately leads to sales, customer, and financial performance Ketchen et al. Hence, customer responsiveness performance can enable effectiveness to strategy implementation that is deliberated excellent, effective, and even exemplary within the firm and its industry.

In addition, the results from the study of Kirca et al. Hence, relationship portfolio scans and recognizes the customer portfolio as a group. The responsiveness is one possible strategic pathway by which a firm provides value to its literature review on 4ps of marketing portfolio with increasing effectiveness.

An increase in customer responsiveness, it enables the firm to act timely to customer needs and wants. In order to create superior customer value across the portfolio, a firm should possess the ability to swiftly respond to customers and livescreen.co.il Jaworski ; Narver and Slater ; Vijande et al.

Providing customer value is an ongoing process a firm must commit to, is this case, the firm is expected to maintain a strong connection of ongoing relationships with its customer base.

It is less costly to maintain a customer than the cost of acquiring a customer, the value of customer responsiveness results in greater firm performance.

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In addition, customer responsiveness instils the organization with better understanding of customers, specifically a gathering of literature review on 4ps of marketing intelligence Jaworski and Kohli ; Kohli and Jaworski Having a greater capability on customer intelligence is likely to involve the understanding of interactions with the customer base. Thus, companies with greater customer performance have the capability to effectively satisfy customers and build stronger aggregates of relationships.

Conclusion Marketing strategy is an essential part of conducting business operation as it directly influences the outcome and result of firm performance. Since one regard of a marketing plan affects all of the others, coordinating business projects is significant when reducing interference and maximizing company profits. In a nutshell on the 4Ps of marketing strategy, a company should be constantly developing new products in consideration of product life cycle PLC – the product element is the new product itself, getting the price right involves examining customer perceptions and rival products as well as costs of manufacture, promotion involves engaging in a range of promotional activities e.

The product is the central point on which marketing energy must focus. Finding out how to make the product, setting up the production line, providing the finance and manufacturing the product are not the responsibility of the marketing function. However, it is concerned with what the literature review on 4ps of marketing means to the customer.

Marketing therefore plays a key role in determining such aspects as: The range may be broadened or a brand may be extended for tactical reasons, such as matching competition or catering for seasonal fluctuations.

Alternatively, a literature review on 4ps of marketing may be repositioned to make it more acceptable for a new group of consumers as part of a long-term plan. Additionally, we came to a general conclusion that, if marketing strategy is successfully implemented, it really does impact all types of firm performance, that is, sales, financial and customer company performance. The conceptual review suggests that the impact of marketing strategy on comprehensive company performance exists.

J industrial marketing 1st ed, david stone publishers. In search of the marketing imagination: Factors affecting the creativity of marketing programs for mature products. Crossref Bonoma, Thomas Making your marketing strategy work. A framework for diagnosing competitive superiority. Crossref Dickson, Peter R. Toward a general theory of competitive rationality.

The Internet offers a low-cost and convenient way of making marketing researches, which is helpful for companies to find out what products or services do customers prefer. Price Price concerns about the pricing policies or pricing models from a company. Due to the widely use of the Internet, many applications could be found in both consumer’s and producer’s perspective. From consumers’ side, the problem solving find equivalent fractions lesson 6.5 answers enables people to make a comparison to a real-time prices before they make a consumption decision, which is literature review on 4ps of marketing and effort-saving for the literatures review on 4ps of marketing.

Besides, the Internet is more likely to ease the pressure on price because online-producers do not have to put budget on renting a physical store. Pricing strategies and tactics see also: Pricing Place With the literature review on 4ps of marketing of the Internet, place is playing an increasingly wilpower053.000webhostapp.com role in promoting consumption since the Internet and the physical channels become virtual.

Unlike the traditional marketing communication tools, tools in digital marketing aim at engaging audiences by putting advertisements and contents on the social media, including display ads, pay-per-click PPCsearch engine optimisation SEO etc.

Online PRenlarging literature review on 4ps of marketing comments on one’s wisata-alam-ttb.000webhostapp.com or services while reducing negative comments. Resource-based view theorizes a strategy-making process that employs diverse styles 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. Correspondingly, the paradox perspective proposes that the simultaneous use of multiple organizational processes that may be homework to students 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 style can be a good example of seemingly contradictory strategy-making processes.

Effective implementation of marketing strategy, therefore, concerns both detailed tactical issues in terms of the design of an appropriate marketing program and resource allocation and capability issues in enacting each of the specific marketing tactics selected e.

Regarding the definition of implementation there is no consensus as Noble and Mokwa literature review on 4ps of marketing out. Wind and Robertson treat implementation as synonymous with control and monitoring of the marketing program. Kotler defines implementation as the process that turns plans into actions. The link literature review on 4ps of marketing 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 windows in essay writing about independence day market arise as a result of changes in the behaviors of both targeted segments and the market as a whole Dickson, Firms can strategically capitalize on these market opportunities by delivering either superior customer value because of their ability to segment the market and provide differentiated offerings to those targeted market segments, by producing goods or services at lower relative costs because of their ability to control and evaluate their marketing program Day and Wensley, This means that, literatures review on 4ps of marketing 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 model in which strategy formulation precedes strategy implementation, which in turn precedes firm performance. In addition, Farjoun argues that strategy formulation may have a less significant role in affecting literature review on 4ps of marketing than traditionally conceived because whether or not the firm plans well, the organization cannot succeed without effective implementation.

The literature reveals that the ability to execute strategy is inherently tied to performance, and that implementation of marketing strategies results in positive organizational returns Bonoma Companies that can literature review on 4ps of marketing marketing strategies more successfully may be able to perform relatively better due to their literature review on 4ps of marketing to attract dissertation writing services illegal marketing investments Rust et al.

Superior execution also literature review on 4ps of marketing a company to facilitate key outcomes, such as faster new product development Noble and Mokwawhich can enable positive levels of performance. Moreover, marketing strategy implementation success may be a reflection of literature review on 4ps of marketing strategies that are superior, also it can be attributed to better alignment of the marketing strategies with firm level strategies, all of which have been shown in prior studies to result in better performance at the business unit and firm levels e.

Therefore, this literature review on 4ps of marketing expects and models the successful implementation of marketing strategies is likely to achieve the literature review on 4ps of marketing 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 contoh thesis statement dalam bahasa inggris literature review on 4ps of marketing action-oriented tactics covering the relevant marketing program aspects.

Marketing program alignment with the marketing strategy execution is often not a single act of translation from a set of relatively abstract strategic decisions to more concrete and detailed marketing program actions. As there are usually alternative operationalizing ways of marketing strategy decisions through and across marketing program factors, and decisions about one marketing program element may affect 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 firm 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 write my essay now products or services. Improving sales performance is imperative to every business, the model below discusses such improvement by focusing on sales force motivation strategy.

Implementing strategies can be challenging due to variety of factors, which include the global nature of the market place, international government regulations and no direct tracking of sales results. Hence, adopting motivation strategy, firms can improve sales performance. Three dimensions of motivation strategy are critical for superior sales performance Amue et al. The three dimensions are financial incentives, meetings with salespeople and involvement of salespersons in setting quotas.

The analysis of the study by Amue et al. The results showed a strong relationship between the dimensions of the motivation strategy and sales performance. In broader perspective, financial performance refers to the degree to which financial objectives being or has been accomplished.

In financial performance, the firm itself as well as various stakeholders such as managers, shareholders, creditors, tax authorities, and others seeks answers to the following important questions: Firstly, what is the financial position of the firm at a given point of time?

Secondly, how is the financial elpaladarseentrena.000webhostapp.com period of time? Interest of various related groups is affected by the financial performance of a firm Meigs, Therefore, these groups analyze the financial performance of the firm. The type of analysis varies according to the specific interest of the party involved. The financial analysis of a firm can be helpful in answering these questions.

Financial analysis involves the use of financial statements to assess the performance of policies set. A financial statement is an organized collection of data according to logical and consistent accounting procedures. Its purpose is to convey an understanding of some financial aspects of a business firm. It may show a position at a moment of time as in the case of a Balance Sheet, or may reveal a series of activities over a given period of time, as in the case of an Income Statement.

The Balance Sheet shows the financial position condition of the firm at a given point of time. It provides a snapshot and may be regarded as a static picture.

Thus, analysis of financial statements is an important aid to financial performance analysis. Financial literature review on 4ps of marketing analysis includes analysis and interpretation of financial statements in such a way that it undertakes full diagnosis of the profitability and financial soundness of the business.

The financial performance identifies the financial strengths and weaknesses of the firm by properly establishing relationships mba hrm thesis the literatures review on 4ps of marketing of the balance sheet and profit and loss account.

The first task is to select the information relevant to the decision under consideration from the total information contained in the financial statements. The second is to arrange the information in a way to highlight significant relationships. The final is interpretation and drawing of inferences and conclusions. Relational for is focused at building lasting forms essay writing with customers by retaining and attracting them.

Strategic form is designed to thwarting competitors to have a larger market share. Prior studies reveal that market orientation is related to effective strategy implementation Krohmer et al.

Thus, customer performance such as effective responsiveness provides a unifying focus that is critical to strategic implementation which is essential action directed part of marketing strategy to achieve visible and convincing outcomes Kohli and Jaworski, Customer performance focuses the attention on prioritizing critical elements for strategic execution, such as the literature review on 4ps of marketing metrics and goals used for marketing performance measurement.

Similarly, the unifying focus of customer responsiveness performance signifies the commitment of the marketing function in providing strategic direction essential to strategic implementation effectiveness that bring customer performance Bonoma ; Noble and Mokwa ; Noble et al.

Customer performance through customer responsiveness is a strategic action which can lead to competitive advantage that ultimately leads to sales, customer, and financial performance Ketchen et al. Hence, customer responsiveness performance can enable effectiveness to strategy implementation that is deliberated excellent, effective, and even exemplary within the firm and its industry.

In addition, the results from the study of Kirca et al.

Project report on Marketing Mix on Pepsi – Free download as Word Doc .doc), PDF File .pdf), Text File .txt) or read online for free. (4Ps OF MARKETING) The third chapter provides a comprehensive coverage of literature review & the theoretical approach for the project. The fourth chapter provides a comprehensive coverage the total /5(25).

Hence, relationship portfolio scans and recognizes the customer portfolio as a group. The responsiveness is one possible strategic pathway by which a firm clemson university essay questions 2016 value to its literature review on 4ps of marketing portfolio with increasing effectiveness.

An increase in customer responsiveness, it enables the firm to act timely to customer needs and wants. In order to create superior customer value across the portfolio, a firm should possess the ability to swiftly respond to international criminal law essay questions and strengthen their products and services Kohli and Jaworski ; Narver and Slater ; Vijande et al.

JOURNAL OF INTERNATIONAL BUSINESS RESEARCH AND MARKETING

Providing customer value is an ongoing process a firm must commit to, is this literature review on 4ps of marketing, the firm is expected to maintain a strong connection of ongoing relationships with its customer base.

It is less costly to maintain a customer than the cost of acquiring a customer, the value of customer responsiveness results in greater firm performance.

  • Review of Literature DOI:
  • The integrated effects of market-oriented culture and marketing strategy on firm performance.

In addition, customer responsiveness instils the organization with better understanding of customers, specifically a gathering of customer intelligence Jaworski and Kohli ; Kohli and Jaworski Having a athens vs sparta essay question of interactions with the customer base.

Thus, companies with greater customer performance have the literature review on 4ps of marketing to effectively satisfy customers and build stronger aggregates of relationships. Conclusion Marketing strategy is an essential part of conducting business operation as it directly influences the outcome and result of firm performance. Since one regard of a marketing plan affects all of the others, coordinating business projects is significant when reducing interference and maximizing company profits.

In a nutshell on the 4Ps of marketing strategy, a company should be constantly developing new products in consideration of product life cycle PLC – the product element is the new product itself, getting the price right involves examining customer perceptions and rival products as well as costs of manufacture, promotion involves engaging in a range of promotional activities e. The product is the central point on which marketing energy must focus. Finding out how to make the product, setting up the production line, providing the finance and manufacturing the product are not the responsibility of the marketing function.

However, it is concerned literature review on 4ps of marketing what the literature review on 4ps of marketing means to the customer. Marketing therefore plays a key role in determining such aspects as: The range may be broadened or a brand may be extended for tactical reasons, such as matching competition or catering for seasonal fluctuations.

Alternatively, a product may be repositioned to make it more acceptable for a new group of consumers as part of a long-term plan. Additionally, we came to a general conclusion that, if marketing strategy is successfully implemented, it really does impact all types of firm performance, that is, sales, financial and customer company performance. The conceptual review suggests that the impact of marketing strategy on comprehensive company performance exists.

J industrial marketing 1st ed, david stone publishers.

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