Marketing as a Corporate FunctionEssay Preview: Marketing as a Corporate FunctionReport this essayMarketing as a Corporate functionMarketing – The BasicsBy Karl Moore & Niketh PareekMARKETING AS A CORPORATE FUNCTIONMarketing: can be defined as the social process involving individuals and organizations with an objective of obtaining what they need and want by creating and exchanging values with each other.
Marketing represents one of the core functions of a firm and plays an important role in the success of any organization. Effective marketing is part of the strategic plan of almost all companies. A strategic plan is simply a process concerned with the development and maintenance of an action plan in order to coordinate the all individual business unit activities aimed at ensuring the achievement of long-term goals of the company. In order to develop and implement successful strategies, it is necessary to analyze the current environment of the company to aid strategy formulation. For this purpose, Porters 5 forces model is very useful in analyzing the external environment of the company. These 5 forces are
* Barriers to entry: The difficulty associated with entry into the market.* Power of Suppliers: The ability of suppliers to influence the business.* Power of Buyer: The ability of buyers to influence the business.* Threat of substitutes: alternatives for customer to move to.* Inherent level of Rivalry in Industry: The level of completion in the industry. This is determined by the results of the above mentioned factors.The analysis of external environment of the company assists in development and implementing effective marketing strategies. The incorporation of the industry information increases the chances of success of the strategy as opposed to the marketing strategy developed without giving due consideration to the companys environment.
Business Unit Corporate Strategy: Strategic business units are semi-autonomous units of a large sized organization that develops their own separate strategies based on their resources and capabilities with the aim of fulfilling the overall corporate objectives. At the time of strategy formulation, it is of critical important to consider the core competences possessed by the firm that represents a skill or a resource allowing the company to develop and sustain competitive advantage. At the time of marketing, it is very important to focus on the core competencies possessed by the company such as its Brand, differential feature of its product as its leads to separate identification of the companys product as compared to those offered
Financial unit Financial Strategy: Business units can be a very large group of individuals, which is part of the traditional financial structure.
• It becomes a “business unit” in contrast to a normal financial unit as management is required to design and design, manage, and share and manage such a unit. Business units are usually only able to produce business results after several years where it has matured a reputation as a “global company”.
It is only in order to develop, grow and sustain a Business unit that a strong performance can be achieved so that a large organization takes note of and adapts and adapts as to the company that is responsible for its success. A strong management team, particularly in the financial industry, will help to define the role of a Business unit.
The CEO will be responsible for managing and managing the operations of a business unit. As a Business unit, the CEO in a business unit can also develop, develop and manage the development of products, services and the operations of a company. This type of coordination takes a lot of planning and practice and may often involve using the most advanced technology in place to ensure that the right product or service can be delivered, not just that it satisfies a few need with less expensive alternatives. An integrated organization can also develop and carry out an integrated business strategy in a multi-agency or collective and there can also be a mix or a mix and cross section of business units that is integrated to provide flexibility, collaboration and decision making opportunities.
• As in business units business units are expected to have several co-leaders who are experienced by their specific needs. It is also important to keep in mind that in many companies there are still many employees in each of their co-leaders or other executives. As a result, when management is required to keep in mind that certain types of people are in many industries and organizations, it is even more important to keep in mind this. • As a business unit the CEO will be responsible for overseeing the implementation and management of the business units. This usually involves the creation of an integrated business plan (and also, the creation of a business plan or working team/clients) that integrates with the company structure. The work of the employee will take only so far as to make sure everything that was done with the company is done correctly and is in good order so that all that was done will be done so as to get the best results for both the company as well as for the company leaders.