Assignment on Marketing Management (GC0283)

Table of Contents

1.0 Introduction.

2.0 Background.

3.0 Environmental Pressure.

3.1 What is the competitive advantages? Explain what the current company’s advantages and disadvantages are.

Competitive advantages.

Andersen’s advantages and disadvantages.

3.2 How marketing philosophy/approach will benefit the company. Which new opportunities it will give.

Benefits of marketing philosophy.

Which new opportunities the marketing approach will give to Andersen.

3.3 Andersen vs competition.

Benchmarking and Porter’s 5 forces.

What can be learned from the competition?

How to use this knowledge to strengthen Andersen’s position in the market

4.0 Conclusion.

Reference.

1.0 Introduction

The report discusses a number of issues related to marketing management practices in companies’ businesses. The report is divided into two particular sections. In the first section, as background, the terms ‘marketing management’ and the challenges faced by marketing management in its environment are discussed and outlined. In the second section, three particular issues are discussed and analyzed. Firstly, the term ‘competitive advantages’ is discussed, and the advantages and disadvantages of a particular company, named Andersen, are explained. Secondly, marketing philosophy is discussed with its benefits toward the businesses and opportunities given to the companies. Thirdly, benchmarking and Porter Five Forces are analyzed in terms of Andersen vs. competitions. This section also explains what can be learned from the competitive market and how this knowledge can be used to strengthen Andersen’s position in competitive marketplaces. Finally, the report summarises the findings in the conclusion section.

2.0 Background

Marketing management facilitates the functions as well as activities related to the goods and services of businesses. According to Kotler et al. (2014), marketing management is the process of planning, implementing, analyzing and controlling activities to meet the target customers’ expectations and gain organizational goals and objectives. Palmer (2012) disclosed that marketing management is concerned with market situations, sales plans, and the ultimate execution of these plans to gain organizational goals and objectives. Saint (2013) said effective marketing management focuses on the right product pricing, sales promotions and advertising, distributions of products, and motivating customers with the best services. In a word, marketing management is defined as the management process of marketing activities which includes planning, implementation as well as controlling of marketing activities.

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Marketing management benefits marketers in different ways. Kotler et al. (2014) stated that effective marketing management increase competition and methods of distribution which improve profit and reduce costs. Palmer (2012) revealed that companies’ marketing management can support the businesses in a) introducing new products in competitive markets; b) increasing products of existing products and services; c) exporting market and maximizing business; d) reducing cost of distribution and sales; e) developing communications and transportation in marketplaces, and f) increasing demand for goods by customers and per capita income.

In terms of Andersen, it has an effective marketing management team who are able to stay ahead of the competitions. The marketing management of Andersen has been remained distinctive and relevant to the customers and other stakeholders. Consequently, Andersen has been able to gain improved brand equity and preserve shareholder values.

However, marketing management faces different challenges from its environment. Kotler et al. (2014) stated that the marketing manager of an international business organization may face greater challenges from political issues and government policies. The economic circumstances with monetary and fiscals policies in different countries impact international businesses’ marketing management significantly (Kotler et al., 2014). In addition, social, demographic and cultural issues affect the marketing management activities of a business when it operates in local communities in international markets (Palmer, 2012). Further, the rapid changes and advance development in technological innovation influence the performance of marketing management activities and functions of a business (Saint, 2013).

In terms of Andersen, it is facing a number of challenges. As medical schools cannot give marketing and management training, the board of Andersen faces difficulties to gain marketing management expertise because they are medically trained specialists, not experts in marketing management. In addition, as Andersen is operating in different countries including the EU and Asia, its marketing management is facing challenges from the rules and regulations that come from different governments. The economic volatility and fluctuation in currency markets with varied monetary and fiscal policies in different nations are giving a hard time to Andersen’s marketing management. As Andersen is providing its services in various local communities, its marketing management is facing challenges from language barriers, cultural and traditional differences etc. Finally, because of the rapid invention of sophisticated technologies in medical sectors, Andersen needs to implement expensive technologies in its services which takes efforts and costs impact on marketing management activities.

3.0 Environmental Pressure

3.1 What is the competitive advantages? Explain what the current company’s advantages and disadvantages are.

Competitive advantages

The word “competitive advantages” has been defined by several experts in different ways. Kotler et al. (2014) defined competitive advantages as an advantage that a firm has over its competitors, allowing it to generate greater sales or margins and/or retain more customers than its competition. There can be many types of competitive advantages including the firm’s cost structure, product offering, distribution network and customer support. According to Palmer (2012), A competitive advantage is an advantage over competitors gained by offering consumers greater value, either by means of lower prices or by providing greater benefits and service that justifies higher prices. The challenge for a marketing strategy is to find a way of achieving a sustainable competitive advantage over the other competing products and firms in a market. Blythe (2011) stated that competitive advantages refer to the superiority gained by an organization when it can provide the same value as its competitors but at a lower price, or can charge higher prices by providing greater value through differentiation. Competitive advantage results from matching core competencies to the opportunities. In a word, competitive advantage is a way in which businesses can create value for customers that competitors cannot. This may be low cost, fast service, better customer service, location, quality, or many other factors. Creating a competitive advantage involves analyzing a business’s strengths and competitors, and then learning how to take advantage of these factors……………

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