Discuss the strategic imperative of marketing management to the success of business organizations.
In my opinion, the marketing strategy that the management department from a company or organization develops is a central role or one of the most important strategies that companies have to analyze in order to be successful on the product or service that they are promoting. As stated on the Marketing Management book by Philip Kotler and Kevin Keller; “Successful marketing requires companies to have capabilities such as understanding customer value, creating customer value, delivering customer value, capturing customer value, and sustaining customer value.”
The strategic imperative of marketing may be exposed using a basic study which is called the SWOT analysis; it focuses on strengths, weaknesses, opportunities and threats to the business. The strengths of the business relates to the product and consumer perception. The weaknesses analysis is just as critical for the long-term success. The opportunities come up from favorable conditions, including social and cultural advantages. And the threats come up from factors such as changes in the economy and the presence of new, powerful competitors.
The relationship between a company and its customers is one of the main key factors to develop, maintain and or change if necessary a marketing strategy. Business success requires a steady commitment to the customer. This commitment includes a mindset of understanding the customers’ world. Understanding the customer’s wants and needs provides the business with a greater opportunity to earn loyal customers, and toward what you can do to improve the life of your customers. Ready access, increased knowledge and rapid speed of decision-making are the drivers for customer wants and decisions. If organizations fail to keep up with the speed of customer decision-making and fail to adapt quickly to changes the businesses will loss.
Other factors to be successful might be considered when developing the marketing strategy. Such as: product awareness and branding. Without product awareness, consumers won’t know about its availability and lack of branding will result in consumers quickly forgetting about the product and its significance on their lives.