Contemporary Issues in Marketing Management Management
21 Pages6185 Words448 Views
Added on 2020-02-14
About This Document
Contemporary Issues in Marketing Management INTRODUCTION 1 TASK 11 1.11 1.23 1.33 1.44 TASK 25 2.15 7 2.27 2.38 2.49 TASK 39 3.19 3.210 3.311 3.411 CONCLUSION 12 REFERENCES 13 Illustration Index Illustration 1: Knowledge Management 2 Illustration 2: Stakeholder analysis 7 INTRODUCTION Marketing is considered as an crucial business function that helps in integral development ofcorporatestrategyandhelps organisation to become more aware of the need to develop long term relationship with their
Contemporary Issues in Marketing Management Management
Added on 2020-02-14
ShareRelated Documents
Contemporary Issues inMarketing Management
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1................................................................................................................................................11.2................................................................................................................................................31.3................................................................................................................................................31.4................................................................................................................................................4TASK 2............................................................................................................................................52.1................................................................................................................................................5.....................................................................................................................................................72.2................................................................................................................................................72.3................................................................................................................................................82.4................................................................................................................................................9TASK 3............................................................................................................................................93.1................................................................................................................................................93.2..............................................................................................................................................103.3..............................................................................................................................................113.4..............................................................................................................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
Illustration IndexIllustration 1: Knowledge Management...........................................................................................2Illustration 2: Stakeholder analysis..................................................................................................7
INTRODUCTIONMarketing is considered as an crucial business function that helps in integral developmentof of overall corporate strategy and helps organisation to become more aware of the need todevelop long term relationship with their customers (Wilson and Gilligan, 2012). However, themarketing industry has widened its scope in order to include non-traditional businesses such aspublic or voluntary enterprises. Also, ethical and social considerations are becoming increasinglycrucial to all firms and assists them to enhance the sales and profitability in market. In the currentglobalized world, businesses are looking forward to undertake effective marketing managementconcepts so that they can operate their business in worldwide market (Boone and Kurtz, 2013).In regard of operating the business in global market, businesses are facing certain non-ignorableissues while operating the business in a proper way. All such factors constantly helps in arisingcontemporary issues in marketing management that directly affects the business operations. Businesses are mainly focused upon implementing various innovative procedures such asInformation and Communication Technology in order in order to support customer relationshipmanagement. Another concept of supply chain management helps in improving the skills ofworkers and overcome the issues faced within firm (Morgan, Pritchard and Pride, 2011). Globalexpansion of business activities together suggests the concerned enterprise to conduct a priorcomprehension of prevailing market condition in foreign country. The current study is basedupon Sainsbury Plc in which contemporary issues have been taken into consideration.TASK 11.1Knowledge management (KM) is considered as the process of creating, sharing andmanaging the information and knowledge of firm. It is essential for businesses to make multi-disciplinary approach and focuses upon achieving organizational objectives through making useof knowledge. In the current era of modernisation, growing value for knowledge managementhelps in benefiting retail firms to gain competitive advantage and attain results (Gordon, 2012). Itis also essential for firm to understand the needs of each and every stakeholder and make surethat their needs and wants are truly met so that they can be sustain within firm for long term.Sainsbury assesses that involving KM into the process of business helps them to meet morecrucial consideration of Customer Relationship Management. Thus, it assists business to develop1
organizational procedure with a strategic implementation of action plans so that current culturecan be improved. It together relates to the technological aspect and helps business to enhancetheir plans of expansion in foreign market. Knowledge management assists Sainsbury inbuilding effective relationship with customers and enhance the sales and profitability of firm inmarket (Mollenkopf, Frankel and Russo, 2011).Illustration 1: Knowledge Management(Source: Nwankwo and Gbadamosi, 2010)KM plays a crucial role in maintaining relationship marketing so that firm can have longterm association with their potential customer base. It can be attained through deliveringappropriate quality products or services to customers and satisfying their needs. Thus, knowledgemanagement is considered as a significant tool of relationship management in Sainsbury andattain competitive edge in market. It also effectively supports the CRM and directly related to theoperational management so that business can handle their customer base in an effective way(Chattopadhyay, Shivani and Krishnan, 2010). Hence, Sainsbury aims to follow all suchconsiderations of marketing management and maintain effective relationship with theircustomers so that their needs and preferences can be fulfilled. 2
1.2ICT possess a main role in maintaining customer relationship management within firmthat helps in involving the technologies which are interconnected with CRM and helps inkeeping a record of employees as well as customers. Sainsbury being a retail firm uses ICT toolsthat involves video messages, smart phones etc. and develops smooth relationship withcustomers. However, in the current scenario businesses are facing several challenges inidentifying the behaviour of customers which is essential to retain clients for long terms (Kim,and Hyun, 2011). Thus, ICT software helps Sainsbury to easily connect with the customers andintegrate them to the business operations so that loyal customer base can be developed. Throughsuch innovative technology, firm can improve accessibility of customers by introducing differentcommunication channels i.e. e-mail, online reviews and feedbacks etc. ICT also helps cited firmin keeping records of employees as well as customers so that proper data can be maintained inorder to inform them about new products or services available within store (Linoff and Berry,2011). Another crucial usage of ICT could be it helps in ascertaining the actual interest of theirclients in the expanded areas of businesses. Thus, it helps in maintaining crucial part ofrelationship management in which IT services helps in increasing the interest of consumers withgaining lifetime association with firm (Yang, 2010). Furthermore, Sainsbury uses ICT in regardto support the customer relationship management by focusing upon e-mail marketing and thuspromoting the relationship among consumers and informing them regarding new launchedproducts in store. Cited firm focuses upon informing the potential clients regarding prevailingoffers and discounts available in store with the help of ICT such as e-mail, messaging etc. so thatcustomers can be attracted and sales can be enhanced. 1.3Customer relationship management is considered as the term that relates to practices,strategies and technologies which helps firms to manage and determine the customer interactionswith the aim of improving business relationships with consumers. It is considered as an effectivetool that could be applied by Sainsbury in order to identify and fulfil the needs of consumers inthe competitive market (Gummesson, 2011). Also, it assists in developing long term relationshipwith consumers and provide them crucial information regarding products or services to enhancesales of firm. CRM also assists in enhancing satisfaction level of clients and ensuring to deliver3
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Investigating the Role of Knowledge Management (KM) in UKlg...
|29
|7020
|496
Knowledge Management and Information Systemslg...
|16
|5275
|98
Knowledge Management Systemlg...
|12
|3105
|275
Corporate Strategies In Global Context | Study On Sainsburylg...
|13
|3255
|89
Strategic Human Resource Managmentlg...
|12
|4044
|344
Managing Innovation in Sainsbury Retail Organizationslg...
|14
|4650
|209