Role of Marketing in Business Strategy- Doc
Added on - 19 Sep 2019
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Running head: MARKETING DISCUSSIONMARKETING DISCUSSION[Document subtitle]
1MARKETING DISCUSSIONIntroductionMarketing is described as an activity that concerns the selling and buying of a service or a product. Itinvolves delivering, selling and advertising the products to potential and existing consumers. It carries agreater role in business activities nowadays as all strategies are based on the marketing plans andactivities. In following sections, we will be discussing the Role of Marketing in Business Strategy.Furthermore, we will discuss the marketing plans and analytical tools used in business. In the last sectionof our discussion, we will put light on the Corporate Social Responsibility Programs which are conductedby the organizations.Role of Marketing in Business StrategyA business Plan which consists of business strategy and marketing strategy for a company helps tomaintain the competitive edge with other strong competitors in the industry. There is no use of a strategicmarketing plan without a strategical business plan (Senn, C., et al., 2013).Business StrategyThe business strategy helps a company to earn good amount of revenue and profits to position itselfamong top leaders. Various components of the business strategy include management team, the structureof the organization, plans for contingent situations and mission vision statement of the company. Astrategy of business may also include company's plan to diversify like introducing new departments orline of products.Market strategyA marketing strategy consists of the ways to gain and attract new customers at the time when services orproducts and the markets are changing. A marketing strategy aid the business to survive in long term
2MARKETING DISCUSSIONsituations regulating in external changes to flow with the conditions of marketing (Weinzimmer, et al.,2016).Integration of marketing strategy with business strategy-The management that executes the business operations must contact the department of marketing toidentify the strategies of corporate to align them with company's strategies for marketing. For example, acompany's cost strategy includes expending over cheap raw materials to produce a company's good candamage the upscale brand which the company uses to price, distribute and strategies its brand. If a highbrand shoe company like Puma purchases a low brand footwear company like Docker, the marketingdepartment won't merge these two companies' strategies, instead use separate brands via centralizedservices of administration. Selling the goods after combining these two brands can confuse and damagethe two brands (Berman, B. 2016).Marketing Plan and Marketing Analytical ToolsSWOT Analysis of UMUC and Reflection of SWOT Elements in UMUC Strategic Plan2015-18SWOT Analysis helps to analyze the systemic framework to identify and evaluate internal weaknessesand strengths and also opportunities and threats which are external to the environment (SWOT Analysis.2009).StrengthsThe scale of the economy- UMUC has expanded its business over global. Comprehensive andlarge university which allows it to launch new programs and cater dynamic needs of the marketwith a lively attitude that distinguish itself with another university.