New Model And Strategic Marketing Management - 977 Words

There has been a dramatic shift in consumer behavior. Consumer needs and wants are not always easily understood, explained, or recognized. According to the text, marketing managers has a difficult but vital job of being able to explain consumers’ behavior to give marketers as clear an understanding of their customers as possible (Grewal, Levy, 2014, p. 174). Once explained, they are able to develop a market strategy to meet the needs and wants of consumers and implementing the strategy to sustain a successful and profitable organization. Along with a shift in consumer behavior, there has been a shift in marketing strategies. Some organizations are using the traditional marketing strategy and some are using the new customer-based model. This paper, by referencing an article called â€Å"Rethinking Marketing† will explain whether the new model is necessary to improve business today. This will be done by addressing the similarities proposed and the differences betwe en the approach of that model and strategic marketing management presented in the AMA definition and text. Would this model be an improvement over the way my organization functions? The answer will be given. The new model is necessary to improve business today. To compete in this aggressively interactive environment, companies must shift their focus from driving transactions to maximizing customer lifetime value (CLV) (Rethinking Marketing, 2010). Companies have been set up to market productsShow MoreRelatedPorters Five Forces Value Chain1396 Words   |  6 PagesDay #2 Porter’s Strategic Models: The Five forces and the Value Chain CIS Department Professor Duane Truex III The Information Systems Strategy Triangle Business Strategy Organizational Design Strategy ICT/Information Strategy Professor Truex E-CommercePrinciples 1 HOW CAN INFORMATION RESOURCES BE USED STRATEGICALLY? 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Marketing plays a large role in the strategic planning, because the plan is finding waysRead MoreRapid, Volatile, and Discontinuous Change: Impact on Strategic Management and Organizations1482 Words   |  6 PagesChange: Impact on Strategic Management and Organizations By Course Code Instructors Name Department/Faculty Institution Date Rapid, Volatile, and Discontinuous Change The main challenge to management is the creation and implementation of strategic approaches and tools that measure and build organizational capabilities, which continuously renew themselves and leap competition. Managers face the daunting task of creating novel methods which transcend traditional strategic approaches andRead MoreCurrent Marketing Performance1166 Words   |  5 PagesBSBMKG608A: Develop organisational marketing objectives Description This unit describes the performance outcomes, skills and knowledge required to conduct a strategic analysis to develop organisational marketing objectives. This involves reviewing the organisation s internal and external environments, evaluating past and current marketing performance, and exploring and evaluating new marketing opportunities. No licensing, legislative, regulatory or certification requirements apply to this unit at