Growth strategy: Marketing
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Introduction
A business will never grow fully in a single day. Some changes, subtractions, and additions will have to be done on a daily basis in finance and management for the business to grow. In the companies, the people who have the mandatory to take care of the growth of the company are managers. They are critical people thus; they should possess some characteristics that will help to be active daily. They determine a lot to the accomplishment or failure of a business. Some tasks involve management that managers have to do on a daily basis. One of this tasks that they have to do for growth of the business is marketing finance and management. Marketing is a key issue in any business that should be taken with the seriousness deserved. Managers have to strategize on a daily basis to find effective ways of increasing their sales and reaching many customers. Although other parties in a business participate in marketing, the mangers are the key planners thus; they make final decisions on what to do and not. This means that all people can manage, but not all of them will be managers. Managers have to have something special that will help them on a daily basis to do marketing finance and management (Pride, Hughes & Kapoor 2009, p.22).
2. Literature review
Marketing finance and management determines the success of a business. Managers are the key players in marketing, and they should do it on a daily basis. Marketing is a strategy that is used in sales, communications, and business development. There are some techniques that managers have to use on a daily basis to achieve high sales and effective communication in the business. These techniques will help a business to grow (Mondschein 2009, p.68).
Accounting is the first option that has to be looked into before doing any form of marketing. The manager has the role of ensuring that there is enough capital to undertake marketing. This needs fundamental, strategic planning. The managers may employ some people to do the budgeting for them, but they should ensure that they are the final decision makers. When there is enough capital, then the manager can decide on which methods to choose on advertising of the company’s product. When the capital is less, then there are other methods that can be put in place and work out well. One of them is marketing in the social media networks. This is something that has been done by small businesses in USA, and it has greatly helped.
One of the things that managers have to do on a daily basis in marketing is customer orientation. Customers have different needs that must be met so that they may be attracted to a business. The managers have to make strategies that will help them to monitor the changing needs of the customers on a daily basis. If they are not interested in the products, then the managers will be forced to make the necessary changes so that they satisfy the needs of the customers (Klopper 2006, p.71).
In marketing, an approach that managers have to employ is refered to as a Solution, Information, Value, and Access (SIVA). This approach has been successful in many businesses where managers have employed. There are different people and services that managers have to pursue on a daily basis to ensure that they satisfy the needs of the customers. To get the information they will have to use the customers themselves. They can put strategies in place that will help to get information from customers for instance using the media. Managers have to ensure they use the media and any other sources of information effectively. This strategy works best in many businesses (Lamb, Hair & McDaniel 2011, p.65).
Managers are also involved in advertising as a method of marketing management. Managers have to ensure that their products are well advertized. They have to ensure that there are measures on a daily basis to ensure that their products are well advertized. They have to use the media, social network, adverts in magazines so that they ensure that their products are in the minds of customers (Birn 2004, p.8).
Managers have also to do market research. In this, they can employ people who will be handling the changes in the markets. They will also be supposed to do competitors analysis. This will help them to analyze the objectives of the competitors. Through this business, managers will be able to draw good plans for winning their competitors (Armstrong 2011, p.61).
There are different services that should be marketed. Managers have do marketing of services on a daily basis. The services may include supply of products. This is a factor they have to consider daily since products have to reach customers. They have to ensure that the transport is effective on a daily basis. This needs fundamental planning, thus they have to plan daily (Boone & Kurtz 2011, p.70).
Managers are also supposed to do diversification of products. This is a fundamental technique in finance and management. Managers need to be involved in technological researches to come up with products that will be accepted by the customers. This is mainly done for risk purposes so that when one product fails the others are backed up. Diversification needs critical advertising so that the new products can get to customers the shortest (Pride, Hughes & Kapoor 2009, p.122).
Marketing helps a business to reach many customers. This strategy can make a business to have a difference from other businesses. When marketing is not done perfectly, the company can incur losses. It is usually a hard task that managers have to undertake. Competition is one of the factors that make it a hard task to undertake. For businesses where the competition is stiff, the managers usually have a lot to do (Pride, Hughes & Kapoor 2009, p.172).
Marketing becomes a challenge when a company is been criticized. There are some criticisms that are likely to make companies to be negatively understood by customers. It becomes a hard task for managers to change the mentality of the customers. This is a challenge that can make the working of the managers unfavorable (Armstrong 2011, p.79).
3. Analysis and discussion
In marketing, there are two sectors that have to be dealt with appropriately. These are finance and management. There is a need of making financial plans of marketing while still managing the same. The manager in the coca cola company plays a key role in finance and management issues (Boone & Kurtz, 2011).
In a case study, in one of the prosperous companies in the world, coca cola Company, it is identified that one of the growth strategies is marketing. This company has a perfect market structure for their services and products. The manager in the company has labored hard to guarantee that the market structure is strong to win other beverage producing companies (Birn 2004, p.10).
The plan that has been laid down has been effective despite the few challenges that come in the way. This company had the best marketing structure in 2006 where it made fantastic sales. There are some techniques that the company has been using to create the good marketing structure. They are the same techniques that are used by other companies only that they have made them with perfection (Lamb, Hair & McDaniel 2011, p.68).
The company has diversified its products. This beverage company is said to have the widest variety of products. They have been increasing their products at a fast rate. After introducing the new products, they put good measures in place to advertize the products. This makes their new products to spread in the whole world at an alarming rate. They use the media, and other methods to do advertising of the new products (Pride, Hughes & Kapoor 2009, p.125).
The advertising of products by Coca Cola Company is done perfectly. They have some adverts in the media that run on a daily basis. The manager ensures that this goes on well by arranging with the media-channels that shall be advertizing. They also do online marketing through their website. They have some people who operate the internet services to ensure that the products are on the web. They also use other websites like yahoo and Google to advertize their products (Ingram, Laforge, & Avila 2008, p.172).
Despite the success that Coca Cola Company is achieving, there are some criticisms that the company has been associated with making it less reliable. These criticisms make it hard for the company to do effective marketing since there are some areas where people cannot take the drinks due to the criticisms on the same. For instance, some people believe that the coca cola products have some pesticides added to them. In addition, others believe that the products are very unhealthy for young children. These and other criticisms have made the marketing of the varied commodities a hard task (Cress 2010, p.113).
4. Conclusion
Managers of businesses and companies have a critical role to play in marketing of products and services. A manager can make a business a success while, at the same time, he can make the business a failure. There are some things that managers have to do to ensure that there is effective marketing in the business. One of the things is to establish a good marketing structure through planning. Managers have to plan and ensure that they incorporate the latest technologies and techniques in marketing. The challenge comes in due to criticisms. There are some criticisms that can make a business to experience hard times in marketing since they have to do much to convince customers. This is something that makes the working of managers difficult. This means that they have to be involved in extensive and intensive research to get those latest technologies and techniques.
In the Coca Cola Company, the work of the manager has been easy despite some few challenges. They have a good marketing structure across the whole world. They have also diversified their products. After diversification, they do a lot of advertising on the new product to ensure that it becomes accepted in the market. Despite the few challenges like criticisms, the marketing structure that they have is beneficial. They have been criticized, for instance, to produce beverages that are harmful for human consumption. There are some regions where people cannot take coca cola company’s beverages because of the beliefs they have. This becomes a challenge to the manager as the overall marketer in the company.
5. References
Armstrong, M, 2011, How to Manage People: Handle People Problems; Motivate Staff; Boost Your Performance, London: Kogan Page Publishers.
Birn, R, 2004, the effective use of market research: how to drive and focus better business decisions, London: Kogan Page Publishers.
Boone, E.L & Kurtz, D.L, 2011, Contemporary Marketing, Thousand Oaks, Cengage Learning.
Cress, C, 2010, Handbook of Geriatric Care Management, New Jersey: Jones & Bartlett Publishers.
Ingram, N.T., Laforge, W.R. & Avila, A.R, 2008, Sales Management: Analysis and Decision Making, New Jersey: M.E. Sharpe.
Klopper, H.B, 2006, Marketing: fresh perspectives, Durban: Pearson South Africa.
Lamb, C.W, Hair, F.J. & McDaniel, C, 2011, MKTG 5, Thousand Oaks, Cengage Learning.
Mohr, J., Sengupta, S. & Slater, F, 2009, Marketing of High-Technology Products and Innovations, New Jersey: Jakki Mohr.
Mondschein, K, 2009, Advertising, Sales, and Marketing, New York: Infobase Publishing.
Pride, M.W., Hughes, J.R. & Kapoor, R.J, 2009, Business, Thousand Oaks: Cengage Learning.
