Successful organizational performance, strategic management, and marketing strategy should be related to each other. The competitive advantage will only be achieved if a strong organizational relationship exists among the departments. As the competition in the market is fierce and any disorganization in the decisions of the strategic management and marketing strategy will be entertained by the company. The organization’s processes and performance can never be effective and efficient if both strategic management and marketing strategy act in a contradictory manner. To enhance the efficacy of the processes and improve the organization’s performance, both the factors work together to achieve the organizational objectives and improve the organization’s stability in the robust competitive environment.
Standardization of Marketing and Globalization of Strategy
The standardization of marketing and strategy globalization are reflected but do not follow each other. This has been in debate for a long and has been the most critical problem in global marketing. This aspect has led to failure due to not being answerable to some questions regarding the transferability of marketing techniques through markets (countries). The marketing strategies are different for Europe, UAE, or other regions because every market has different priorities and buying behavior. The satisfaction level of the customers of every region differs from each other due to which the marketing strategies are also different concerning regions.
“Geocentric ideal” in global strategy deals by accepting the national adjustments it reflects for international standardization. This is clear from a geocentric approach that standardization is accomplished when chasing global strategy. There is a distinction between the two as the first signifies the restriction, and the other signifies a strategic choice. Based on this analysis, a multinational organization can transfer its marketing techniques through countries. In strategy formulation, the identification of marketing areas is particularly important. It comprises decision-based on target markets and the 4ps marketing mix: product, price, place, and promotion.
In international marketing, the mode of entry is also the foremost aspect to consider. The aspect of the organization is also considered as for the comparison like one firm can promote standardization of marketing activities better as compared to that of other firms.
Many debates on global marketing mainly focused on the “target market” and “mode of entry.” Some considered the product variable and concluded their case related to standardization based on the validation of products across markets. The organizational variable can be summarized by some organization that promotes quick distribution of marketing techniques across countries. The price variable is the most crucial aspect, as companies are not paying attention to the price variable. The number of variables that make efficient or inefficient marketing techniques will be recognized. The proposition will be engendered to determine the relationship between the degree of standardization that can be accomplished and the variables.
This element of service marketing is based on the environment in which products and services are being delivered. This aspect is also comprised of tangible goods that assist in performing and communicating the services.
Booms and Bitner suggested the boundary of 3Ps. Still, Field and Gilligan gave the statement related to tangible goods in 1996, who claimed that the 3Ps of service marketing are accepted when dealing with finished goods, but 7Ps were accepted for both services and goods.
Marketing strategies comprise three features that represent the overall marketing activities of the organization. The first feature is the growth strategies comprised of market development, marketing penetration, diversification, and product development. The second feature is the company’s compatibility to compete in the robust competitive market. This feature is comprised of strategies proposed by Porter in 1980, termed as generic strategies that are cost leadership strategy, focus strategy, and differentiation strategy. The third feature consists of an offensive strategy, vertical integration strategy, defensive strategy, and first-mover strategy. The strategies are used between the competing organization based on the diverse situation of product supply namely: situation related to ample supply of product, a problem related to a shortage of product, a period of depression, and period of boom. The strategy that the company designs greatly influences marketing practices because they are designed to achieve the defined targets. If the company’s strategy changes to provide any service, the marketing practice will also be changed to provide.About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.