strategic management

Introduction - Study Purpose

Businesses in the modern world are faced with the challenge of venturing in the online market. Companies are moving at a fast pace to add value to their growth and retain relevance. It has been found that businesses particularly those that apply conventional business models are experiencing challenges making digital marketing strategic. The study will evaluate how business are experiencing problems applying digital marketing.

Literature Review

Article # 1

The journal article by Alexander, Adams & Cummins (2016) creates digital literacy on how businesses can apply online marketing to promote their operations.

Article # 2

The article by Fitzgerald et al. (2014) makes a case on how businesses should embrace digital market as a new approach in the business world.

Article # 3

The article by Hirt and Willmott (2014) discusses the principles that can be employed by companies in the present times to compete in the online space.

Article # 4

The journal article by Schauerte, Feiereisen and Malter studies how the research based theoretical approach can be fits in business in the digital age.

Article # 5

Nambisan et al. (2017) argue that digital marketing is a suitable approach that can be applied by companies to reinvent their operations.

The Marketing Mix

The marketing mix can be used to evaluate how the 4Ps marketing mix can be used by businesses to navigate the online market.

Product

Businesses should consider making their products available online and ensure that they meet the consumers’ preferences.

Price

Products should be priced competitively to guarantee that they are at the same price range with those available online.

Placement

Companies should address the digital marketing challenge by adopting the diverse marketing strategies available online to create great awareness.

Promotion

Organizations should apply online marketing to create awareness about products, their pricing as well as the platforms where they can be bought.

Summation of Learnings

The research has taught me that digital marketing creates opportunity for all businesses and should not be viewed as a challenge. However, this calls for the application of appropriate strategies.

Research Findings & Application

Small companies can apply the marketing approach that is suitable for use in the local and global market.

Recommendations

The research offers a comprehensive understanding of digital marketing and offers insight on how companies can use their platform to facilitate their operations. Future research should delve on how the approach will influence the business environment.

Study Conclusion

To sum up, businesses should acknowledge the impact of digital marketing and determine how it can be used to increase the market share and create greater awareness about company’s products.

References

Alexander, B., Adams, S., & Cummins, M. (2016). Digital literacy: An NMC Horizon project strategic brief (pp. 1-16). The New Media.

Fitzgerald, M., Kruschwitz, N., Bonnet, D., & Welch, M. (2014). Embracing digital technology: A new strategic imperative. MIT sloan management review, 55(2), 1.

Hirt, M., & Willmott, P. (2014). Strategic principles for competing in the digital age. McKinsey Quarterly, 5(1), 1-13.

Nambisan, S., Lyytinen, K., Majchrzak, A., & Song, M. (2017). Digital Innovation Management: Reinventing innovation management research in a digital world. Mis Quarterly, 41(1).

Schauerte, R., Feiereisen, S., & Malter, A. J. (2020). What does it take to survive in a digital world? Resource-based theory and strategic change in the TV industry. Journal of Cultural Economics, 1-31.