FoMM

Functions of Marketing Management

AG

Functions of Marketing Management

     Target is an enormous company, that is well know for their great prices and value. Target supply’s a variety of products and meets the needs for a diversity of people.  With large companies, the critical thinking process starts with a market orientation.  “The market orientation is a business approach that focuses on the entire organization on three pillars-customer focus, coordinated marketing, and profitability” (White, 2013).  Communication within these departments is essential to the 4 functions of the marketing management process. 

     The marketing management process is a tool used to organize a successful plan.   The four functions are analysis, planning, implementation, and control. During the analysis phase, all three pillars of the of the orientation should implemented into a S.W.O.T analysis.  “Relevant features of the market that may be investigated are: market size, profitability of the market, development of the market, industry strengths and weaknesses and typical marketing practices” (Bijmolt, Frambach & Verhallen. 1996).  Target’s strengths are found in its brand, online/in store sales, and customer value balance.  Their weakness might be competition such a Walmart and Kmart.  Depending on the plans intent, the marketing manager will focus on improving the weakness or exercising the strength.

     The next step is planning the objective of marketing and the scope of the target.  Target changes their styles of clothing to match with the season.  Launching the new clothing line should start with listening to the audience.  Monitor the target audience and discover their interest and passions in style.  Then learn from your fans and what they want to wear, through interacting them into the plan.  Target could offer a gift card to the winner with the most likes from a #TARGETSTLE, Twitter, Facebook, Instagram post.  If Target does not have a social media account, this would be a great time to branch out and get one (Sernovitz,2013).  Social media is a great way to collect data and interact with the younger and middle aged audience.

     Implementation and control both stem from the who, how, and why.  Who is the valued delivery network?  In this case our target is youth and middle age followers (fans) on the social media networks.  Creating a page on Facebook, Twitter, and Instagram, while including the contest into the commercials is how to inform the public.  The amount of likes on the page and cooperation in the #TARGETSTYLE, is a measurement for what did succeed and didn’t.  Strategic planning also requires continuous quality assurance and modification, to keep up with the ongoing marketing demands and know when its time to focus on one function or the other.  If the consumer feels included into the marketing process, they may feel an emotional attachment to the clothing line. 

References

Bijmolt, T. A., Frambach, R. T., & Verhallen, T. M. (1996). Strategic Marketing Research.Journal Of Marketing Management, 12(1-3), 83-98.

Sernovitz, A. (2013). Andy’s Answers: How McCormick Launched their brand with help from their fans.  Retrieved from: http://smartblogs.com/social-media/2013/08/29/andys-answers-how-mccormick-launched-their-new-brand-with-help-from-their-fans/

White, S. (2012). Principles of marketing. (1st ed.). San Diego, CA: Bridgepoint Education, 

Week 4 Discussion 1

CaC

The marketing plan for Target would start with a SWOT analysis according to the Target Corporation MarketLine Company Profile their SWOT looks like this:  

Strengths: A well established presence in the US, Differentiation via a strong merchandise assortment. Price positioning adjusted to consumer behavior and reinforced through value marketing message, and REDcard rewards loyalty program. 

Weaknesses: Data breach instances could erode customer confidence, Dependence on vendors located in foreign countries for merchandise 

Opportunities: Focus on US expansion, strong presence in e-commerce and m-commerce will increase revenues as the channels grow, and increasing acceptance of private label merchandise. 

Threat: Increased overlap in product assortment and stiffening competition in the online market 

may erode Target's competitive advantage, and rising labor wages and healthcare cost.  (Target2016) 

Planning from the current situation shown in the SWOT the focus maintaining the competitive edge in the online market.  Focusing on that utilizes an all ready established market without increasing labor costs.  It is shown in the Opportunities the e-commerce and m-commerce areas are ready to grow, so it would be beneficial to produce an engaging marketing plan that can work for both. 

Implementation would include the progress of the campaign, tracking the what is working and what isn’t based on use.   

Control of the campaign would be based on the response to the campaign and adjusted as needed based on seasons and trends.  

On of the things Target currently employs that works to reaching these goal is the Cartwheel app that gives users special deals.  It is an easier vehicle to track progress. 

Target Corporation. (2016). Target Corporation MarketLine Company Profile, 1-34.  Retrieved from http://eds.b.ebscohost.com.proxy-library.ashford.edu/eds/pdfviewer/pdfviewer?vid=1&sid=79010705-181f-4220-a7af-11500be364b1%40sessionmgr110&hid=111