Marketing and Business Management
The concept of marketing is an essential component of business management as it allows an organization to market its products and service in an optimal manner. For the following report, the research topic of marking has been selected with the rationale that marking in business management provided information that is relevant to the decision making aspect. The topic of marketing is important for the research as it does not guarantee success but rather helps in reducing the uncertainty surrounding the decisions to be made by an organization. The overall importance of the marketing topic for research is based on its ability to improve the transfer, exchange as well as movement of goods through various intermediaries, wholesalers and retailers. The following report will consist of various ABS journals in order to discuss their methodologies as well as identify the key issues/questions that are addressed in the papers. The report will also discuss the key findings of these papers.
Giantari and et. al (2022) is a suitable paper that aims to explain the overall role of digital aspects in marketing, especially during the time of the COVID-19 pandemic as it allowed various organizations to improve as well maintain their competitiveness in the market. The paper focuses on highlighting the issues that environmental aspects have on the performance of a business and how marketing can be utilized in order to enhance financial and non-financial performance. The methodology used in the paper was based on culinary sector SMEs in Bali which used a sample size of 210 SMEs. This methodology was utilized in the paper by the authors in order to understand how the business has adopted digital marketing in order to survive in the market as well as ensure that they are able to engage with their customer base in an optimal manner. Although the paper is optimal in providing perspective based on how marketing can help in enhancing the competitiveness of an organisation the paper lacks the understanding based on what facts need to be included in the digital making which is required to have consisted in order to ensure that a business is able to use it in a structured as well as systematic manner.
The paper published by Maskuroh and et. al (2022) is an optimal paper that helps in understanding how social media is an optimal tool for organizations relative to marketing. The paper helps in identifying the key issues based on the purchasing decision of customers and how e-commerce through social media can help in the marking operations of a business. In addition to this, the study helps in providing information on the relationship between customers and organizations through marketing and how it marking helps a business to establish components based on brand equity, customer relations and repurchase intentions. The paper uses the methodology based on a survey and consists of a sample size of 210 individuals who are domiciled in Indonesia. The data acquired from the survey helped the author to analyse how social media marketing activities have a positive influence and significance on repurchasing intentions of the customers as well as developing brand equity in the market. On the contrary, the paper has its own limitations as it does not provide information on how digital marketing affects the behaviour of customers and to what extent. It also does not provide information based on how social media marketing can reduce the cost of business marketing operations.
Recent Studies on Marketing in Business Management
Burno nad et. al (2022) is a paper based on how social media marketing influences the opinions of customers in a significant manner. The paper helps in identifying the issue of the exchange of information in the era of social media and how it impacts the overall interaction and exchange of information relative to customers and the organization. In addition to this, the paper also focuses on how social media marketing helps in altering the opinions of customers. Moreover, the authors in the paper help highlight how organizations are able to attain vital data from social media that can be used to enhance marketing operations in an optimal manner. The paper is based on the methodology of sentiment analysis which has allowed the author to evaluate and proposed the need for a multi-criteria decision-making methodology that helps in selecting techniques for attaining customer information. Although the paper has its own limitations as it does not provide information based on how the information is gathered from the customers and how it is analyzed by the organization in order to develop a conclusion that can be used to develop effective marketing strategies and attain interaction with customers in an optimal manner.
The paper published by Rahma and et. al(2022) is a paper that is based on providing vital information as well as an understanding of how marketing analytics capabilities boost the competitiveness of a firm and how organizations can use this data in order to improve its performance in the market. The paper focuses on highlighting the base of the key issues on the use of data and how it is attained from customers. In addition to this, the paper focuses on developing a study that aims to develop and test a conceptual model based on utilizing a data-rich business environment in order to develop marketing strategies as well as techniques. The methodology used for the paper consists of data gathered from 250 managers amongst large as well as medium-sized manufacturing and service-intensive organizations. Furthermore, the paper performs an empirical study through questionnaire survey methods in order to attain vital data. This helped in understanding that if an organization is able to data market environment data it can help a business to develop specific marking strategies which will help it attain competitiveness in the market. Although the paper has its limitations based on what aspects of the business environment need to be recorded along with how long are the data attained valid in order to maintain competitiveness.
Zhang and et. al(2022) is a proposing paper that helps identify the key issues in the precision marketing of a new product as it is challenging to allocate limited resources to the target customers in an optimal manner relative to different characteristics. The paper presents a framework that consists of a distance-based algorithm and support vector machine in order to attain customer preference towards the utilization of promotional channels. The papers also help in understanding how online learning programs can be combined with machine learning in order to develop marketing strategies that are based on a dynamic environment as well as provide the ability to enhance the marketing activity performance of businesses. The paper consisted of a methodology based on a sample size of 525,919 customers who were introduced to a new product through the simulation of different scenarios between resource and demand. This allowed in gaining data that showed 22.42% increases in the number of expected borrowers when the framework was performed with an optimal resource allocation strategy. The paper has its own limitations as it does not highlight or provide information on what resources are to be prioritized by organizations in order to keep their marketing operations optimal as well as cost-efficient in nature.
Role of Social Media in Marketing
The paper published by Moon and Lacobucci (2022) is optimal in addressing the issues of how marking of a business can be improved in a structured as well as systematic manner through social media analytics and how it can be applied in marking to attract a larger customer base and ensure the overall interaction is positive in nature. The paper highlights the rise of the internet as well as smartphones in the 21st century which has created and developed social media which is an excellent tool for communication. The paper elaborated on the organizations attaining the opportunity of utilizing social media in order to communicate with their target customers based in an optimal manner. The paper highlights how the contents of social media give consumers different information sources that they think is trustworthy and are influenced by their own opinions. This makes it important for the marketers to be savvy about utilizing the attained social media content of the customers in order to persuade them in building brand equity. Furthermore, the paper focuses on the aspect that marketing has taken a leading role in market research endeavours as it involves human communication and idea persuasion. The methodology of the paper is based on evaluating aspects such as an overview of social media an evaluation of recent marketing research by academics along with an evaluation of common tools for social media analytics in marketing. Although the paper is extensive in promoting the use of customer social media contests it lacks in the area of providing information based on how it can impact the relations between the customers and the business if they find out that their personal content, as well as social media activity, is being tracked by business in order to enhance their marking operations.
Caliskan and et. al.(2020) is a suitable paper to research as it helps in understanding the issues in traditional marketing and how digital transformation is playing a vital role in developing new business models that instil the aspect of digital marketing. In addition to this, the paper focuses on highlighting the impact of digitization in the markets and how businesses are creating new models in order to gain more competitiveness. Moreover, the paper also focuses on providing information based on the impacts of all kinds of processes relative to the concept of 7Ps and how they need to be incorporated with digitalization in order to make marketing more efficient in nature. The methodology utilized in the paper is based on different criteria that are related to the integration of the industry and marketing practices under each marketing element. Furthermore, the paper provides vital information on the changing and developing technologies that help in examining the details of the market in a structured manner and helps in attaining a production perspective. Although the paper lacks some elements that are its limitations are based on the paper not being able to provide information on what are the challenges an organization can face relative to digitalization which can negatively influence the operations of a business.
Role of Marketing Analytics in Business Management
The paper published by Kristinae and et. al.(2020) is an appropriate paper that is based on evaluating the issues of how ineffective business strategy impacts the value of innovation capabilities in order to improve marketing performance, especially during the tile of COVID – 19 pandemic. The paper focuses on evaluating the concept of marketing and its relation to dynamic problems between business sustainability and the environment of the business. The paper also highlights the importance of business strategy in relation to being a key in improving marking performance in the market. In addition to this, the business strategies also impact the overall capabilities of marketing operations. The paper is based on the methodology of the survey and included 187 entrepreneurs as well as a utilized questionnaire in order to attain data based on the influence of business strategy on the performance of marketing operations. The paper has its own limitations as although the paper highlights how the marketing strategy of a business is influenced by business strategy but does not elaborate on which elements of both the strategies interact with each other and at what level.
Dwityas and et. al.(2020) is a suitable paper as it helps highlight the issues based on digital marketing communication strategies and how they help an organization in communicating with the customers in an optimal manner. The paper is based on the methodology of adopting a qualitative approach as well as an in-depth interview. In addition to this, the paper highlighted how digital marketing can help in enhancing communication as well as understanding which tools are required relative to digital communication channels in order to identify the target audience. Moreover, the paper focused on providing vital details on how effective communication through digital marketing can help an organization to improve its performance as well as productivity in the market. Furthermore, it helps in understanding how communication can help an organization improve its brand image in the market along with brand equity in a structured manner which helps in ensuring that the business will be able to capture a larger market audience in an efficient manner. The limitations of the paper are based on its inability to provide information on how an organization can develop its digital marking strategies in an effective manner as well as what are the key issues in implementing such marketing strategies in the market.
The paper published by Hariramani (2020) is a vital paper to be researched as it allows for evaluating the key issues in selecting marketing strategy as well as activities and how it influences the performance of the business. The paper helps in understanding how selecting an appropriate marketing strategy helps in improving the brand image of an organization in an optimal manner. In addition to this, it helps in evaluating how the business can retain its customers in an optimal manner as well as attain a higher level of growth. Furthermore, the paper also helps in proving and understanding that is based on how selecting a specific marketing strategy helps in developing positive communication with the customers and what elements need to be evaluated that help in developing a loyal customer base. The methodology of the paper is based on a quantitative study and consists of data collected from 110 family business owners as well as managers as primary respondents. Further, the paper also helps in evaluating how it is important for the marking strategy to be aligned with customer service, differentiation, product differentiation along with financial resources in order to ensure that the marking operations of the business are optimal in nature. Although the overall paper is information to conduct further studies but lacks in the area of providing details on different types of marketing strategies relative to the situation in the market. This is vital in order to understand which type of marketing strategy can be utilized in order to gain an advantage in the market.
Conclusion
From the above research report, it has been concluded that researching various papers from several authors helped me understand how marking plays a huge role in allowing an organization or an industry to promote its products and service in an optimal manner. In addition to this, the various papers helped in understanding how marking helps in evaluating the communication aspects between the business and the customers. Although the papers provide vital information that is structured and systematic along with the use of appropriate methodology there are various limitations in the discussed papers such as challenges in marking along with what aspects need to be considered while developing marketing strategies along with the perspective of customers based on their information being used for marking operations. It is recommended that future papers should include information that is based on a structured manner where they evaluate both the positive as well as negative aspects of marking in order rot provide a better understanding of how it can be utilized in the market in an optimal manner.
References
Books & Journals:
Bueno, I., Carrasco, R.A., Ureña, R., Herrera-Viedma, E.,2022. A business context aware decision-making approach for selecting the most appropriate sentiment analysis technique in e-marketing situations. Information Sciences589. pp. 300-320
Caliskan, A., Özkan Özen, Y.D., Ozturkoglu, Y.,2020. Digital transformation of traditional marketing business model in new industry era. Journal of Enterprise Information Management34(4). pp. 1252-1273
Dwityas, N.A., Mulyana, A., Hesti, S., Briandana, R., Kurniasari, P.M.,2020. Digital marketing communication strategies: The case of Indonesian news’portals. International Journal of Economics and Business Administration 8(3). pp. 307-316
Giantari, I.G.A.K., Yasa, N.N.K., Suprasto, H.B., Rahmayanti, P.L.D,.2022. The role of digital marketing in mediating the effect of the COVID-19 pandemic and the intensity of competition on business performance. International Journal of Data and Network Science6(1). pp. 217-232
Hariramani, P.R.,2020. Select marketing strategy and activities influencing business performance. International Journal of Entrepreneurship 24(5). pp. 1-13
Kristinae, V., Wardana, I.M., Giantari, I.G.A.K., Rahyuda, A.G.,2020. The role of powerful business strategy on value innovation capabilities to improve marketing performance during the covid-19 pandemic. Uncertain Supply Chain Management8(4). pp. 675-684
Maskuroh, N., Fahlevi, M., Irma, D., Rita, Rabiah, A.S.,2022. Social media as a bridge to e-commerce adoption in Indonesia: A research framework for repurchase intention. International Journal of Data and Network Science6(1). pp. 107-114
Moon, S., Iacobucci, D.,2022. Social Media Analytics and its Applications in Marketing. Foundations and Trends in Marketing15(4). pp. 213-292
Rahman, M.S., Hossain, M.A., Abdel Fattah, F.A.M.,2022. Does marketing analytics capability boost firms’ competitive marketing performance in data-rich business environment?. Journal of Enterprise Information Management35(2). pp. 455-480
Zhang, S., Liao, P., Ye, H.-Q., Zhou, Z.,2022. Dynamic Marketing Resource Allocation with Two-Stage Decisions. Journal of Theoretical and Applied Electronic Commerce Research17(1), pp. 327-344
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