Marketing Management And The EU
Keywords: Marketing Management, Investing, Business, Marketing operations
Many of the marketing texts argue that marketing is a logical process with a natural structure which can be viewed primarily as a method of: understanding the marketing environment; using the marketing mix; developing a marketing plan based upon the use of the mix; implementing a plan through a strategy; and finally, using a control method to ensure the strategy is adhered to. This marketing process is reviewed and evaluated regularly and modifications made to the use of the mix to take account of market changes impacting upon competitiveness. This view of marketing seems to suggest that much of the marketing theory relate to multinational enterprises, which are internationally based and have global ambitions. The EU market constitutes a differentiated marketplace in terms of culture, competition, and organization strategies used to penetrate the target market. Although these differences have their implications interfere with a country’s business planning, EU is considered as
an opportunity for companies worldwide to expand through internationalization strategies and compete with major players in terms of sales, profits, market shares and organizational momentum.
Another core issue in marketing is the growth and importance of theories in networking and interaction. This view looks at the way in which companies and organizations interact and consequently network with each other to gain commercial advantage in world markets. The network can be using similar subcontractors or components, sharing research and development costs or operating within the same governmental framework. Clearly, being within the EU, a trading block with no internal barriers creates its own networks. Collaborations in aerospace, vehicle manufactures and engineering have all sponsored the development of a European outlook based on its own internal market network. This network and interaction approach to marketing shows the substance of being able to influence decisions by knowledge of how the EU network works or interacts.
The EU is a rich, diverse market, with a vibrant and varied cultural heritage; this means that although there has been a harmonization process within the 15 states as a result of the formation of EU, there are still differences. Rather than business being simpler as a result of the union, it should be recognized that because of regulation and need to restructure in a global market it can be highly complex. It should be remembered that the Europeans have a high-income average and like to have their cultural differences recognized. Those firms that will or have recognized this have a good chance of developing a successful marketing strategy to meet their needs.
Furthermore the marketing operations of EU companies need to be adapted in order to respond to the multiple of changes which have taken place in Europe. However, it is not possible to identify clearly how companies should modify their marketing operations. Some companies face radical change to overall strategy as well as to marketing operations. Other companies are more likely to consider minor alterations to their existing strategies and marketing initiatives. The only “golden rule” as is so often the case is that there are no “golden rules.” EU companies need to assess their marketing response to the changes in the European environment, on the basis of careful studying the effects of these changes on their current and likely future activities.
Jonathon Hardcastle writes articles for 4investing.net - In addition, Jonathon also writes articles for businessworldnow.net and ifinancecentral.com
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