Strategic Marketing Capabilities
Business in the modern world is becoming more sophisticated and engaging than it has ever been in the past centuries due to a stiff and highly competitive global market. Companies and business organizations are forced to dig deeper in terms of how they approach and analyze an effective and efficient business plan implementation. Success is mandatory for the survival of a business. Hence, due to high and stiff markets, companies need to apply more strategic tactics and skills to attract more customers who can meet their target revenues to run and sustain their existence in the market. Moreover, companies need to be more creative in producing their products to feet in the contemporary global market. For example, time-reduction is a vital strategy that can propel and push companies to higher levels of accomplishments. The Strategic Marketing for High Technology Products in the journal article Safari, an O’Reilly Media Company1, by Fotiadis Thomas, demonstrates how companies are required to equip themselves with skills and tactics in order o survive in the modern market.
As per Thomas (2018), the dynamic capabilities of a company or any other business organization is its ability to build and advance on both external and internal competence to fit and remain in a competitive market. Moreover, they are what runs and results in the stability of the company in the long run despite facing various challenges. Dynamics capabilities play a vital role in ensuring a business can adapt to a rapid problem affecting the market and providing customer needs. Usually, the success of a company relies much on how well it manages and controls both internal and external factors such as competition. The dynamic capabilities of a company are unique to each company and closely associated with business practices and models. Furthermore, it enables a business organization to maintain its stability through sensing, incorporation, and transformation.
Marketing is a vital element in the existence of a particular business and is considered as a dynamic business capability. The success of a company can be assessed and determined by how best a business implements its marketing strategies. Besides, the well-accomplished business has very crucial and tactical marketing strategies. Poor marketing strategies indicate a low level in the management of an organization and will eventually result in business failure if precautions are not considered. Thomas (2018) assert that for a business to attain success and retain its stability in a specific environment, it must employ various tactics on its marketing plans. Moreover, efficient marketing planning and execution is the gateway to customers as it provides more information to potential clients, hence, increasing the probability of sales.
According to Thomas (2018), marketing models and strategic management are elements of a company’s dynamic capabilities. International companies need to be more critical with the utilization of dynamic capabilities to survive in the highly competitive global market. Managerial skills are vital in ensuring both external and internal factors affecting the progress, and ultimate success of a company handled and dealt with precisely. Effective marketing is a necessity and a dynamic strategic ability for the achievement and accomplishment of a business organization.