Marketing management is a business decision which
focuses on the practical application of marketing techniques and the management
of a firm’s marketing resources and activities. Globalization has led firms to
market beyond the borders of their home countries, making international
marketing highly significant and an integral part of a firm’s marketing
strategy.
Marketing management employs various tools from
economic and competitive strategy from economic and competitive strategy to analyze the industry context in which the firm operates. These include Porter’s
five forces, analysis of strategic groups of competitors ,value chain analysis
and others. Depending on the industry, the regulatory context may also be
important to examine in detail.
In competitors analysis, marketers build detailed
profiles of each competitor in the market, focusing especially on their
relative competitive strengths and weaknesses using SWOT analysis. Marketing
managers will examine each competitors cost structure, sources of profits,
resources and competencies, competitive positioning and product differentiation,
degree of vertical integration, historical responses to industry developments
and other factors.
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