Master of Science Strategic Marketing Essay Example | Topics and Well Written Essays - 1000 words

Master of Science Strategic Marketing - Essay Example pa from North Carolina University considers that ‘a business model is the methods of doing business by which a company can sustain itself, that is, generate revenue. The business model spells out how a company makes money by specifying where it is positioned in the value chain’ (Rappa, 2005). But the fast changing socio-economic dynamics have created a fiercely competitive business environment, necessitating changes in the role and techniques of traditional marketing to encompass broader parameters of business performance. Thus, an effective marketing strategy becomes intrinsic to the management strategy that significantly impacts the overall business performance outcome. Levitt argued that the marketing takes into account the preferences of the customers and thereby builds a solid customer loyalty that result in sustainable customer base that has potential for growth because it continues to satisfy the changing requirements of their needs (Levitt, 1960). While the traditional role of marketing was confined to selling the products which meet the demands of the people, the fast changing paradigms of business have necessitated drastic shift in the approach to traditional marketing strategy. Wilson and Gilligan (2003) have argued that market has become more complex and highly competitive in the contemporary environment of fast advancing technology and rapid globalization. They further assert that ‘marketing is increasingly being conceptualized as an organizational philosophy or ‘an approach to doing business’ (Wilson and Gilligan, 2003, p4). The increasingly changing pattern of society and the influence of technology need to be addres sed in the wider application of social imperatives and included in all spheres of public and private business strategy. McDonald is an exemplary example of using new age market strategy that has shown profit even in the recessive economy! It has become important to introduce effective strategic goals and managerial controls