Marketing Management

SUMMARY: To outsmart competition, a company must manage its components like stakeholders, processes, resources and organization, in an effective and efficient manner.

A company must understand customer requirements and provide goods, which impart higher value for their money. This can be achieved with the help of a value chain and value delivery networks. A value chain consists of primary and secondary activities. Primary activities include inbound logistics, operations, outbound logistics, marketing and sales, and services. Secondary activities include procurement, technology development, human resource management, and firm infrastructure. Organizations need to ensure that support activities help in enhancing the performance of primary activities and both types of activities are well coordinated. Organizations can improve their performance only if they optimize the performance of individual primary activities.