Posted: July 19th, 2023
Discuss your research methodology process and experience
The basic research method will concentrate on utilizing meta — analysis. This is when there is a focus on looking at different sources and identifying patterns in the study. These findings help to determine key trends and enable actuaries to more effectively analyze the problem. The process involves understanding the issues, reviewing the various forms of literature, cataloguing them into specific segments, using the findings to create common patterns and discussing what was uncovered during this process. These different elements are working together to promote objectivity. These experiences offer a better understanding of the subject and allow everyone to see which factors are influencing the outcome of the project. (Cooper, 2009)
Discuss your literature review findings regarding the topic you researched.
The research is showing that information technology (IT) is having an impact on the kinds of strategies which are utilized by firms. The findings are illustrating how corporations are often impacted by advancements inside these areas. This is requires them to become more globalized in order to effectively compete against a larger number of competitors. (Motwani, 2000) (Guthridge, 2008) This is occurring primarily in supply chain and talent management. Both are interconnected in helping companies to adjust with the changes they are facing and it allows them to become more responsive to the needs of customers. (Teece, 2010) (Ricart, 2010) (Baumann, 2007)
At the same time, the use technology makes firms responsive to the needs of customers and it increases productivity. This has a positive impact on their competitive position by enabling these organizations to effectively connect with stakeholders and offer them with something more. When this happens, geographical boundaries and physical location are no longer an issue. Instead, the organization can make these adjustments and quickly respond to the demands of customers and employees in a virtual environment. This allows them to have a better experience and address key problems in order to improve the competitive position of the firm. (Wang, 2006) Slocum, 2005) (Griffith, 2008) (Meyer, 2009) (Manuj, 2009)
These factors are showing how technology is having a profound impact on global business. This is occurring with it changing the way firms connect with stakeholders and the kinds of strategies they are utilizing. Over the course of time, this will influence how the organization is run and the business model they are utilizing to reach these objectives. (Teece, 2010) (Ricart, 2010) (Baumann, 2007) (Griffith, 2008) (Meyer, 2009) (Manuj, 2009)
List ten articles you researched.
The different articles are showing the general trends and the effects of IT on global business strategies. These include: Motwani, Guthridge, Teece, Ricart and Baumann. Each one of them offered specific insights which are illustrating the scope of these changes and their impact on firms. When this occurred, actuaries had a better understanding of the problem and the challenges they were facing in the process. (Motwani, 2000) (Guthridge, 2008) (Teece, 2010) (Ricart, 2010) (Baumann, 2007)
The sources which showed the specific impact of these activities include: Wang, Slocum, Griffith, Manuj and Meyer. These areas offered insights which are illustrating how technology is changing the practices of firms and the challenges they are dealing with. This is giving better insights about the way these variables are influencing the business models which are utilized. While at the same time, it is illustrating the long-term impacts and how this is transforming their ability to connect with stakeholders in the process. (Wang, 2006) Slocum, 2005) (Griffith, 2008) (Meyer, 2009) (Manuj, 2009)
With globalization and the development of global processes, including in business, marketing management has become more and more used as a way to best combine the company’s resources and its marketing techniques and outreach. For the consumer, there are several distinct benefits that can be drawn. First of all, marketing management implies scientific research, which means a wide array of techniques, assessments and analysis, ranging from quantitative to qualitative and from experimental to observational techniques.
This translates in the fact that the companies put out products and services that address specific niches in the market and that are precisely targeting the consumers. Due to the need to remain profitable, companies are not launching projects without a previous thorough research project by which they try to better understand the consumer, understand his needs and requirements and see which of the products match these best.
This feeds into a larger perspective of things: marketing management reflects an overall scientific process by which companies allocate a large part of their resources in order to produce the best marketing instruments and methods. Following through on the idea previously developed above, marketing management not only ensures that there is the best match between products and customers, but also that these products reach the customer at the best price/most appropriate price, in the best location etc.
Taking the four 4Ps of marketing (place, promotion, price, product), marketing management ensures that these are optimally dealt with, so that the consumers receives the best product, for the best price, in the best place. All these are obviously also in line with the company’s overall strategy of maximizing its profits with the best allocation of its company resources.
Marketing management also creates more diverse choices for the customer. Some of the basic requirements for a marketing manager include analyzing completion, looking at market trends, improving the existing portfolio of products and services etc. With this in mind, these are all the premises for creating more and more products, sometimes at better prices and of better quality than the existing ones.
One can assume that all companies on the market are involved in a similar process, which means that all companies will look at trends and will look at ways in which they can bring in products that are not yet available on the market (or are not available for the right price). This continuous competition, undertaken in a scientific and organized manner, with significant resources allocated for it, is beneficial for the customer.
Marketing management also means better communication processes with the customers and, obviously, allocating resources in that sense. The interest of the companies is to get their products and services to the customers and, with that in mind, they are willing to develop consistent communication campaigns that reach out to the clients. Companies require and encourage feedback and they look at translating this feedback into better products and services, in the end, to the benefit of the customers. This also appears to be an ongoing and continuously developing undertaking.
Baumann, D. (2007). Global Rules and Private Actors. International Management, 10, 3 — 39.
Cooper, H. (2009). The Handbook of Research Synthesis and Meta Analysis. New York, NY: Russell Sage
Griffith, D. (2008). Emerging Themes in International Business Research. Journal of International Business Studies,
Guthridge, M. (2008). Why multinationals struggle to manage talent. The McKinsey Quarterly, ISSN: 0047-5394.
Manuj, I. (2008). Global Supply Chain Risk Management Strategies. International Journal of Physical Distribution and Logistics Management, 38 (3), 192 — 223.
Meyer, K. (2009). Institutions, Resources and Early Management Strategies. Strategic Management Journal, 30 (1), 61 — 80.
Motwani, J. (2000). Information technology in managing global supply chains. Logistics Information Management, 13(5): 320-327.
Ricart, J. (2010). From Strategy to Business Models. Long-Range Planning, 43 (2), 195 — 215.
Slocum, J. (2005). Strategic and organizational requirements for competitive advantage.
Academy of Management
Executive, 19(1): 31-45
Teece, D. (2010). Business Model, Business Strategy and Innovation. Long-Range Planning, (41) 2, 172 — 194.
Wang, Z. (2006). Organizational effectiveness through technology innovation and HRM strategies. International J. Manpower, 26(6): 481-487, ISSN: 0143-7720.
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