1.0 Introduction

Marketing is an important aspect that helps companies reach out to customers and potential target markets within society. Companies that have employed strategic marketing approaches do better in the market than organizations with poor marketing approaches. There are different approaches to handling of marketing operations in any given company (Chartered Association of Business Schools. 2020). It is important to note that firm performance is directly related to specific marketing strategies that are employed within the organization. Poor strategic marketing approaches jeopardize a company’s strategic position in the market. Conventional approaches to marketing include advertising through Television, Billboards, Radios, and through print media. The increased use of the internet and spread of globalization has led to emergence of other channels of communication, which are pivotal to marketing practice. Digital approaches to marketing such a s use of social media have changed the scope of marketing to a large extent. It is important that firms use integrated approaches to communication as an efficient strategy towards reaching customers in the market. It is also vital to explore literature on what can be done to enhance firm performance through marketing strategies (Chartered Association of Business Schools. 2020). From the literature review conducted, it is essential to have a summary of findings and a detailed conclusion on marketing strategy and firm performance.

2.0 Marketing Strategy

A marketing strategy is an approach that an organization uses to reach out to the target market to create awareness and convince customers to purchase specific products. Many organizations in the world have shifted the way activities are conducted due to increased of internet activities. There are different approaches that a company can apply in communication to the public including conventional approaches, digital means and other integrated approaches to marketing. This part takes a background check on what has been done on the topic of discussion to establish a detailed conclusion on the same (Chartered Association of Business Schools. 2020). Social media sites such as Facebook, Twitter, Instagram and YouTube play a significant role in digital marketing. It is important to understand the scope of these concepts and establish how they affect firm performance. An analysis on the same will help gather useful concepts for a detailed conclusion. The first part will analyze conventional marketing strategies, followed by digital and integrated approaches respectively. It is vital that organizations purpose to study the market well and to know where consumer traffic lies.

2.1 Conventional Marketing Strategies

There are different approaches that organizations could apply in the pst to ensure improved communication practices during operations. for instance, using of direct mail is one of the oldest ways that people used to communicate and reach out to clients. However, the fact that technology has improved has necessitated for advanced options to marketing. Another key traditional approach to communication was advertising means through television videos and radios. Advertising is well known to most companies in any industry as it gives an opportunity for organizations to reach out to customers (Chartered Association of Business Schools. 2020). Video advertisements have a significant impact on the mind of a viewer s it stick for long. The application such approaches to communication is still common in the digital era as a way of ensuring there is an improved impact. Advertising can be supplemented by technology to bring a more significant effect in the market. Research indicates that organizations with established communication channels perform better in the market.

Face to face marketing was an aspect that companies used in the past before organizations increased reliance on technology. The element of personal marketing ahs a much more effect than other means as one gets the chance to explain every detail to the customer. Equally, one is able to ask questions for clarity on a product being sold. The fact that one can gets a direct instant feedback on their inquiries makes the concept a better option for companies. However, personal selling and marketing of products might be costly for an organization as it will need to hire sales people (Chartered Association of Business Schools. 2020). Use of billboards is another conventional approach that has been used in the marketing industry for long. The billboards are situated in strategic locations where many people can see and read the content. In the event, some individuals might be persuaded to make a purchase thereby increasing customer base. Traditional approaches that were applied in marketing helped many organizations improve their performance hence the need for firms to strategically plan their marketing activities.

2.2 Digital Approaches to Marketing

The increased use of technology has changed the scope of marketing for many organizations on a global front. For instance, operational aspects of advertising have become wider and it is vital to note that many organizations are benefiting through the same. The first digital approach that most organizations are using to enhance performance is social media advertising. There are several social media sites that help organizations reach out to people. Research indicates that companies spend a considerable amount of resources research on consumer behavior online. The emergence of big data analytics use in predicting and determining various market characteristics has changed the scope of marketing (Chartered Association of Business Schools. 2020). An example of a social media site that is used to make video advertisements is YouTube. Equally, the fact that using YouTube is free makes it advantageous and convenient for organizations to run advertisements on such platforms. Facebook is also critical in helping organizations market their products to the public. There are a large number of people who use the site on a daily basis, which provide an opportunity for organizations to access the huge traffic. The sites play a significant role in helping firms improve their performance by boosting sales.

Equally, use of social media influencers is on the rise as a way of capturing specific group of target audience. Research indicates that companies are finding it easy to work with social media influencers as a way of increasing their coverage. Influencers include specific people with huge following on social media, who have the ability to convince and draw the attention of others. the increased use of social media has resulted to some monetizing practices on social media, especially for individuals with a huge following (Chartered Association of Business Schools. 2020). However, it is vital that companies consider specific aspects when hiring influencers on social media to ensure that they acquire value for money. For instance, organization should go for top tier influencers who can drive many people to their site. Influences provide a chance for many individuals to participate in competitions and giveaways, which contribute significantly to the growth of the market size.

Research indicates that digital marketing approaches are proving important and efficient in helping firms improve performance. The emergence of big data analytics in the marketing has prompted to study consumer behavior online to know what should be done to improve results. The use of social media to make advertisements and other important activities has helped create awareness of products existing in the market. Some of the advertisements made on Twitter and Facebook convince individuals to buy products (Chartered Association of Business Schools. 2020). As such, the use of digital approaches to communication helps many companies increase output to a large extent. It is vital to note that internal communication that fits a firm’s culture spearheads organizational growth at a significant level. Much of existing literature links digital approaches to communication with firm performance.

Print media is one area that has improved in te digital era in a significant manner. Technology allows designers to employ their skills and come up with appealing marketing items, which are then distributed to the public. Equally, use of magazines and newspapers can help organizations communicate their intentions to the public in the digital era. Marketing is about communication and reaching out to potential customers in a convincing and appealing way. Much of the marketing activities in the digital ea have helped most organizations gain a strategic position in the market (Chartered Association of Business Schools. 2020). Organizations with established print media outlets and other forms of digital communication stand a better chance to reach out to more customers in the market. it is important firms invest in digital forms of communication as a way of improving results even though putting infrastructure in place is capital intensive.

2.3 Integrated Marketing Strategies

The digital era requires that firms have to incorporate several approaches to communication for an improved effect in the consumer market. The main aim of marketing is to communicate intentions and services provided by the company to people. It is also vital to note that marketing creates awareness and informs people of important aspects they need to know about a product. With the increased use of internet activities globally, much of the consumer traffic has shifted to online social sites where people spend much time (Chartered Association of Business Schools. 2020). It is strategic for many organizations t merge traditional approaches to communication with digital technology for better results. In essence, IMC incorporates conventional and digital means of communication to help firms reach out to consumers. For instance, a company can use video adverts, which can be aired on TV and social media sites. Use of more than one approach to persuade, convince or make an individual purchase a product is called integrating marketing strategies. In the digital era, firms that have integrated communication approaches have done better and are likely to increase their customer base.

Organization management at each company should purpose to tap from both offline and online platforms. Diversifying the scope of the consumer market will help a firm gain a strategic position in the market. It is important that a firm studies the consumer market and ascertain operational aspects that can help in increase performance (Chartered Association of Business Schools. 2020). An example of an aspect that can help consumers get attracted to products is use of discounted prices for online users. Discounting is used as a promotional approach that helps firms gain more traffic and increase its sales. Also, running promotional campaigns and giveaways through social media is a form of integrated marketing. It is vital that firms purpose to apply more than one approach in reaching out to the customer as a way of enhancing effectiveness.

2.4 Marketing Mix Strategy

Some firms in the market have gained a competitive advantage by using a strategic marketing approach to its operations. A marketing mix is the set of components used to pursue objectives in the target market. According to the existing literature on marketing strategy, the 4Ps of marketing make up a perfect mix for organizations to use in the industry. They include the product itself, place where it will be sold, promotional approaches that will be used and price of the products (Chartered Association of Business Schools. 2020). The product portfolio in the market impacts performance to a large extent. It is vital that organizations purpose to produce high quality products that meet consumer needs. Wrong products in the market or poor quality will be detrimental to efforts of the company to grow within the consumer market. Research indicates that firm performance is directly related to the products that individuals or organizations are selling within the consumer market.

The place where the product will be sold is an important aspect in a product’s life cycle. Failure to identify the right place where the product will be sold is a step towards a dying business. Place where the product is sold should be given priority and companies are doing their best to enhance convenience (Chartered Association of Business Schools. 2020). For instance, an individual can sell products online or through offline retail shops. Having an established location here the products can be found is more convenient to customers in any industry. as such, organizations that do not have the right location to sell products ar likely to fail while those with reputable locations will do better.

Price of products that are selling in the consumer market marks a vital aspect that affects firm performance directly. Selling cheaply will mean that the company might not make much profit while selling expensively fends off customers. It is important that firms find the right pricing strategy relative to competitor prices as a way of ensuring standardization. Providing quality products at an affordable price is one approach that a firm can make towards success in the market (Chartered Association of Business Schools. 2020). Most customers go for value and lower prices in the market, which is why strategic pricing approach can help improve firm performance in a significant manner. The marketing mix strategy recognizes pricing as one of the most important tools that can spearhead success and progress in a company.

Promotional approaches employed by an organization are important in creating awareness and increasing customer base. For instance, the digital era is filled with developments that can help organizations reach out to more customers us of poor approaches that are outdated might hamper efforts of the company to make an impact in the consumer market. According to existing literature on promotions and firm performance, use of sophisticated strategies might yield more fruits for an organization in the digital era (Chartered Association of Business Schools. 2020). The promotional strategy helps gather more traffic that can otherwise end up purchasing the products,. Competitions on social media and in the mainstream media can help companies reach out to more customers. Research proves that investing in promotional approaches for a firm helps organizations increase their customer coverage, hence improved performance.

3.0 Firm Performance

Firm performance is an assessment of how well an organization has done in the market or industry that it operates. Performance in firms can be rated on the basis of finances or on customer focused aspects. There are firms in the market that make profits even though their products are not comparable to those of competitors. Financial indicators of performance in mot firms include net profit, revenue growth, return on investment and financial performance indicators are important aspects that show how the organization has done well in the market (Chartered Association of Business Schools. 2020). However, a focus on the financial indicators of growth might put pressure on a company’s employees and resources. Financial indicators might not provide the full picture of the company’s performance. The fact that a company prioritizes profits might lead to reduced motivation among employees and compromised quality of products.

Customer success indicators in the market are seen as the best approach that firms should use assess performance. It is important to note that in the long-run firms need customer success indicators than financial indicators. It is important that companies focus on meeting the needs of individuals rather than selling of the products. Customer centered KPLs that are common include Net Promoter Score, customer retention rate and conversion rate (Chartered Association of Business Schools. 2020). It is vital that organizations use such metrics in measuring their performance in the market. Failure of organizations to use the right metrics in assessing performance might mislead the management. Organizations that use the customer success indicators focus on improved quality of the products, use of strategic marketing approaches and ensures a strong customer support service.

3.1 How Strategy Impacts Performance

It is important to examine existing literature on performance and marketing strategies used by various organizations. There is a close correlation between firm performance and the performance that is realized in any industry of operation. Marketing strategy communicates the intention of the firm to the public with a view of persuading many to purchase the products. The fact that effective marketing strategies create awareness of the existence of the products in the market is advantageous to firms (Chartered Association of Business Schools. 2020). Firms that have employed effective marketing strategies have done well in the market as compared to those that employ poor and disorganized strategies. Strategic marketing activities help a company know where there is a problem or gap in the market. in the event, the management of the company can purpose to meet the need as a way of improving performance. As such, strategic planning and marketing activities are carried out as a way of enhancing firm performance.

Strategy helps firms retain experienced employees as a way of maintaining performance. Hiring of new staff is costly as one would need to subject them into training to acquire the required skills. Most firms prefer retaining their experienced employees as a strategy to maintain quality production and service provision. It is through strategic approaches such as improved employee welfare that employees can choose to remain and work for a company (Chartered Association of Business Schools. 2020). Failure of organizations to value employees might have a financial implication as some will be forced to look for better workplaces. Appraising efforts of workers and other stakeholders might help improve morale at work, which will impact firm performance to a large extent. It is vital to note that employees who deliver and commit to activities deliver better than demoralized and less organized teams. Marketing strategy is the backbone of any company that wants to do well in the industry of operation.

Strategy impacts firm performance by improving the reputation of the company in public. It is through proper marketing activities that the brand name of the company or product is known to consumers. Strategic advertising on social media plays a critical role in informing the public of existing items or services for sell. Wrong strategizing of activities might lead to tainting of the company name within the industry. Each organization must adhere and observe the right code of conduct, which will help build a good name in the market (Chartered Association of Business Schools. 2020). Poor planning within a firm might attract loses as resources will be wasted on less important matters. It is through the right strategy that firms commit to conduct research about the consumer markets. In the event, some important discoveries are made, which help the organization in devising strategic approaches to handling of operations. Strategy within a firm has the most significant impact on performance, which is why management is always keen to plan strategically.

3.2 Improving Firm Performance

There is a need for many firms in various industries to study on how to improve performance within the consumer market. Research indicates that one of the most efficient strategies of improving firm performance is use of integrated approaches to marketing. It is important to note that people who apply a multifaceted approach towards communication have an upper-hand in reaching out to customers. For instance, it is vital that organizations consider using social media as a tool for advertorial tendencies (Chartered Association of Business Schools. 2020). The use of influencers on social media helps gather traffic for a particular brand or company. Failure of organizations to communicate effectively to their customers might be detrimental to efforts of promoting firm performance. Managers in each department should advocate for an integrated approach when communicating to employees as a way of ensuring convenience and efficiency. Organizations with less efficient communication strategies have been on the receiving end of experiencing the consequences. Enhancing communication strategies improves firm performance to a large extent.

The second approach that can help improve firm performance is application of appropriate leadership. It is through transformational leadership that allows people to practice creativity that organizations can realize change. Some leadership approaches used have been the reason why some firms in the market are displaying dismal results. Leadership should be inclusive and motivational in a manner that makes subjects feel represented. Dictatorial leadership is a constraint to having successful business activities in the industry. It is important that firms subject top managers to training and developmental programs that can help improve their skills at work (Chartered Association of Business Schools. 2020). Such activities can be organized through workshops and other important programs that will see the company capture more market share. Equally, employees within the firm should be subjected to programs that improve their skills at work. With a skilled workforce, employees are prompted to remain working for the company, which helps in improving the overall performance. It is through proper leadership that organizations can have the ability to account for its activities and finances. As such, firm performance is a product of good and able leadership at an organization.

Another approach that can help improve firm performance is handling employees in the right manner. Most individuals within society work for money and rewarding employees with appealing wages might be helpful in achieving the set objectives. Employees who are satisfied always purpose to deliver their best towards organizational growth. Employees who are not well paid are demoralized and always look elsewhere for other opportunities (Chartered Association of Business Schools. 2020). Equally, providing facilities such as recreational facilities might boost efforts to retain employees. Such aspects improve the way of life for an employee, which is instrumental in boosting commitment to work Employee welfare is a sensitive matter that can lead to poor performance, especially when issues affecting them are not addressed. Research conducted before attaches much weight on employee satisfaction and firm performance.

4.0 Summary of Arguments

The first formidable argument made from the findings is that marketing is an important tool for organizations to reach out to their customers. Organizations that have established marketing approaches are likely to do better in any industry of operation. It is the duty of management for each company to devise approaches that can increase customer base. It is through marketing that organizations explain the vision of the company and promise to meet the needs of consumers. Failure to use the right marketing strategies might be detrimental to efforts of a firm to grow. Strategies can be conventional or digital depending on the preference and scope of operations in an industry (Chartered Association of Business Schools. 2020). It is essential to understand the consumer market and formulate a policy in regards to the same, with a view of increasing customer coverage. Marketing activities form the basic basis for improved performance for most organizations in any industry.

Digital approaches to communication within a firm produce the most efficient results. Notably, supplementing conventional marketing strategies with digital technology has helped change the scope of marketing to a large extent. Incorporating social media use in marketing activities helps businesses get an opportunity to a huge traffic (Chartered Association of Business Schools. 2020). There are different social media sites that can be used to advance advertorial activities including Facebook, Twitter, Instagram and YouTube. Another key development with the use of social media platforms is the application of influencers in attracting audience online. Influencers consist of individuals with hug following, looking to monetize their audience. Such individuals can help companies gain more customers and expand its activities. Appropriate communication channels can help firms improve performance.

Using of an appropr5iate marketing mix can help a company achieve set objectives in the market. A marketing mix comprises of four important components that can be altered to improve performance. It includes the product, place, price and promotional approaches used by an organization. The price of a product determines whether customers can afford the product or not. Equally, the place defines the location where the company intends to sell the products (Chartered Association of Business Schools. 2020). A place can be an online platform or physical offline store where individuals can readily get the product or service. Promotional practices of the company determine whether a product can be acceptable in the market or not. It is vital that each organization uses the right approach promotional strategy in advancing its practices in the consumer market.

5.0 Conclusion

To sum it up, marketing is an aspect that is directly related to the success a company can have in the market. Use of wrong strategies to communication impacts performance for an organization negatively. The aim of most companies is to make profit and failure to use the right marketing strategy might limit this possibility. The paper conducts a literature review on marketing strategy and firm performance. Use of social media to improve marketing activities is one aspect that has changed performance for many organizations. Incorporating conventional means of communication with digital approaches produces the best results for a company. Strategic planning of activities in an organization is the backbone of improved company performance. Companies that do not use the right strategy to handling of operations might find it difficult gaining a competitive advantage in the market.

6.0 References

Chartered Association of Business Schools. 2020. 21St Century Leaders: Building Practice Into The Curriculum To Boost Employability – Chartered Association Of Business Schools. [online] Available at: <https://charteredabs.org/publications/21st-century-leaders-building-practice-into-the-curriculum-to-boost-employability-june-2014/> [Accessed 15 August 2020].

Chartered Association of Business Schools. 2020. Building The Leadership Capacity Of UK Business Schools: A Collection Of Thought Pieces – Chartered Association Of Business Schools. [online] Available at: <https://charteredabs.org/publications/building-the-leadership-capacity-of-uk-business-schools-a-collection-of-thought-pieces-november-2014/> [Accessed 15 August 2020].

Chartered Association of Business Schools. 2020. Business And Administrative Studies Staff Salary Data Analysed By Ethnicity And Gender – Chartered Association Of Business Schools. [online] Available at: <https://charteredabs.org/publications/business-and-administrative-studies-staff-salary-data-analysed-by-ethnicity-and-gender/> [Accessed 15 August 2020].

Chartered Association of Business Schools. 2020. Draft Strategic Guidance To The Institute For Apprenticeships: Chartered ABS Response – Chartered Association Of Business Schools. [online] Available at: <https://charteredabs.org/publications/draft-strategic-guidance-institute-apprenticeships-chartered-abs-response/> [Accessed 15 August 2020].

Chartered Association of Business Schools. 2020. Growing Your Small Business Report – Chartered Association Of Business Schools. [online] Available at: <https://charteredabs.org/publications/growing-your-small-business-report/> [Accessed 15 August 2020].

Chartered Association of Business Schools. 2020. Innovation Task Force Report: “The Role Of UK Business Schools In Driving Innovation In The Domestic Economy” – Chartered Association Of Business Schools. [online] Available at: <https://charteredabs.org/publications/innovation-task-force-report-the-role-of-uk-business-schools-in-driving-innovation-in-the-domestic-economy/> [Accessed 15 August 2020].

Chartered Association of Business Schools. 2020. Pathways To Success: Strategic Groups Of UK Business Schools, Second Edition – Chartered Association Of Business Schools. [online] Available at: <https://charteredabs.org/publications/the-second-edition-of-pathways-to-success-strategic-groups-of-uk-business-schools/> [Accessed 15 August 2020].

Chartered Association of Business Schools. 2020. Pathways To Success: Strategic Groups Of UK Business Schools – Chartered Association Of Business Schools. [online] Available at: <https://charteredabs.org/publications/9444/> [Accessed 15 August 2020].

Chartered Association of Business Schools. 2020. Research Income For Business And Management 2020 – Chartered Association Of Business Schools. [online] Available at: <https://charteredabs.org/publications/research-income-for-business-and-management-2020/> [Accessed 15 August 2020].

Chartered Association of Business Schools. 2020. Research Income For Business And Management, 2017 Report – Chartered Association Of Business Schools. [online] Available at: <https://charteredabs.org/publications/research-income-business-management-2017-report/> [Accessed 15 August 2020].

Chartered Association of Business Schools. 2020. Research Income For Business And Management 2020 – Chartered Association Of Business Schools. [online] Available at: <https://charteredabs.org/publications/research-income-for-business-and-management-2020/> [Accessed 15 August 2020].

Chartered Association of Business Schools. 2020. Research Income For Business And Management 2019 – Chartered Association Of Business Schools. [online] Available at: <https://charteredabs.org/publications/research-income-for-business-and-management-2019/> [Accessed 15 August 2020].

Chartered Association of Business Schools. 2020. Research Income For Business And Management: 2010-2014 – Chartered Association Of Business Schools. [online] Available at: <https://charteredabs.org/publications/chartered-abs-publication-research-income-march-2016/> [Accessed 15 August 2020].

Chartered Association of Business Schools. 2020. Response To HM Treasury’s, “Financing Growth In Innovative Firms” – Chartered Association Of Business Schools. [online] Available at: <https://charteredabs.org/publications/response-hm-treasurys-financing-growth-innovative-firms/> [Accessed 15 August 2020].

Chartered Association of Business Schools. 2020. The Impact Of Executive Education Report – Chartered Association Of Business Schools. [online] Available at: <https://charteredabs.org/publications/impact-executive-education-report/> [Accessed 15 August 2020].

Chartered Association of Business Schools. 2020. Tool For Professional Development Reviews And Staff Development – Chartered Association Of Business Schools. [online] Available at: <https://charteredabs.org/publications/tool-professional-development-reviews-staff-development/> [Accessed 15 August 2020].

Chartered Association of Business Schools. 2020. UK Business Schools And International Student Recruitment – Chartered Association Of Business Schools. [online] Available at: <https://charteredabs.org/publications/international-business-students-turned-off-by-visa-policy-impacting-uk-universities/> [Accessed 15 August 2020].