Reflection on Marketing Module

I first learned that corporate strategy development must consider the external market, internal stakeholders and the conditions of the marketplace in order to be successful. Hence, there is a need to harmonize resources and people effectively in order to maintain a competent competitive position in the market and ensure operational efficiency. This means being able to develop a team environment in which workers are motivated, considering the quality of outputs, determining an effective marketing strategy and further maximizing the efficiency of operations.
I was highly intrigued to understand the inter-dependency of marketing to the achievement of strategic goals. According to theory, companies that are the first-to-market with a new innovation actually become the pioneers that define the product category and maintain strong advantages (Agarwal and Gort 2001). First-to-market innovators become a model through which consumers judge late entrants into a marketplace and are often viewed more favorably by the consumer market (Kalyanaram and Gurumurthy 2008). For a business that desires to be a first-to-market innovator as a competitive tool, it is critical that a company maintains a well-developed marketing strategy, part of brand management. According to marketing theory, building a strong brand provides economic and competitive benefits for a business, provides less vulnerability to the marketing activities of competition and provides more extensive word-of-mouth from consumer markets (Gounaris and Stathakopoulos 2004). One example of how a first-to-market innovator managed to gain consumer preference is the Sony Corporation with the release of the pioneering Sony Walkman in the early 1980s which revolutionized mobile consumer recreation.&nbsp.By having an effective promotional strategy, this company built loyalty with many consumer segments that were sustained for well over a decade, making Sony the consumers’ first name in consumer electronics.