Pre work Essay Example
The issue of marketing has been for ages one of the major headaches for most giant companies in the course of their expansion as well as other business strategies. Despite the fact that that Westfield Holdings seemed to have hit the US market as soon as it entered that market, there were some basic marketing problems that were witnessed. This paper therefore seeks to discuss the two major marketing issues that the company may have found itself through.
Marketing Place Problems Analysis
The first marketing place problem that can be identified right away is the lack of a specific marketing management in the company. It is interesting for example to see Frank Lowy being the one to listen to what customers say and then taking a step forthrightly to rename all Westfield’s properties in the name of building the brand. It may have worked, yes, but this is a task that should have been effectively handled by a marketing manager and certainly not an executive.
The second problem is the blanket application of the strategies that may have worked in one market (Australia) in another market (the US, in this case). We see Westfield applying economies of scale and branding concepts, which had worked in Australia, in the US without any prior considerations. This is not marketing wisdom.
The first marketing problem can be remedied by investing somewhat in the marketing department, which includes employing marketing strategists whose work is to identify the marketing gaps and advise accordingly, rather than letting the executives do it.
The final remedy is that companies should first study the new market before ever attempting to use the strategies that it may have used in another market in the new market. This will help reduce uncertainties.
In conclusion therefore, marketing should be taken seriously by companies as far as entering and dominating new markets is concerned.
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