• Explain the importance of marketing in organizational success. • Describe the elements of the marketing mix. • Explain the importance of the marketing mix in the development of marketing strategy and tactics. • Create a marketing plan. • Identify quantifiable elements that can be used to evaluate, monitor, and control marketing effectiveness.
Explain key concepts such as segmentation, target marketing and product positioning. 2. Explain the four elements of the marketing mix: product strategies, pricing strategies, promotion strategies and distribution strategies. 3. Classify factors in the external marketing environment as either opportunities or threats as well as interpret internal company factors to create a SWOT analysis.
You are required to: (1) analyze the general business situation in detail, including organizational strengths and weaknesses, environmental opportunities and threats, industry trends, and direct and indirect competition. Based upon your situation analysis, you will (2) develop an organizational mission and forecast performance goals. Based upon your objectives, you will (3) create a marketing strategy. Based upon your strategy, you will (a) segment and target potential customers. Based upon your customer targets, you will (b) choose an appropriate and integrated marketing mix, including: products and services, pricing, promotion and advertising, distribution and location, and other elements of the marketing program – the summary and specific recommendations for the execution of the
Marketing also can be defined as an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders (Kolton & Keller, 2009). According to Business Dictionary (2010), marketing is “the management process through which goods and services move from concept to the customer. As a practice, it consists in coordination of four elements called 4P's: (1) identification, selection, and development of a product, (2) determination of its price, (3) selection of a distribution channel to reach the customer's place, and (4) development and implementation of a promotional strategy” (Marketing, para. 1). The need for marketing was created by the need to exchange items with others in
Defining Marketing Roger Burnham MKT 421 June 3, 2013 Robin Reis Defining Marketing Marketing’s role in business begins when an individual or company develops a product or service that satisfies the needs of others. One will discuss his or her definition of marketing, and the business definition of marketing. The success of marketing as determine by these definitions, and three companies that apply these methods successfully. Definition of Marketing One’s definition of marketing is promoting the products or services of the company that will enable the company to become profitable. William Perreault “defines marketing as the performance of activities that seek to accomplish and organization’s objectives by anticipating customer
A procedure can be build to help the managers and consultant at the customer interface achieve new insights into the customer’s requirements and favorites. Lastly, customer-focused strategy is to enter industry that has strong strategic relations to the core adjoining industries. This is a mainly tempting alternative when the core industry is moving toward its operating effectively, produce surplus cash for reinvestment and full capabilities. Therefore industries are most situated to this strategy because it creates relationship with the customers. The executive growth strategy- The three customer-focused growth strategies explains the need supporting infrastructure to raise the chance of victorious implementation.
After evaluating the different modes of feedback, the responsibility of marketing managers is to make the appropriate decision to best position the organization to meet the constantly changing needs and wants of consumers. Marketing managers use different tools like sales, costs and performance analyses to make the appropriate decisions and changes to everything from the Marketing Mix to compensation of sales reps to the organizations marketing budget to best meet the needs and wants of its target market. Additionally, control consists of adapting prior plans and decisions to meet the goals and objectives of the organization for the future. This is even implied to anticipate the future goals of the organization and the products and/or services it will offer in the future to maintain or improve its competitive advantage over the competition. 7.
Study the demand elasticity for its products and discuss the availability of close substitutes for its products. How does that affect pricing decisions? Analyze the company’s profitability. Identify the economy or industry influences on its costs, operations, and profitability. Describe the competitive environment in which the firm operates, the distribution of market power, and the strategic behavior of the firm and its competitors.
P4 Market research is any organized effort to gather information about markets or customers. It is a very important component of business strategy. Market research is a key factor to maintain competitiveness over competitors. Market research provides important information to identify and analyse the market need, market size and competition. A marketing plan may be part of an overall business plan.
Plan Market Research BSB-MKG506B Assessment task-3 Plan Market Research Project Submitted to Meridan Assessment Task -3 Plan Market Research Project Use of Market Research for an Organisation Marketing research is the function that links the consumer, customer, and public to the marketer through information. This information is used to identify and define marketing opportunities and problems; to generate, refine, and evaluate marketing actions; to monitor marketing performance; and to improve understanding of the marketing process. Marketing research specifies the information, manages and implements the data-collection process, analyzes the results, and communicates the findings and their implications. Marketing research is concerned