SECTION A
ANSWER 1..
Marketing management is the analysis, planning, implementation and control of programs designed to create, build, and maintain beneficial exchanges with target buyers for the purpose of achieving organizational objectives.
The various management philosophies are: a. The production concept: This concept is one of the oldest philosophies that guides sellers. The first occurs when the demand for a product exceeds the supply. The second situation occurs when the product’s cost is too high and improved productivity is needed to bring it down. b. The product concept: This concept holds that cosumers will favor products that offer the most quality, performance, and innovative features and that an organization
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The first decision is about the level of marketing expenditures needed to achieve the firm’s marketing objectives. The second Design decision is how to divide the total marketing budget among the various tools in the marketing mix: product, price, place, and promotion.19 And the third decision is how to allocate the marketing budget to the various products, channels, promotion media, and sales areas.
4. Managing the marketing effort. In this step (discussed later in this chapter), marketers organize the firm’s marketing resources to implement and control the marketing plan. Because of surprises and disappointments as marketing plans are implemented, the company also needs feedback and control. Figure 1-9 presents a grand summary of the marketing process and the factors that shape the company’s marketing strategy.
The Nature and Contents of a Marketing Plan
The marketing plan created for each product line or brand is one of the most important outputs of planning for the marketing process. A typical marketing plan has eight sections:
➤ Executive summary and table of contents: This brief summary outlines the plan’s main goals and recommendations; it is followed by a table of contents.
➤ Current marketing situation: This section presents relevant background data on sales, costs, profits, the market, competitors, distribution,
Marketing is the management procedure in which the product or service is moves from concept to the customer. It includes the co-ordination of the 4 P’s of marketing: product, price, placement and promotion. [tutor2u.net]
A marketing plan can be viewed as a roadmap in which an organization navigates through a sequence of steps in order to promote a service, goods, or program (Thomas, 2015) (May, Apr 12, 2012). Therefore, in order to initiate the occurrence of any marketing activity, it is vital to have a marketing plan to follow in the event to create awareness, attract customers, and to gain business (Thomas, 2015). In having a marketing plan, the organization must delineate their marketing initiative through a sequence of designated steps by strategically organizing, marketing activities while defining who will be their targeted potential customers (Buttell, Jan/Feb 2009). In meeting the strategic objectives of a marketing plan, it should
What is marketing? Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods, and services to create exchanges that satisfy both individual and organizational goals. Marketing also include being able to get the goods from the producer to the consumer. The producer is responsible for the design and manufacture of goods. Marketing also includes market research and product development, design, and testing. Marketing concentrates primarily on the buyers, or consumers and determining their needs and desires. Companies then need to stress the availability of products and the important product features. You then need to develop strategies to persuade them to buy and keep their satisfaction with the product. Marketing management includes planning,
Marketing – The process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment.
C. advertising, product promotion, and changes in the real or perceived characteristics of a product
Marketing is the term where companies create their products or services awareness into the market. This goes ahead with identifying the customer’s needs and then working on purpose. The customers found to be in the centre of the whole process as they help in profit making. Marketing techniques can be defined in to different strategies which are:
List and analyze FIVE factors which Marketing Manager can apply as tools in to his /her crafting strategy, formulation and execution
The third table is to outline some of the activities we might find at each stage of the marketing process; this is brief summary of the importance of the different stages.
On the other hand, the managing marketing implementation is the process that helps customers to keep in mind the strengths of the company. In order to accomplish this, three stages are required to be followed such as an analysis of the markets and trading environment, determination of core markets and brand positioning and last, but not least, setting up flexible programmes for implementation. Controlling the marketing plan should include the flexibility of objectives, empowerment for environmental changes and monitoring, in order to allow new opportunities for the business.
Marketing is an essentially about marshalling the resources of the organization so that they can meet the changing needs of the customers on whom the organization depends. As a verb, marketing is all about how an organization addresses its markets. Marketing is “The management process which identifies, anticipates and supplies the customer requirements efficiently and profitability”.
According to Marketing plan is a most important aspect for each business plans today whether the business is on small scale or large scale. A Marketing plan includes expressing the goals of the business, after which an appropriate plan is defined to meet the laid out goals.
Marketing is selling the product goods and service by knowing the needs and wants of the customer and consumer (Kotler P, 2009). Marketing Management expertise has capable of knowing the change of an organisation to manage both the internal and external challenges of environment (Cant M C, et al, 2009). A company needs to classify the customer needs and identifies the demand of the supplying
American Management Association: Marketing (management) is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services to create exchanges that satisfy individual and organisational goals.