Answer Sheet Marketing Management

In the context of global expansion and competition of numerous businesses, effective marketing management is one of the key factors of success, playing an essential role in obtaining competitive advantage. Hence, the success of a company is determined by its ability to identify customers’ needs and offering products and/or services to satisfy them.

Overview of contemporary marketing, emphasizing the management of the product/service, price, promotion and distribution areas of an organization within a changing environment.

This is the pricing of different products within the same product range at different price points.

* Management must develop a strategic management plan. The purpose of the strategic marketing plan is to fit between the organization’s objectives and resources and its changing market opportunities so it is beneficial for

* Management must develop a strategic management plan. The purpose of the strategic marketing plan is to fit between the organization’s objectives and resources and its changing market opportunities so it is beneficial for the company.

Lastly, they need to evaluate the process to make sure the strategy is successful. With the strategic plan in place, marketers can then focus on creating a marketing plan. The marketing plan should consist of an Executive Summary, Situation Analysis, SWOT for each product line, Marketing Goals and Objectives, marketing Strategy, Marketing Implementation and Evaluation and Control. There are many parallels in how the strategic plan and the marketing plan are

A good and successful marketing plan should include a marketing strategy, mission statement, a SWOT analysis, an implementation and evaluation plan, and the main objectives of the marketing campaign. The objectives include the sales expectations of the campaign. The plan should also be able to define the businesses’ ideal customers, which will help in acquiring new customers and maintaining the existing ones. The marketing plan should also analyze and define the target territory geographically. The plan should also be able to identify the main competitors, and help the business in understanding how they function and operate.

Marketing plan is a business document that describes the marketing environment, outlines the marketing objectives, analysis current position

Strategic marketing planning is the process that the operational and managerial staff of a company goes through to create and implement effective marketing strategies. Strategic marketing planning takes several aspects of company marketing and promotion into consideration.

something else. A business can use a variety of pricing strategies. The price can be set to maximize profitability Businesses may benefit from lowering or raising prices. Pricing depends on the needs and behavior of customers. Business need to find what pricing will make them successful business.

Strategic marketing planning is indispensable to businesses to seize opportunities and optimise benefits from the market. This will help eWastec in gaining a clearer understanding of consumer behaviour, promoting and exchanging values with stakeholders, typically consumers, consequently accomplishing objectives and bringing the company prosperity (American Marketing Association, 2017).

(Figure 1). This continuum helps describe how pricing methods can best be used to address particular pricing issues based on the level of competition needed to be considered and the depth of pricing knowledge needed.

To be successful in business, "a consumer does not buy a whole of physical components of the product but it is usefulness, function, satisfaction of consumer's needs, solving the problem, etc" (Dubrouski, , p.1). "That is why the product is a whole of tangible and intangible components which means satisfaction of consumer's needs and desires, solving the problem"(Dubrouski, p.1). Companies and managers must learn to utilize marketing research, as well as, strategy skills to fulfill customers' satisfaction. Management has to focus on exclusive marketing challenges presented by the new era of the 21st century. Management has to be able to utilize inventive, dominant, and cost effective marketing techniques that will support the future success of the organization. Companies must meet,"the increasing importance of services as part of a product (offer, offering package) which cannot be neglected" (Dubrouski, p.1). Exploring the purpose of market research, as well as, evaluating the importance of such research, facilitates managers in realizing the importance of marketing to an organization's success and to be globally competitive.

Pricing strategy, a very critical component of the marketing mix. Price is usually an important factor affecting the success of the transaction, but also the most difficult to determine the marketing mix of factors. The goal of enterprise pricing is to promote sales and profit. This requires enterprises to consider both the cost of compensation, but also to consider the ability of consumers to accept the price, so that the pricing strategy has a bidirectional decision-making characteristics of buyers and sellers. In addition,

A strategic marketing plan focuses on the goals, objectives, strategies and strategies related to the goals. Goals are comprehensive and it provides the general guidelines on how the marketing organization wants to achieve, such as an expanded market segment (Kotler et al, 2013). Objectives are tied up together with target goals and provide further specific, determinate results - for example, an increase in the market share of a specific geographical area for a particular product, with a certain amount