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SIMPLIFIED MARKETING MANAGEMENT
Business today is under attack not from competitors but from the different factors in the environment. Changing economic factors, shifts in political balance among nations and even within nations create enormous problems in the market place. New technology makes products and production processes obsolete. Changes in social customs and tastes lead to disappearance of markets. The business environment is a harsh, unrelenting arena and those in charge of marketing management must work doubly hard to meet these challenges.
However, while the business environment is often harsh and unyielding, it is at the same time a continuing wellspring of marketing opportunities. New markets are created, ongoing market flourish depending on how vigorously companies interact with the ever-changing environment.
The business environment is at once both threat and opportunity. The trick is in the businessman’s ability in sniffing out trends and anticipating, before competitors do, where the wind blows next.
|language || ||english
|wordcount || ||36935 (cca 105 pages)
|contextual quality || ||N/A
|language level || ||N/A
|price || ||free
|sources || ||6
Table of contents
Business/ Market Environment
Functions of Marketing
Needs, wants, and Expectations
Standards for Judging Marketing Effectiveness
Segmenting the Market
Need & Demographic Segmentation
Behavioral, Price, and Industrial Segmentation
Marketing Functions of the 4Ps
Assembling the Marketing Mix
Diagnostic Marketing Mix
Function of Price
Advertising & Promotion
Sales Promotion Strategy
Price and Promotion Strategy
Preview of the essay: SIMPLIFIED MARKETING MANAGEMENT
FUNCTIONS OF MARKETING
Marketing has often been misunderstood. One of the most common misconceptions is associating “marketing as selling”. While selling is an important activity of marketing and is a central function in daily business operations, marketing is not selling.
Another misconception – “marketing equals advertising” is often reinforced when some companies spend their huge advertising budget. A related pitfall is for a misinformed executive to jump to mass media advertising without the understanding of the prerequisites as well as constraints of mass media advertising.
While advertising g is a very important element in marketing, the fact is that advertising, like selling is merely a part of the many functions of marketing. The other functions of marketing are: marketing research, product planning, pricing, distribution, customer service, and promotions (which include advertising, public relations, selling, and sales promotions).
The function of advertising is “to inform and to persuade.” For a company selling industrial products such as machineries to a defined number of clients within a defined geographical location, the function of selling as well as advertising, i.e. to inform and to persuade, is a responsibility of the sales force ...
... report must be submitted to management as soon as all the data are in place. If data needed may take a longer period of time to be compiled and analyzed, a preliminary report is usually submitted to keep management updated of development. Normally, a post-promotion meeting is held to evaluate the good things as well as the “:room for improvements” of the project. Knowing the areas for improvements is one thing. The others are willingness to change plus a commitment to excellence.
There are at least four ways to evaluate sales promotions, the most popular of which is through sales and market analysis. Other types of evaluation consist of consumer panel data, consumer surveys and experiments.
Sales and Market shares Analysis.
The most common practice is to look at comparative sales and market shares figure, during and after the promotion duration. The sales volume and market share involved should be higher than prior to the promotion duration. It is the sales volume long after the promotions duration that is critical as sales promotions aim to go beyond simply increasing sales and market shares over the promotion duration. This is to consider the usual drop in sales immediately after the promotion period because of additional stocks purchased usually taken advantaged of by wholesalers and retailers. A trend towards permanent increase in sales and market shares after the promotions period is most ideal. This makes the whole promotions effort more profitable for the firm.
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