Effective Marketing Strategies and Implementation
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The marketing function is to identify unmet needs and desires, to define and measure their magnitude, determine the target market that the organization can best meet, and launch products, services, and appropriate programs to serve these markets.
The Marketing Mix - 4 Variables (P's)
- Product: Product line, quality, brand, and packaging
- Price: Basic price, deals, discounts, and credits
- Promotion: Advertising
- Place: Service channels
Administration of Marketing: Four Stages
1. Analysis of Marketing
The management of the marketing function begins with a thorough analysis of the company's situation. The marketer should conduct a SWOT analysis, with which it assesses the strengths, weaknesses, opportunities, and threats.
The company must analyze its markets and marketing environment to find attractive opportunities and identify environmental threats. It should analyze its strengths and weaknesses, as well as its current and potential marketing activities, to determine which opportunities to pursue.
2. Marketing Planning
Through strategic planning, the company decides what it wants to do with each business unit. Marketing planning involves deciding which marketing strategies will help the company achieve its overall strategic objectives.
A marketing strategy consists of specific strategies for target markets, positioning, the marketing mix, and levels of spending on marketing. It summarizes how the company intends to create value for target customers to capture value in return. In this section, the planner explains how each strategy responds to threats, opportunities, and key issues described earlier in the plan.
3. Implementation of Marketing
The implementation of marketing is the process that turns marketing plans into action so that strategic marketing objectives are achieved. While the marketing plan is concerned with the what and why of marketing activities, the implementation deals with who, where, when, and how.
Successful marketing implementation depends on how the company combines its staff, organizational structure, reward and decision systems, and corporate culture into a cohesive program of action to support its strategies.
4. Marketing Control
Marketing control involves assessing the results of the plans and marketing strategies and adopting corrective measures to ensure that goals are achieved.
Marketing Control: Four Steps
- Administration: Provides specific marketing goals.
- Performance measurement: A comparison with the results and the market.
- Assessment: Assesses the causes of any differences between goals and actual performance.
- Correction measures: Take steps to close the gap between goals and performance.
Operational Control
Operational control involves constantly comparing company performance against the annual plan and taking corrective action when necessary.
Strategic Control
Strategic control involves assessing whether the company's basic strategies have a good match with its opportunities.
Customer Relationship Stages
Pre-Sale
Conditions, contingency planning, accounting, and manuals.
Sale
Delivery time, sending corrections, state of the property, replacement of defective products, and stock availability.
After-Sales
Support for use, repair, returns, customer complaints, and return of the package.