Table of Contents
Companies influence the perception of customers through marketing orientation. Customers are attracted to products based on how good they think the product is (Ferrell, 2016). Many organizations ensure that their brand is seen as being the best. With this regard they achieve their objective of reaping the best benefits from the market.
Contribution of Marketing principles
The only for organizations to succeed in business is to have sound marketing principles. These principles help the organization in conducting effective planning (Ferrell, 2016). The organization are able to apply the right strategy when planning is effective. The organizations apply creativity in an effort to capture customer attention.
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Reasons for integrating the marketing function
There are several reasons for integrating marketing functions. Marketing functions include corporate marketing, product management, product marketing, field marketing among others. Corporate marketing sets and enforces the brand standards (Ferrell, 2016). Product management articulates innovations. The other reason for integrating the market function with other functions is that the marketing programs and campaigns are made easy.
Developing a marketing mix
A marketing mix might include what is termed as the 4 Ps of production (Bowman & Gatignon, 2010). That is price, promotion, place, and product. The 4 Ps are determined by customer convenience, customer support and willingness to buy, and effective communication (Bowman & Gatignon, 2010). All these factors must be considered when developing a product mix.
The role of market segmentation and the determination of marketing objectives
The achievement of Goals and Objectives of any organization are determined by how well planning is done (Lovelock & Wirtz, 2016). Objectives have cascading ramifications for every aspect of planning. Objectives and targets serve to; Gage and report execution of organization’s progress, improve performance and accountability. Managers build up a methodology for understanding the vision and mission of the organization based on the different sectors/segments of the company. Their prosperity and advancement in accomplishing the vision and mission will be determined by how well each sector performs.
Resources require for developing a market strategy
The resources needed include personnel, financial capital, market information, a timeline of operation schedules among others. marketing involves personnel across the entire organization. Managers must ensure that everyone supports the marketing plan (Hollensen, 2017). The timeframes that support the implementation schedule must be identified.
Accurate budgets are inevitable in the implementation of strategies (Hollensen, 2017). There should be enough information to aid in the understanding of the various tasks required to be undertaken in the organization.
Contribution of Marketing strategies in achievement of organization’s objectives
Marketing strategies assist the association to be what it tries to be. For instance, there are five statement of purpose objectives in the areas of value, duties, responsibilities, productivity, and freedom. Along these objectives are regularly set for the association. They determine the general performance of the organization. The marketing strategies see to it that all these objectives are achieved.
Identifying the objectives of marketing strategies
In the identification of marketing strategies, planners should refer to the vision, mission and goals of the organization. The marketing principles set the phase for the set objectives and targets. They depict some expansive arrangement of objectives. That is, what the association tries to look like later on. This is what determines its objectives (Hollensen, 2017). In any case, unless the association comprises of just a solitary individual, there are ordinarily many sectors. Each sector has its own goals which add up to the overall objectives of the organization.
Implementing marketing strategies
The implementation of marketing strategies requires a deliberate strategic marketing design lined up with the central business development procedures. This is achieved by executing the projects suggested. Implementation needs a wide viewpoint, which is one key preferred standpoint of working with prepared officials from within and outside the organization.
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Reasons for reviewing marketing strategies
Determination of the areas of the marketing strategy to modify, as well as whether the organization’s meet the needs of customers and stakeholders, are some of the primary reasons why companies evaluate the marketing strategies. Marketing strategies should be reviewed to ensure that the organization is moving in the right direction. For instance, there are some useful sectors like bookkeeping that help in determining how the marketing strategies are adding to the achievement of the association’s objectives and goals (Ferrell, 2016). They help in keeping track of all transactions and service delivery. The overall effect is efficient monitoring of the organization’s progress.
As organizations increasingly strain to determine their return on investment (ROI) on their exercises, evaluation of marketing strategies helps in controlling spending (Ferrell, 2016). Evaluation additionally features how marketing strategies add to, and supplements, activities in different sectors of the association.
- Bowman, D., & Gatignon, H. (2010). Market response and marketing mix models: Trends and research opportunities. Boston: Now.
- Ferrell, O. C. (2016). Marketing strategy. S.l.: Cengage Learning.
- Hollensen, S. (2017). Global marketing. Harlow: Pearson Education Limited.
- Lovelock, C. H., & Wirtz, J. (2016). Services marketing: People, technology, strategy. Hackensack (NJ: World Scientific.