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Main article: Marketing plan The Marketing Metrics Continuum provides a framework for how to categorize metrics from the tactical to strategic.
If the company has obtained an adequate understanding of the customer base and its own competitive position in the industry, marketing managers are able to make their own key strategic decisions and develop a marketing strategy designed to maximize the revenues and profits of the firm. The selected strategy may aim for any of a variety of specific objectives, including optimizing short-term unit margins, revenue growth, market share , long-term profitability, or other goals.
After the firm's strategic objectives have been identified, the target market selected, and the desired positioning for the company, product or brand has been determined, marketing managers focus on how to best implement the chosen strategy.
Traditionally, this has involved implementation planning across the "4 Ps": product management , pricing at what price slot does a producer position a product, e. Taken together, the company's implementation choices across the 4 P's are often described as the marketing mix , meaning the mix of elements the business will employ to " go to market " and execute the marketing strategy.
The overall goal for the marketing mix is to consistently deliver a compelling value proposition that reinforces the firm's chosen positioning, builds customer loyalty and brand equity among target customers, and achieves the firm's marketing and financial objectives. In many cases, marketing management will develop a marketing plan to specify how the company will execute the chosen strategy and achieve the business' objectives.
The content of marketing plans varies for each firm, but commonly includes: An executive summary Situation analysis to summarize facts and insights gained from market research and marketing analysis The company's mission statement or long-term strategic vision A statement of the company's key objectives, often subdivided into marketing objectives and financial objectives The marketing strategy the business has chosen, specifying the target segments to be pursued and the competitive positioning to be achieved Implementation choices for each element of the marketing mix the 4 P's Project, process, and vendor management[ edit ] More broadly, marketing managers work to design and improve the effectiveness of core marketing processes , such as new product development , brand management , marketing communications , and pricing.
Marketers may employ the tools of business process reengineering to ensure these processes are properly designed, and use a variety of process management techniques to keep them operating smoothly.
Effective execution may require management of both internal resources and a variety of external vendors and service providers, such as the firm's advertising agency.
Marketers may therefore coordinate with the company's downloading department on the procurement of these services. Under the area of marketing agency management i.
Reporting, measurement, feedback and control systems[ edit ] Marketing management employs a variety of metrics to measure progress against objectives. It is the responsibility of marketing managers to ensure that the execution of marketing programs achieves the desired objectives and does so in a cost-efficient manner.
Marketing management therefore often makes use of various organizational control systems, such as sales forecasts , and sales force and reseller incentive programs, sales force management systems , and customer relationship management tools CRM. Some software vendors have begun using the term marketing operations management or marketing resource management to describe systems that facilitate an integrated approach for controlling marketing resources.
In some cases, these efforts may be linked to various supply chain management systems, such as enterprise resource planning ERP , material requirements planning MRP , efficient consumer response ECR , and inventory management systems. Marketing Management with MyMarketingLab. Groothandel — Be.
Marketing Management in China. Pearson Education Centre.
Principles of Marketing
B2B Brand Management. Journal of Macromarketing , vol. Journal of Public Policy and Marketing, May How can a place correct a negative image? Place Branding , vol. John Wiley And Sons Ltd.
Country as brand, product, and beyond: A place marketing and brand management perspective. Journal of Brand Management , vol. Long Range Planning, vol. From market driven to market driving.
European Management Journal, vol. New York: The Free Press. Boston: Harvard Business School Press. Marketing for Hospitality and Tourism. Pearson Education. Nashville, TN: Abingdon Press. Turbo Marketing Through Time Compression. Journal of Business Strategy , vol. From mass marketing to mass customization.
Marketing for Health Care Organizations.Social Marketing: Changing Behaviors for Good. Customers who viewed this item also viewed. site Prime Music Stream millions of songs, ad-free.
72 Marketing Definitions
Venkatesh Certified downloader , Proddatur 9 Jun, Marketing can also become a feedback loop between an organization and its customers and prospects that helps to inform and shape the business going forward.
Ideally, a firm's positioning can be maintained over a long period of time because the company possesses, or can develop, some form of sustainable competitive advantage.
Good healthy debate causes tension and moves your group forward. Sage Publications Inc. Management Science — Management , vol.
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