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- Marketing planning and implementation are closely linked in successful companies. The plan provides a framework to stimulate thinking and provide strategic direction. Describe the major components of a marketing plan. Which component do you think is most important? Why? Provide specific evidence to support your reasoning.How do the goals set for a marketing program in the planning phase relate to the evaluation phase of the strategic marketing process?Explain the three steps of the planning phase of the strategic marketing process. deviations from plans
- Develop a brief marketing plan for the event of your choice. Make sure to identify the competitive advantages, target market(s), strategies, tactics, budgets, and schedule and evaluation methodologies. Describe how you will increase your marketing performance through creative and innovative tactics.Comment on the essential nature of marketing planning and strategy formulation. Illustrate your answer using a basic Marketing Plan with appropriate industry product or service analogiesOne major reason for undertaking marketing research is to identify market opportunities. Once the research is complete, the company must measure and forecast the size, growth, and profit potential of each market opportunity. With regards to the above information examine how demand can be estimated in a market.
- What is required in a good marketing strategy statement?Discuss the four marketing management philosophies and highlight how both the market orientation (marketing concept) and the societal marketing orientation are the most effective (more customer-driven).The four marketing management philosophies are product orientation, sales orientation, market orientation, and societal marketing orientation. List the three pre-requisite elements (Focusing on customers wants and needs, Integrating all the organization's activities to satisfy what customers wants, Achieving long term goals for the organization by satisfying the customers wants and needs) for the marketing concept to exist and for the company to succeed. Watch the video on "Costco CEO: High Wages, High Volume Drive Results for Costco Shareholder" https://www.youtube.com/watch?v=qC8Abk2atrM and reflect on the Costco's successes and the value of their Kirkland brand. Is Costco's successes because of their large membership base (how many?)? low-prices? customer-oriented employees? the…5. Identify and analyze specific marketing strategies used by companies. Develop criteria by which you would assess the effectiveness of these strategies, taking into account their alignment with business goals.
- If the Company have no marketing strategy, explain the following consequence that might affect to their goals, mission and objectives. a) Losing out to competitors b) Losing market share to existing and start-up competitors c) Gaining and retaining fewer customers d) Missing out on opportunities for better targeting e) Lack of planning and discourage to execute good ideas. f) Easily collapse g) No direction in attaining the company’s goals and objectives h) Lack of managementwhat are the steps involved for making a good strategic Marketing Planning ?Make a narrative statement for the outline of the Strategic Marketing Plan.