Understanding Marketing and Marketing Process with...

Understanding Marketing and Marketing Process Marketing is the organizational function charged with defining customer targets and the best way to satisfy needs and wants competitively and profitably. Since consumers and business buyers face an abundance of suppliers seeking to satisfy their every need, companies and nonprofit organizations cannot survive today by simply doing a good job. They must do an excellent job if they are to remain in the increasingly competitive global marketplace. Many studies have demonstrated that the key to profitable performance is to know and satisfy target customers with competitively superior offers. This process takes place today in an increasingly global, technical, and competitive environment.†¦show more content†¦This involves four marketing management functions. The four functions are: analysis, planning, implementation, and control a. Marketing Analysis: Marketing analysis involves a complete analysis of the company s situation. The company performs analysis by Identifying environmental opportunities and threats. Analyzing company strengths and weaknesses to determine which opportunities the company can best pursue. Feeding information and other inputs to each of the other marketing management functions b. Marketing Planning: Within each business unit, functional plans must be prepared, including marketing plans. Such plans include marketing plans which are aggregate plans consisting of plans for product lines, brands and markets. Marketing planning involves deciding on marketing strategies that will help the company to attain its overall strategic objectives. A detailed plan is needed for each business, product, or brand. A product or brand plan should contain the following sections :executive summary, current marketing situation ,threats and opportunity analysis, objectives and issues , marketing strategies, action programs, budgets, and controls. c. Marketing Implementation: Marketing Implementation is the process that turns marketing plans into marketing actions in order to accomplish strategic marketing objectives. Whereas marketing planning addresses the andShow MoreRelatedMarketing and Question1102 Words   |  5 Pagestypical marketing mix variables that occur in each stage. Provide an example of a product or service that you feel reflect each stage of the product life cycle and justify your reasoning. New Product Development (Chapter 9) Question 4 List and briefly explain the stages in the consumer decision process. Explain the influences that can impact on the consumer decision process. Use the purchase of a car or phone to demonstrate your understanding. 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