into an integrated marketing program designed to achieve the company’s marketing objectives by delivering value to customers The four Ps concept takes the seller’s view of the market, not the buyer’s viewFrom buyer’s viewpoint, in this age of customer value and relationships, the four Ps might be better described as the four Cs:oCustomer solutionWhereas marketers see themselves as selling products, customers see themselves as buying value or solutions to their problems oCustomer costMarketers set prices, but customers are interested in total costs to them of obtaining, using, and disposing of a product oConvenienceCustomers want the product and service to be conveniently availableoCommunicationToday’s consumer demands communication from marketers Managing the Marketing EffortCompanies need to pay attention to the managementManaging the marketing process requires the four marketing management functions: analysis, planning, implementation, and controloCompany first develops company-wide strategic plans and then translates them into marketing and other plans for each division, product, and brand oCompany turns the plants into actionsoControl consists of measuring and evaluating the results of marketing activities and taking corrective action where needed oMarketing analysis provides information and evaluations needed for all of the other marketing activities
Marketing Analysis Managing the marketing function begins with complete analysis of the company’s situationMarketer should conduct a SWOT analysis, by which it evaluates the company’s overall strengths (S), weaknesses (W), opportunities (O), and threats (T) oStrengths include internal capabilities, resources, and positive situational factors that may help the company service its customers and achieve its objectives oWeaknesses include internal limitations and negative situational factors that may interfere with the company’s performance oOpportunities are favourable factors or trends in the external environment that the company may be able to exploit to its advantage oThreats are unfavourable external factors or trends that may present challenges to performance Goal is to match company’s strength to attractive opportunities in the environment, while eliminating or overcoming the weaknesses and minimizing the threats Market Planning Market planning involves deciding on marketing strategies that will help thecompany attain its overall strategic objectivesDetailed marketing plan is needed for each business, product, or brand Plan begins with an executive summary that quickly reviews major assessments, goals and recommendationsMain section of plan presents a detailed SWOT analysis of the current marketing situation as well as potential threats and opportunities The plan next states major objectives for the brand and outlines specifics of a marketing strategy for achieving them Marketing strategy consists of specific strategies for target markets, positioning, the marketing mix, and marketing expenditure levels
oOutlines how the company intends to create value for target
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