It holds that the four ps concept takes the sellers

  • IoBM
  • CBM 4040
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It holds that the four Ps concept takes the seller’s view of themarket, not the buyer’s view. From the buyer’s viewpoint, in thisage of customer value and relationships, the four Ps might bebetter described as the four Cs:4PsProductPricePlacePromotion4CsCustomersolutionCustomer costConvenienceCommunication
Managing the Marketing EffortManaging the marketing process requires the fourmarketing management functions:
Marketing AnalysisThe marketer should conduct aSWOT analysis ,by which itevaluates the company’s overall strengths (S), weaknesses (W),opportunities (O), and threats (T).
Marketing ImplementationMarketing implementationis the process that turns marketingplansinto marketingactionsto accomplish strategic marketingobjectives.Whereas marketing planning addresses:whatwhywhowherewhenhowMany managers think that “doing things right” (implementation)is as important as, or even more important than, “dong the rightthings”(strategy).
Marketing ControlMarketing controlis the measuring and evaluating the results ofmarketing strategies and plans and taking corrective action toensure that the objectives are achieved.Management firstsets specificmarketing goals.Measures itsperformance in themarket placeEvaluates thecauses of anydifferencesbetween expectedand actualperformanceManagement takescorrective actionto close the gapsbetween goals andperformanceFour steps ofmarketing control:
Measuring and Managing Returnon Marketing InvestmentReturn on marketing investment (or marketing ROI)is thenet return from a marketing investment divided by the costs of themarketing investment.It measures the profits generated by investments in marketingactivities.Many companies are assembling such measures intomarketingdashboards─ meaningful sets of marketing performance measuresin a single display used to monitor strategic marketingperformance.
Measuring and Managing Return onMarketing Investment
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