X hits on this document





6 / 44

Marketing Exam Study!

    • Needed for each business, product, or brand

  • Implementation

    • The process that turns marketing plans into marketing actions to accomplish strategic marketing objectives

  • Control

Set goals >


performance >

What do we

What is

want to achieve?





Take corrective

performance >

action >

Why is it

What should we


do about it?



  • The process of measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are achieved

  • Four steps involved in showing the marketing control

    • o

      FIG 2.7

  • Operating control involves checking ongoing performance against annual plan and taking corrective action when necessary, it’s purpose is to ensure the company achieves the sales, profits, and other goals set out in its annual plan

  • Strategic control involves looking at whether the company’s basic strategies are well matched to its opportunities, marketing strategies and programs become quickly outdated by using a tool such as the marketing audit

    • o

      Marketing audit is a comprehensive, systematic, independent, and periodic examination of a company’s environment, objectives, strategies, and activities to determine problem areas and opportunities and to recommend a plan of action to improve the company’s marketing performance

Enlightened marketing

  • -

    A marketing philosophy holding that a company’s marketing should support the best long-run performance of the marketing system

  • -

    Consists of 5 principles

    • o

      Customer-Oriented Marketing

      • Company should view and organize its marketing activities from the customer’s point of view

      • o

        Innovative marketing

        • A principle of enlightened marketing that requires a company to continuously seek real product and marketing improvements

      • o

        Value marketing

        • A principle of enlightened marketing that holds that a company should put most of its resources into value-building marketing investments

        • Things like one shot sales promotion, minor packaging changes, advertising puffery – may rise in short run sales, but in long run, try to change product’s quality, features, or convenience

        • Enlightened marketing calls for building long term customer loyalty

      • o

        Sense-of-mission marketing

        • A principle of enlightened marketing that holds that a company should define its mission in broad social terms rather than the narrow product terms

Downloaded for free at www.uofgexamnetwork.com


Document info
Document views199
Page views213
Page last viewedTue Jan 17 11:22:16 UTC 2017