Marketing Exam Study!
Needed for each business, product, or brand
The process that turns marketing plans into marketing actions to accomplish strategic marketing objectives
Set goals >
What do we
want to achieve?
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
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the company’s basic strategies are well matched to its opportunities, marketing strategies and programs become quickly outdated by using a tool such as the marketing audit
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
A marketing philosophy holding that a company’s marketing should support the best long-run performance of the marketing system
Consists of 5 principles
Company should view and organize its marketing activities from the customer’s point of view
A principle of enlightened marketing that requires a company to continuously seek real product and marketing improvements
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
A principle of enlightened marketing that holds that a company should define its mission in broad social terms rather than the narrow product terms
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