Undertaking actions based on a marketing plan can place a company better than its competitors. Preparing the plan requires a few sequential steps, which should be followed for a better plan to follow. A marketing plan contains an executive summary, statement of the current marketing situation, analysis of the opportunities and issues, objectives of the…
Marketing is how companies create value for customers and build strong customer relationships to capture value from customers in return. 5 step process of the marketing framework wherein value is created for customers and marketers capture value from customers in return. Understanding The Marketplace And Customer Needs And Wants. Designing A Customer-Driven Marketing Strategy. Constructing…
A marketer must seek ways of maintaining a balance between his objectives, skills, and resources, and the dynamic environment. Strategic planning helps him to achieve this. Therefore, knowledge of strategic planning, implementation, and control is necessary for a marketer to survive in the changing environment. What is Market-Oriented Strategic Planning? Market-Oriented Strategic Planning is the…
BCG stands for Boston Consulting Group; also called ‘Growth/Share Matrix/ BCG Matrix’; developed by Boston Consulting Group, a world-renowned management consulting firm located in the USA. It is a useful tool for analyzing a diversified company’s business portfolio. In the BCG matrix, SBU(Strategic Business Unit) is a unit of the company that has a separate mission…
A company can project total sales and profits through plans for existing businesses. The projected sales sometimes are less than what management desires. Management usually develops or acquires new businesses to fill up such a gap. This gap is usually arisen out of the strategic planning gap between future desired sales and projected sales. How…
To understand the marketing process, you should first understand business. The marketing process involves planning at three levels: corporate, division, and business. Businesses can be defined as the tasks of delivering value to the market. The delivery is done in such a way that ensures profit for the organization. Two Views of the Value Delivery…
Mission should define the organization line/lines of business, identify it’s products and services, and specify the markets it serves at present and the near future.