Forecasting is estimating future demand by anticipating what buyers are likely to do under a given set of conditions. Forecasting is a difficult task for most products or services. Forecasting is relatively easier for products with steady sales or growth in a stable competitive situation. But most markets lack stable total and company demand. Therefore,…
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…
The task of managing the marketing function starts with a detailed analysis of the company’s situation. For this purpose, the company must make an analysis of its markets and marketing environment to locate opportunities and to avert environmental threats. It must review company strengths and weaknesses, as well as current and possible marketing action, which…
The strategic plan outlines the company’s overall mission and objectives. Marketing plays an important role in helping achieve overall strategic objectives. What Are The Factors Influencing Marketing Strategy? The figure shows the marketing’s role and activities in the organization. The figure shows at a glance the entire marketing process and the forces influencing company marketing…
In addition to evaluating current businesses, designing the business portfolio aims at finding businesses and products the company should consider in the future. For this purpose, management uses a device called product/market expansion grid. What is Product-Market Expansion Grid? The product/ market expansion grid is a portfolio-planning tool for identifying company growth opportunities through market…
Marketing Mix is a blend of marketing variables that determine the level of marketing efforts on the target market. 7Ps of Marketing are derived from the 4Ps of Marketing and 4Cs of Marketing. 7P’s of the marketing mix are – People, Product, Price, Promotion, Place, Process, and Physical Evidence. Companies use the 7Ps to identify…
4Ps of Marketing Mix describes the combination of the 4 inputs, which constitute the core of a company’s marketing system: the product, the price structure, the promotional activities, and the distribution system. 4Ps of Marketing Mix was developed by E. J. McCarthy in his book, “Basic Marketing – A Managerial Approach” in 1960 by. 4p’s…
4Cs of Marketing complements the 4Ps of Marketing. It shows what the each P of the 4Ps of Marketing needs to focus on, To understand the use of 4Ps of Marketing we need to know the 4Cs of Marketing. 4C’s of the marketing mix are; Customer. Cost. Convenience. Communication. Customer Customer or consumer is 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…
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…
General Electric introduced a comprehensive portfolio planning tool called a strategic business-planning grid. Like the BCG approach, it uses a matrix with two dimensions – one representing industry attractiveness (the vertical axis) and the other one representing company strength in the industry (the horizontal axis). The best businesses are those located in highly attractive industries…
The marketing mix is the mixture of controllable marketing variables that the firm uses to influence and pursue the sought level of sales in the target market. It is the tools use to influence or persuade the wants, needs, and demands of the customer for PSI (product, service, or information). In simple terms, the marketing…