Components of Marketing Management
|✓ Paper Type: Free Assignment||✓ Study Level: University / Undergraduate|
|✓ Wordcount: 374 words||✓ Published: 22nd Jun 2020|
QuestionWhat are components of marketing management?
AnswerThe four main elements of marketing management are market analysis, market planning, plan implementation and market control which complete the process of marketing management within a circle. This allows the manager to evaluate and examine every stage of the campaign, using tools such as completing surveys and further viewing the feedback gained from various customers in order to make any alterations to the previous marketing techniques adopted. These different techniques must be refreshed to give a new identity or look to the brand, more so when the brand has been established and tested for a number of years. Referring back to the four main elements as previously discussed, the main purpose of these stages relates to developing a rapport with customers and potential customers. A particular organisation would then be better equipped to evaluate the impact of their activities and practices, once the marketing environment has been fully understood and results have been obtained. Market Analysis: This refers to researching into a particular organisation’s activities, which may have occurred in the past, present or in the future. Exploring information concerning the competitive social-economic and political environments is crucial in conducting a successful market analysis. A SWOT analysis which identifies areas of strength and weakness is a vital framework to apply. Marketing Planning: This refers to how far an organisation can go to meet its objectives based around their overall mission. Essential considerations for the plan include the product itself, along with placement, promotion and pricing. Plan Implementation and Control: These are probably the most important phases in the marketing plan, since no matter how much effort is put into the analysis and planning phases, the implementation needs to be carried out according to plan with appropriate control. By frequent monitoring and control of the implemented plans, an organisation can gauge the effectiveness of a particular plan, or change it accordingly based on the effects it is having.
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