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Priciple of Marketing - Book Report/Review Example

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Principles of Marketing Marketing is the key behind the success of any organization. A proper and good marketing plan not only helps any organization to be profitable but also at the same time help the organization reach out to the common people across the country and understand their needs, Based on a successful marketing campaign, an organization can develop its future goal and strategies to be on the profit road…
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Priciple of Marketing

Download file to see previous pages... Elements of a Marketing plan: According to Lamb et.al. (2010), a marketing plan can be defined as a process of anticipating different events of the future as well as to determining strategies to achieve the objective of the organization. According to their point of view, there are 7 different elements related to marketing planning. These are segmentation, competitive analysis, marketing goals and measurements, planning-budgeting, timeline. Differentiated Points of Value (by segment) and Messaging and Positioning (by segment). According to their point of view, SWOT analysis as well as marketing mix also associated with the effective marketing plan. Segmentation – For the effective marketing plan, a proper segmentation is absolutely necessary. An effective and proper segmentation is always helpful to design products for the customer and also able to capitalize the market opportunities. Competitive Alternatives –With the help of competitive analysis organizations are able to figure out the competitive products that other companies are launched in the market to gain the market penetration.  The main objective of this section is to help the organization to figure out what really differentiates one organization offering offering from others in a common marketplace. These are broadly the macro elements. Differentiated Points of Value (by segment) – For each segment of the market ,This parameter helps to find out what are the top 3 or 4 differentiators that the organization offering has versus its competitor. This point is not only about technology or features of the product . It includes parameters like pricing, delivery options, ease of use,  time to value, etc. Messaging and Positioning (by segment) – This parameter is based on the previous section. On the basis of segmentation analysis, messaging and positioning creates a set of strategy for each market segment.  Marketing Goals and Measures: Marketing goal is the main part of the marketing plan.based on the goal, mission and vision of the organization, organization have to design their marketing plan and must ensure that the marketing goal of the organization is fulfilled. To ensure that the marketing plan is effective, continuous measurement of the marketing plan is absolutely necessary. Tactical Plan, Budget, Owners – Based on the above goals and measurement of the marketing plan organization have to set their tactics, budget.  The tactics are again subdivided into separate items of work (for example a tactic such as a webinar might include different parts like creating the invite list, writing/designing the mailer, sending the invite, creating the webinar content, etc.) and assigned each part to a responsible person for proper monitoring of the same. Timeline- After developing tactics, organization needs to break those sub parts into timeline to ensure that all the objectives are achieved within stipulated time. (Lamb, et.al, 2010, 15-17). Marketing Strategy: Marketing is the integral part of any organization’s success. To achieve marketing excellence, every organization needs to have an effective and well thought out marketing strategy. According to ...Download file to see next pagesRead More
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