Data Mining Techniques: For Marketing, Sales, and Customer Support - Essay Example

? Marketing Management Institute Marketing Management Strategic marketing planning for any company can sometimes be complex. Strategic planning today often requires collaboration with other firms while carefully observing other competitors. The process of planning is usually similar a number of ways. This is because the objectives of the issues involved can have resemblance. Whether large or small, most marketers if not all, always struggle to meet customer requirements and at the same time meeting their own commercial and marketing objectives. The marketing planning process needs the harmonization of open- based decisions at the peak of the commercial level with more closely distinct actions at the bottom. At the apex are vital corporate decisions dealing with the firm's mission, visualization, goals, and the allocation of resources in the midst of business units. Planning at this stage involves decisions concerning the divestment of the business units themselves. These decisions drop down the corporate constitution to the business-unit level, where planning is mainly focused on achieving the objectives inside defined product markets. Planning at this stage must consider and be regular with decisions prepared at the corporate level. However, single business unit organizations, corporate and business unit approach are the same. Crucial planning and decision making usually originates at the bottom of the structure. It is at this stage where firms put into operation the planned decisions regarding marketing strategy as well as marketing plans. This report seek to identify the role of marketing during strategic planning in building profitable customer relations. Also, it will highlight on negative impacts of a biased marketing plan. For a long time now, managers and academics have tried to differentiate productive from unproductive companies. The answer lies in the firm’s ability to bring greater customer significance, thus outperforming the competitors in the view of the customer. Within the limitations of corporate and  business strategy, strategic marketing is the instrument for making choices with regard to the client value for a target audience. By the use of segmentation and positioning, strategic marketing assist in targeting a company's marketing tools to achieve the market and marketing objectives formulated. Kotler defines Customer value as customers' feelings about the products received from a firm including the risks related to that product. The key point is the identification of opportunities for consumer value. It also involves the process of analyzing the external and internal company atmosphere. The intention is to improve opportunities for value formation and counter threats that may expose the use or authority of the present value generators in the future. The recognition and assessment of means to value creation are also fundamental as it is the capability to devise and realize plans based on the value invention decisions (Kotler, 2009). The Role of Marketing The planning process begins with an examination of the firm's internal and external entities creating a situation analysis. Based on a comprehensive review of these applicable issues, the firm establishes its operation, strategy, objectives, and more than a few functional plans. Planning efforts pertaining each functional area will generate strategic plan for that area. Although it is pertinent to note that the processes apprehended with developing a customer-oriented marketing strategy and marketing plan, should pressure that firm to develop effective marketing plans that are conversant with the business's goals. Senior management must synchronize these functional plans in a way that will achieve a firm’s mission and business objectives. The Marketing Plan is a written document providing the layout of the firm’s marketing activities that involve execution and control of those proceedings. A marketing plan generates a number of purposes. For one, the marketing plan distinctively depicts how the firm will achieve its goals. This aspect of marketing planning is essential. In this sense, the marketing plan serves as the “roadmap” for executing the marketing strategy. Although the focus is on marketing planning and strategy, we cannot highlight enough that marketing decisions must be executed within the limits of the organization’s overall mission, goals, and objectives. The sequencing of decision levels depicted in the following areas starts with expansive decisions concerning the organizational mission, followed by a discussion of the business-unit strategy. The strategic marketing process targets building profitable customer relationships. This relationship cannot be established without an in-depth analysis and understanding of the customer. The following has to be taken into consideration: Identifying Marketing Opportunities and Customer Needs This is a starting point for developing marketing strategies. This is where key points are highlighted: Who are the potential competitors and what is their strength? How satisfied are the customers? Are there any unmet consumer wants? How are consumers likely to perceive a firm’s products in relation to the competitors’ products? Market research can assist answer these key issues. Developing and Implementing Market Strategies In order for a firm to gain entirely from provided opportunities in the marketplace, they should build up an effective marketing strategy with an efficient marketing mix. Good marketing research should assist in recognition of a distinct marketing mix that is most efficient so as to exploit customer relation hence profits Evaluating Effectiveness of the Plan A firm should construct a marketing program, which will seek to deliver quality value. This can be done by getting feedback from customers and taking corrective actions with elements of products or services that need fixing. Controlling is an important element of the planning process, and another area in which marketing research provides solutions. Creating Customer Delight This is the concluding section of the marketing plan. It depicts how the recognized results can be controlled to create customer delight. Marketing control involves establishing routine standards and analyzing performance by differentiating it with the provided standards while captivating correct procedures to reduce the difference between preferred and actual presentation. Performance standards should be tied back to the objectives affirmed earlier in the plan. These qualities can be observed with the increase in sales volume, and profitability, or even advertising quality such as brand acknowledgment or recall. In spite of the standard preferred, all performance standards must be settled upon before the results of the plan can be assessed. The financial appraisal of the marketing plan is also a significant module of evaluation and control. Estimates of costs and revenues determine financial projections. In reality, budgetary considerations take part in the role of recognition of alternative strategies. The financial realities of the firm must be monitored fully. A marketing plan should also contribute to a positive social responsibility. A marketing plan that ignores social responsibility or silent about ethical requirements, risks ethical breakdowns and damage the reputation of the firm. Therefore, it is important for a firm to initiate a sound Marketing plan that will capture customer value. Reference Armstrong, G., Kotler P., Harker, M., and Brennan, R., Marketing an Introduction, Pearson Education Limited: Harlow Essex. 2009 Gilbert A. Churchill, Jr. Journal of Marketing Research. Vol. 16, No. 1 (Feb., 1979), pp. 64-73: American Marketing Association Michael J. Berry & Gordon Linoff. Data Mining Techniques: For Marketing, Sales, and Customer Support. John Wiley & Sons, Inc. New York, NY, USA ©1997 Kaj Storbacka, Tore Strandvik, Christian Gronroos, (1994) "Managing Customer Relationships for Profit: The Dynamics of Relationship Quality", International Journal of Service Industry Management, Vol. 5 Iss: 5, pp.21 – 38. 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