MARKETING

Marketing



Marketing

Q1. Identify and briefly describe stakeholders who may participate in the marketing planning process?

Following are the main stakeholders who can make participation in the marketing planning process of a company.

Senior management

They want to assume the management of the company and also generate certain expectations about it ((Appia, 1999, p. 26). They are perhaps the part that the company may identify itself as a relationship manager node. Their interest with the company is to gain the profit from the company.

3. Employees and workers

As the main asset of the organization and certainly one of the stakeholders closest to the organization, CSR requires them to provide a fair, scrupulously respecting their rights as individuals and labour law enforcement (Moorman, 1999, p. 180). Beyond this, responsible management of HR evaluates and rewards the contributions of each member of the organization and provides, beyond the professional, the cultivation of all aspects of the person.

Q2. Briefly explain the process of developing a marketing mix.

Following is the process of developing a marketing mix:

1) Product - Defining the features of the products, and the main purpose of the product. It depends on the direction of cash flows, its assessment and prediction. The range may vary according to three approaches: vertical, horizontal and complex. Vertical changes in the range represent the beginning of production, previously purchased from other producers, as well as promoting its own brand in the network (Hooley, 1999, p. 259).

2) Price - This is the second step in which the price of the designed product is specified. Indeed, to determine the price of any commodity essential performance features of its implementation is a demand for similar products, the sensitivity of purchasing power, competitiveness, and the level of costs associated with its production and sales.

3) Place - This is the selection of the place where the product will be distributed. Place can be performed by the enterprise, and with the involvement of resellers. These include wholesalers and retailers, distributors, brokers, dealers, various agents, etc.

4) Promotion - It is the creation of the strategies through which the product will be advertised (Homburg, 2000, p. 449). All these strategies are aimed at the promotion of goods by encouraging the activities of merchants, brokers and, of course, customers. They consist in carrying out various activities, contests, lotteries, providing all kinds of gifts, discounts, credit privileges, etc. Their aim is not only an increase in sales and image creation for new products, but also the promotion and strengthening the image of a brand.

Q3. Identify the typical contents of a briefing to marketing planning stakeholders prior to implementation.

Before implementing the marketing plan and strategies, it is necessary to provide the briefing to the stakeholders. Stakeholders should be aware of their roles and responsibilities in the implementation process (Capon, 2004, p. 105). In order to provide the briefing of the marketing plan to the stakeholders before implementing, following contents are necessary:

1) The Promotional tools: The stakeholders must be aware of the different promotional tools used for the promotion of the ...