Questions

Marketing

Marketing

Q1:

The stakeholders need to be taken on board when developing and planning a marketing plan. For one thing, this marketing plan will affect all the activities of organization and create a multiplier effect. It will also directly affect each of the stakeholders' performances and/or results. The stakeholders which can be included are broadly classified into two. Internal and external. Internal stakeholders include the employees of marketing departments, managers from other departments, operation staff, top management, board of directors, customers, legal department, advertising department. While external stakeholders can include, advertising agencies, regulators, shareholders, social activist groups etc. Q2:

There are several processes proposed by theorist. However, there is no single cap which fits all. So it depends on the nature of business and objectives it seeks from the target market that sill describe the best way to develop the marketing mix. Some pre-requisites and fundamentals remain same no matter what method is used. Perhaps most important of them is that, before developing the marketing mix, company needs to set its marketing strategy. Once the marketing strategy is set, then it needs to plan its marketing mix in detail. The marketing mix is the set of controllable, tactical marketing tools that the firm uses to gain the required response from the market. Whatever can factor can help create demand for its product is included in the marketing mix. These factors, when collected and classified shrink into a group of four variables. Which are product, price, place and promotion? These are also known as “4 Ps” (Kotler&keller, 2007, 102-3).

The process of developing starts with thinking in terms of four Ps, asking the question that what bled of these four Ps will create the desired effect in the market. Then each P is determined and the way in which it will be added in the final marketing mix. The goal of developing a marketing mix is to create an integrated set of these four elements to create, communicate and deliver value to customers. Q3

Before implementing a marketing plan, the marketing department ideally should prepare a formal marketing plan. A marketing plan is a detailed written document, which summarizes the understanding of the marketer. If this document is presented in the briefing, this will be effective in communicating the plan. Stakeholders will understand that what is going to happen before implementation. So any reservation will be handled in advance (www.web-strategist.com, 2012, n.d.).

The contents of the briefing will include a snapshot of the entire plan, then the situation analysis (customers, competitors, company, and context). After that, the marketing opportunities will be highlighted. Once the opportunities will be highlighted then the objectives will be communicated and also the target market positioning strategy. Then comes the detail of the marketing mix and control measures. Finally the contingency plans will also be presented. This will likely to maintain the trust of stakeholders that the firm is moving in the right direction. Q4:

Business strategy defines the direction for the whole business, how the firm will grow and in which ...