THE MARKETING PLANNING PROCESS
The marketing mix comprises of the standard 4Ps (or other models). The 4Ps can easily be identified and applied in practice. However, it can be difficult to balance the 4Ps in order to provide the right product/services to the right customer at the right place and at the right time. It is therefore not surprising that marketing is both an art and science, as the act of balancing the marketing mix requires marketing knowledge, skills, and creativity and intuition. There are various concepts and tools that can be used to leverage, sustain, develop and satisfy market demands. It is important in the marketing discipline that decisions be based not on personal, subjective opinion but on solid research and you are required to en sure that subjectivity is kept to a minimum
Your Task: Marketing Plan (3000 words)
Produce a Marketing Plan
• Write a marketing plan for the declining product you have analysed using an appropriate framework. • Remember that you are working with an existing company that has set objectives and missions. You will need to align your product to the company’s objectives.
On successful completion of this assignment you will be able to: • Use appropriate marketing terminology, concepts, theories and models applied in a variety of marketing settings. • Describe the inter-related nature of the basic marketing concept and the business environment. • Analyse the elements of the marketing mix and the role of different elements in achieving marketing objectives. • Demonstrate a critical appreciation of a variety of market research techniques. • Appreciate the importance of the separate marketing functions, the management of these functions, and how each function affects other functions within and external to the marketing domain. • Describe the components of a professional marketing plan. • Appreciate the dynamic nature of marketing...
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