Marketing management is the analysis, planning, implementation and control of programs designed to create, build, and maintain beneficial exchanges with target buyers for the purpose of achieving organizational objectives.
The various management philosophies are: a. The production concept: This concept is one of the oldest philosophies that guides sellers. The first occurs when the demand for a product exceeds the supply. The second situation occurs when the product’s cost is too high and improved productivity is needed to bring it down. b. The product concept: This concept holds that cosumers will favor products that offer the most quality, performance, and innovative features and that an organization …show more content…
➤ Objectives: This section spells out the financial and marketing objectives to be achieved.
Target and implementation system
Factors Influencing Company Marketing Strategy ➤ Marketing strategy: This section explains the broad marketing strategy that will be implemented to accomplish the plan’s objectives.
➤ Action programs: This section outlines the broad marketing programs for achieving the business objectives. Each marketing strategy element must be elaborated to answer these questions: What will be done? When will it be done? Who will do it? How much will it cost?
➤ Projected profit-and-loss statement: Action plans allow the product manager to build a supporting budget with forecasted sales volume (units and average price), costs (production, physical distribution, and marketing), and projected profit. Once approved, the budget is the basis for developing plans and schedules for material procurement, production scheduling, employee recruitment, and marketing operations.
➤ Controls: This last section outlines the controls for monitoring the plan. Typically, the goals and budget are spelled out for each month or quarter so senior management can review the results each period. Sometimes contingency plans for handling specific adverse developments are included.
No two companies handle marketing planning and