Translation of common terms in marketing management
let’s translate these questions into terms that are commonly used in marketing management. So, the question, “Where are we now?” becomes Situation Analysis. The question, “Where do we want to be?”becomes your team’s Marketing Strategy. And the question, “How should we get there?” becomes your team’s Marketing Mix decisions. So, in effect, the situation analysis drives your marketing strategy, and your marketing strategy drives your marketing mix decisions. This process is graphically displayed below. There is a tendency for many of us to jump right into the marketing mix decisions without first going through the situation analysis and marketing strategy stages. This is not surprising. The marketing mix decisions are the hard and fast deadlines and decisions that we must make on a daily basis, whereas the first two stages are more preparatory in nature. However, without the framework of situation analysis and marketing strategy in place, we make decisions in a vacuum, leading to reactive rather than proactive choices. It is essential that your firm does your preparatory work first. So let’s spend a little time defining situation analysis and marketing strategy, before diving into the marketing mix decisions. Are Paper is to be 5 pages double spaced and needs to cover these main points:
Business definition: My section of the paper is below and need only to be a page and 1/2 at the maximum. Which is the Marketing Strategy we will use.
1.)Who do you want to serve and why? Be sure to include customers/segments to be targeted and customer needs satisfied
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