MARKETING ASSIGNMENT 2

QUESTION 1

a) Discuss the elements of a customer-driven marketing strategy and mix, and the forces that influence it:
Here consumer value and relationships are the centre of marketing strategy and programs. Through market segmentation, market targeting, differentiation and market positioning the company divides the total market into small segments, select segments it can best serve and decides how it wants to bring value to target consumers. It then designs and integrates marketing mix to produce the response it wants in the target market. The marketing mix consists of: Product- This is anything that can be offered to a market to satisfy a want or a need. Price- This is the quantity of payment or compensation given by one party to another in return for goods or services Place- Location of the market and means of distribution used in reaching it. Promotion decisions- Products or services will not sell unless people are told about them. It is true that few companies from developing countries are global in operation; so much of the promotion process is limited to either third party advertising or taking part in international exhibitions. As many primary products of developing countries become the end products of developed countries, most promotion is limited to mentions of origin in developed country promotion.

b) Explain the marketing managements functions, including the elements of a marketing plan:
Marketing analysis- The evaluation of the companys strengths, weaknesses, opportunities and threats Marketing planning- This is where decisions are made on which marketing plan the company can use to attain its objectives. Implementation- Is the process which turns marketing plans into actions so as to accomplish the marketing objectives. Control- The monitoring of the progress of the company.

The elements are:

Current marketing situations- Are things like competition, distribution and product review. Threat and opportunity analysis- Agents, factors, or forces in an organization's external environment that are out of its control and can directly or indirectly affect is chances of success or failure Objectives- A specific result that a person or system aims to achieve within a time frame and with available resources.

Marketing strategy- An organization's strategy that combines all of its marketing goals into one comprehensiveplan. A good marketing strategy should be drawn from market research and focus on the right product mix in order to achieve the maximum profit potential and sustain the business. The marketing strategy is the foundation of marketing plan. Action program- A sequence of steps that must be taken, or activities that must be performed well, for a strategy to succeed. An action plan has three major elements: Specific tasks, time horizon and resource allocation. Budgets- An estimate of costs, revenues, and resources over a specified period, reflecting a reading of futurefinancial conditions and goals.

QUESTION 2

Discuss the importance of measuring and managing return on marketing:

To measure the degree to which spending on marketing contributes to profits. To determine marketing opportunities and problems. To recommend the short run and long run actions to improve overall marketing performance. They also use this measure as a key input in their strategic decision making.

QUESTION 3

Discuss the product-market expansion grid:

Market penetration- Here the company puts its money on one profitable product in one market and with one technology. Market development- This deal with the marketing present products to customers in the market by adding different channels of distribution. Product development- This involves the improving of the existing products to new related ones that can be sold to customers in that particular market at that particular time.