Market segmentation plays a vital role in the marketing strategy to identify the suitable customers in the market for which the company needs to address its products. Its importance as an essential variable in the strategy-implementation process stems from the notion that O it allows a firm to operate with no resources O it directly affects marketing mix variables the company strategies do not require increased sales through new markets and products O it allows a firm to minimize per-unit profits and per-segment sales
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- 3. Describe marketing mix decisions (product, distribution, promotional, pricing) faced bythe marketer and apply the marketing mix decisions to a real-world product or service.Market segmentation entails a deliberate attempt to identify market(customers) with homogeneous needs to serve profitability. Based on this understanding, explain to the management of Ultimate Concrete Product (UCP) a) Five practical reasons why the company should segment their market3) If the Company have no marketing strategy, explain the following consequence that might affect to their goals, mission and objectives. a) Losing out to competitors b) Losing market share to existing and start-up competitors c) Gaining and retaining fewer customers d) Missing out on opportunities for better targeting e) Lack of planning and discourage to execute good ideas. f) Easily collapse g) No direction in attaining the company’s goals and objectives h) Lack of management
- (c) Examine the importance of implementing, monitoring and controlling in the marketing process to maximise profits. Support your answer with a relevant example.Marketing Intelligence is an essential component of gathering internal and external marketing-related data, statistics, and information. In a sense, marketing intelligence is the cornerstone of effective marketing practices and strategy. Please address what a Marketing Intelligence System is, how it is utilized, why it is important, and what the internal and external sources of marketing intelligence may be...Marketing is defined by the American Marketing Association as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large1.” If you read the definition closely, you see that there are four activities, or components, of marketing: 1. Creating. The process of collaborating with suppliers and customers to create offerings that have value. 2. Communicating. Broadly, describing those offerings, as well as learning from customers. 3. Delivering. Getting those offerings to the consumer in a way that optimizes value. 4. Exchanging. Trading value for those offerings. When a company uses exchanging and communicating as their marketing activities. What are they trying to do? What do you think are their objectives? Who are the activities or messages targeted to?
- 1. What is a marketing plan and how is it used? Which section of the marketing plan is most important? Why? The least important?1.Describe the role of resellers who comprise one of the major categories of business customers. 2. Describe marketing segmentation. 3. Identify and explain the importance of cultural influences and how they affect consumer decision-making. 4. Explain the roles of marketing research and its importance in making marketing decisions.Relationship marketing is A the development by marketers of longer-term exchange relationships with customers, suppliers, and employees for mutual benefit B selling to couples, organizations, or groups of related individuals C a process by which customers are bound both contractually and personally to the business D the initial process by which marketers can demographically and psychographically profile customers. E the psychological theory behind the concepts of "bonding" and "stakeholding" by customers.
- In your role as the Strategic Marketing Director for your organization, or anorganization of your choice, you have been asked by the Board of Directors to developa Strategic Marketing plan and present it at the next board meeting. In order to producethe marketing plan, you will need to undertake a strategic marketing audit. Yourmarketing plan, which should cover the medium-term period (as relevant to yourorganization and sector) should be underpinned by the marketing audit. In preparationfor the meeting, you have been asked to carry out the following tasks: Using a marketing planning framework of your choice, prepare a medium termstrategic marketing plan and present it to the board of directors by including thefollowing areas• Strategic intent (Vision/ Mission and Values)• Marketing objectives• Market segmentation - STP• Marketing Strategy - Ansoff’s Matrix, Generic strategies, branding strategy,competitive advantage• Tactics - 7 Ps, Organizational structure• Actions & Control -…In your role as the Strategic Marketing Director for your organization, or anorganization of your choice, you have been asked by the Board of Directors to developa Strategic Marketing plan and present it at the next board meeting. In order to producethe marketing plan, you will need to undertake a strategic marketing audit. Yourmarketing plan, which should cover the medium-term period (as relevant to yourorganization and sector) should be underpinned by the marketing audit. In preparationfor the meeting, you have been asked to carry out the following tasks: Using a marketing planning framework of your choice, prepare a medium termstrategic marketing plan and present it to the board of directors by including thefollowing areas• Marketing Strategy - Ansoff’s Matrix, Generic strategies, branding strategy,competitive advantage• Tactics - 7 Ps, Organizational structure• Actions & Control - Balance score card, Budgets, SchedulesIn your role as the Strategic Marketing Director for your organization, or anorganization of your choice, you have been asked by the Board of Directors to developa Strategic Marketing plan and present it at the next board meeting. In order to producethe marketing plan, you will need to undertake a strategic marketing audit. Yourmarketing plan, which should cover the medium-term period (as relevant to yourorganization and sector) should be underpinned by the marketing audit. In preparationfor the meeting, you have been asked to carry out the following tasks: Prepare a marketing audit covering the following topics which should be presented tothe board of Directors. The strategic marketing audit must consider current and likelyfuture challenges for the chosen organization and include the flowing tools.• Macro environment Analysis - PESTEEL• Situational Analysis - SOWT/ TOWS matrix. Key issues, CSF’s• Micro environment analysis - Porters 5 forces, stakeholder analysis, competitoranalysis•…