Marketing Management Process
1. The marketing management process
2. The strategic management process
3. Setting goals and objective
4. Designing the business portfolio
5. Diversification growth strategies
6. Functional strategies
7. Opportunities in the environment
8. Managing marketing st...
1. The marketing management process
The marketing plan is developed in line with the strategic objectives of
the organisation. A marketing strategy is the planning of all marketing
activities that will take place in the company to achieve the company's
goals. When we develop marketing strategies, we look at the overall
goals of the organisation and aim to fit the marketing strategy into the
'big picture' to achieve the goals for the company.
Market strategy planning involves:
o identifying the strengths and weaknesses of the business; and
o attempting to reconcile these strengths and weaknesses with the
opportunities and threats in the environment.
The marketing management process involves:
o planning marketing activities;
o directing the implementation of these plans; and
o controlling the plans to ensure that actual performance meets the
planned performance.
2. The strategic management process
The top management of the firm tries to predict the future profit
potential of each business unit within the firm by considering the
company's growth rate, and then develops a plan to help it achieve its
long-term objectives.
Strategic planning is the process of developing and maintaining a
strategic fit between the organisation's goals and capabilities and its
changing marketing opportunities. It involves defining a clear company
mission, setting supporting objectives, designing a sound business
portfolio and coordinating functional strategies.'
,The top management of the organisation designs strategies for the
whole company. These strategies set the stage for the rest of the
company's planning.
2.1 Defining the company's mission and purpose
The mission and purpose of the organisation is the reason why the
organisation exists and what it intends to achieve. It is the organisation's
major goal. It is from the mission of the firm that the objectives are
developed.
3. Setting goals and objectives
Objectives are statements of future requirements for the company to
meet.
3.1 Corporate objectives
Corporate objectives are objectives that apply to the whole company.
They:
o Focus on material resources;
o Are concerned with manufactured objects;
o Show an interest in events and activities;
o Place emphasis on the kind of customer;
o Cater to specific body parts of a person; or
o Adapt to specific wants and needs.
3.2 Time frames for objectives
Corporate objectives are long-term objectives that span from three to
ten years. Corporate goals are set by top management and affect the
entire company. Once top management has set the corporate goals,
each level of management needs to concentrate on setting goals for its
, functional areas. Marketing is one of these functional areas of the
organisation.
Goals have a time frame attached to them. A corporate goal, such as
increasing the number of branches in a certain geographic area, will
probably have a longer time frame than a functional goal, such as the
implementation of a promotional strategy.
3.2 Specifications for objectives
Objectives should be specific, flexible, measurable, attainable, congruent
and acceptable.
Specific: A goal that is specific indicates clearly what it relates to, sets a
time frame for accomplishment, and describes the desired results.
Flexible: Because of changes in our environment and turbulent times, we
cannot ever expect to achieve every goal. Objectives sometimes have to
be modified. For example, if we are unable to produce all the products
mentioned in the above example, because of a strike at the production
plant, we will not meet our target. We will then have to modify our
objective.
Measurable: An objective must be measurable so that it can be
objectively evaluated or quantified. Objectives often evolve into control
standards to measure performance.
Attainable: Objectives must be realistic and achievable. If they are too
low, they are attained too easily; too high and they cause frustration and
lead to de-motivation. Goals must be high enough to present a challenge.
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