Question

Review changing perspectives in marketing planning

you should

1. Identify and explain different perspectives on marketing planning.

2. Explain their merits and demerits.

Answer 1

1. Traditional marketing planning focuses on product, pricing, place and promotion.Planning using the four P's starts with product considerations such as features, advantages, packaging, and brand names that make a company viable. In order to better place the item in the price-point hierarchy of comparable items, pricing problems have to be determined with competitiveness and benefit in mind. The marketing campaign will then provide information that will actually position the product in the right place for people to purchase it. Only then will the program deal with the forms of promotions that will attract public interest to the product

Some new marketing strategy opposes the conventional approach because it implies a marketer will market goods. A recent marketing theory suggests that you can draw consumers to you by presenting them with valuable information and realistic presentations that resist hyperbole and listening to them instead of continuously sending one-way messages. This viewpoint focuses on developing ways in which consumers can provide feedback and engage in product development as well as the promotion of such goods.

Focusing on your own strategy will lead you to errors, as the marketplace may not be listening. Listening will shift your viewpoint, rather than saying. When you gage consumer demand, customer preferences, competitor strengths and weaknesses, and your own position with respect to certain consumer metrics, you can adapt your strategy to suit your vision with current conditions. For example, before writing a marketing strategy for a new form of ice cream, an entrepreneur should study the total market dollars consumers spend, survey consumers to figure out what they would be willing to try and set some sales targets that would suggest that the business was effective in capturing market shares

2. As a company owner, you always find yourself distracted and have several things to compete with. Developing a marketing strategy lets you take a step backwards. In addition to assessing and recognizing your post, you also learn how to reach a broader pool of potential customers. You'll have a clear-cut strategy and emphasis.
Another significant feature of the marketing strategy is that it helps to keep you involved in the media in which your clients participate. The development of an online and offline marketing strategy helps the company integrate. It also gives you more flexibility and helps you to branch out your distribution channels.

Marketing strategy assessment and monitoring is vital to a firm's growth and prosperity. This lets you recognize and satisfy prospective customers 'desires and wishes. It also lets you take notice of what your company needs to achieve its goals. However, you can make fallacious marketing decisions based on poor data analysis using a weak or bad marketing strategy. You can construct optimistic financial forecasts that have poor understanding of the facts.

Successful marketing campaigns also take a lot of time, energy, commitment and resources to execute. It can be difficult to have a small company, because you do not have all the tools you need as well as the monetary rewards. In addition, if you're a first-time business owner, it can confuse you and cause you to make rash decisions such as shutting down your company.