The Marketing Decision Making Process
Marketing is much about making decisions that are inter-related, and there seems to be four factors which influence success of a marketing strategy.
Clearly, it is important to set up a hierarchy of decision making which puts each decision area in an appropriate order, and this is the marketing decision process.
BUSINESS MISSION
↓
THE MARKET
↓
MARKET SEGMENTS
↓
THE TARGET
↓
THE CORE STRATEGY
↓
EXTERNAL INFLUENCES
↓
COMPETITIVE ADVANTAGE
↓
MARKETING MIX DECISIONS
↓
IMPLEMENTATION
↓
CONTROL
The process is composed by the marketing mix:
- PRODUCT
- PRICE
- PROMOTION
- PLACE
Objectives should be translated into annual targets and, consequently, business planning. To meet the master plan it is important for the firm to match its strengths to opportunities in the market place.
To structure the decision making, marketers use marketing audit systems which provide a thorough examination of a business’s marketing environment, objectives, strategies and activities with a view to identifying key strategic issues, problem areas, and opportunities. As such, the marketing audit provides answers to the questions:
Where are we now?
How did we get there?
Where are we heading?
Answers to the questions can be found both internally in the firm but is also a consequence of external factors. The auditing process is therefore divided into internal and external auditing.
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