MGMT100 Lecture 6: wee 6
Document Summary
Marketers put in measures to ensure that the plan is successful. Spend majority of their time managing the elements of the marketing plan: step 5: monitor and control marketing strategies. Marketers use controls to measure actual performance against established marketing objectives. Adjustments are made to strategies or objectives based on the evaluation of the controls. The marketing process is documented in a formal written marketing plan. The marketing plan can be compared to a road map, providing direction for the growth of products. Most companies have moved away from mass marketing and towards target marketing identifying market segments, selecting one or more of them, and developing products and marketing programs tailored to each. Companies must design customer-driven marketing strategies that build the right relationships with the right customers. Buyers in any market differ in their wants, resources, locations, buying attitudes and buying practices.
