MCS 1000 Chapter 19: Chapter 19 Putting it all Together
12 May 2017
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Document Summary
Chapter 19: putting it all together - the marketing strategy. Marketing basics: doing what works and allocating resources. Involves: finding and using what works for the organization and industry given both the organization situation and industry situation, allocating resources effectively to exploit those situations. Research suggests most organizations are not doing a good job at strategy formation and implementation. Sales response function: relates the expense of the marketing effort to the marketing results obtained. Concept can be applied to sales revenue, profit, units sold, level of awareness. The vital importance of metrics in marketing planning. Measuring the effectiveness of marketing activities has become a central focus in many organizations. Marketing metrics is used to measure the actual performance. Most firms stress innovation to help achieve growth. Marketing departments work closely with research and development departments to complete successful innovation projects. Firms use input metrics and output metrics.
