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WEEK 10 - Coggle Diagram
WEEK 10
Marketing budget setting
Judgmental methods (arbitrary, affordable)
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Measurement (ROI, Incremental as per results, quantitative models)
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Summary
Most marketing practitioners spend large amounts of time planning and formulating marketing strategy
They endeavour to direct the actions of marketing personnel, the sales force and channel intermediaries, and allocate substantial effort to the organisation of marketing activities and human resources
Yet less time is given to the fundamental marketing task of controlling, and its related activity, implementation
In future a firm’s marketing success will hinge not so much on having a good strategy, but on how well this strategy is implemented and controlled
International marketing strategy aims to position a company and strengthen its presence in the international marketing environment.
Learning Objectives
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Be able to identify the various ways in which marketing managers can strategically manage marketing plan implementation process
Become familiar with several control techniques that will aid the marketing manager in assessing the success of a marketing plan
Nature of Control
Annual Plan control looks at the objectives set in the annual marketing plan, evaluates these against the actual results achieved, and takes corrective or reinforcing action when necessary.
Financial or Expense control considers the financial parameters and objectives set by a firm in its annual marketing plan, and the corrective or reinforcing actions needed to attain these.
Strategic control is to ensure that the organisation is maximising the opportunities that exist in its business environment. Strategic control often takes the form of a marketing audit.
Strategic Fit
‘Strategic Fit’ is the effective match and management of the environmental opportunities and threats while taking into account the organisation strengths and weaknesses.
A marketing strategist responsibility is to ensure that scanning and monitoring of the marketing environment is constant and undertaken regularly. The outcomes of the environmental analysis should be used to maximize the potential of the marketing program and adapt the marketing mix elements.
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Topic: Marketing Planning, Implementation and Control