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MIDTERM Examination: Marketing Management

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MIDTERM EXAMINATION: MARKETING MANAGEMENT
1. Why is Marketing important? Marketing is about identifying and meeting human social needs. It is the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large. Marketing is important for it makes the company’s products or services reach the hearts and minds of its clients and makes them aware of those products through some mediums of communication such as television, radio, newspapers and the internet. Without marketing, the other business functions such as finance, accounting, operations and human resource won’t even matter because there is
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Marketing also helps businesses to create not only a single product, but also sets of products in order to give consumers time to choose their preferred product and build more customer loyalty to the brand.
2. The Marketing Management Process Marketing Management Process is divided into four different stages: Situation Analysis, Marketing Strategy, Marketing Mix Decisions and Implementation and Control. In the first stage, marketers have to analyze the current situation of the market or of the competition in the market in order for the firm to make a basis on what would be their next step in their marketing strategy for the product line. For example, a product line with many competitors has to study the strengths and weaknesses of those competitors in order for the firm's product line to be improved and innovated to cope with the existing competition. The second stage, in this situation there is already a situation existing, what the marketers need to do next is to think and analyze the situation and form an effective strategy in order to survive or
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Having the customers feedbacks being monitored and used to formulate a specific strategy in innovating a product or service can help deliver those things to the customers. Also, communication with the customers before and after the purchase is very important in order to evaluate the product's performance and the level of satisfaction that the customer feels on the product. The commitment of industries to the "Customer First" principle is also an important key in delivering value to the customers. This can help marketers to create more customer value to more customers and more profit to the
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