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MARKETING [@]
Marketing is a general term used to describe
all the steps that lead to final
sales. It is the process of planning and executing pricing,
promotion and distribution to satisfy individual and organizational
needs. From this definition it is easy to see that marketing
is more than just the process of selling a product or service.
Marketing is an essential part of business, and without marketing,
even the best products and services fail.
Companies constantly
fail becausethey do not know what is happening in the marketplace
and as a result, they are not fully meeting their customer’s
needs. They mistakenly believe that with the proper amount
of advertising,
customers will buy whatever they are offered.
Marketing consists
of making decisions on the four P’s:
- Product
- Place/Distribution
- Promotion
- Pricing
Before any business can make decisions on
the four P’s,
he/she must devise a plan. A directions on how to devise a
plan that will assist in making decisions about the four P’s.
This type of plan is a six- stage process that is commonly
referred to as strategic marketing;
- The Mission Statement
- Overall Objectives
- Competitive Strategies
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- Marketing Objectives
- Marketing Strategies
- Marketing Programs
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A strategic marketing
plan is an important part of any business.
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