Business Management

2093 words 9 pages
Kotler

1. Define Marketing and Outline the steps in the Marketing Process?

Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. The steps in the marketing process are: Situation analysis → Establishing objectives → Selecting the target market→ Developing the marketing mix → Implementation and control.

2. Why is it important to have Marketing as part of the Strategic Plan of an entity?

This is because, in reality, nearly all strategic planning questions have marketing implications. In fact, the two major strategic planning questions --What
…show more content…
What are some issues that must be considered in the Marketing Plan of a company?

(1)Executive summary and table of contents.
We must give the senior management the main goals and plan’s major thrust. All supporting rationale and operational detail should follow the executive summary.
(2)Situation analysis.
All the information is used to carry out a SWOT (strengths, weakness, opportunities, threats) analysis.
(3)Marketing strategy.
The product manager defines the mission and marketing and financial objectives.
(4)Financial projections.
Financial projections include a sales forecast, an expense forecast, and a break-even analysis.
(5)Implementation controls.
The marketing plan outlines the controls for monitoring and adjusting implementation of the plan.

2. How does the Marketing Plan at Starbucks continue to evolve over time?

Firstly, they make Starbucks’ market-penetration strategy and helped the company attain a loyal customer base in Seattle. Secondly, the market-development strategy marked the next phase in Starbucks’ growth: first to other cities in the Pacific Northwest, then throughout North America, and finally, across the globe. Thirdly, Starbucks sought to increase the number of purchases by existing customers with a product-development strategy that led to new in-store merchandise.

Are there any factors or advice you can provide to Starbucks in terms of new product development in the future?

I

Related

  • Frederick Winslow Taylor: Business Management
    1653 words | 7 pages
  • Management and Global Business Manager
    2875 words | 12 pages
  • Business Management Case - G.E. Capital
    2653 words | 11 pages
  • Distinguish Between Shareholder and Stakeholder in a Business Context. Comment on the Influence of Shareholders on the Management of a Company and Its Allocation of Rewards.
    2190 words | 9 pages
  • Relevance of Classical Management Theories in Modern Business Environment
    3194 words | 13 pages
  • Current Business and Technology Conditions That Complicate Effective Application of Business Analytics to Business Intelligence and Knowledge Management Data, and the Prospects for Improvement
    1110 words | 5 pages
  • Understanding Work Duties in Business Management
    1121 words | 5 pages
  • Answer International Business Management
    1769 words | 8 pages
  • Small Business Management
    885 words | 4 pages
  • Strategic Management & Business Policy
    5604 words | 23 pages