Principles of Marketing4
Principles of Marketing4
Learning Competency:
Review
Pre Test
Matching-Type.
Directions: Choose appropriate letter in the box and write the letter in the space provided before the
number.
__________________1. The describes the primary factors and forces affecting the organization during
the next several years. It includes the long-term objectives, the main marketing strategies used to attain
them, and the resources required. Reviewed and updated each year so [hat the company always has a
current long-range plan. The company's annual and long-range plans deal with current businesses and
how to keep them going.
__________________2. Shaped by your business strategy, your marketing strategy is your purpose; it's
the offering you deliver, how you will deliver it and why your marketing efforts will help you achieve
your company’s mission and strategic goals. Once you have your strategy, only then will you be able to
develop an effective marketing plan.
__________________3. sets the stage for the marketing plan. It starts with its overall purpose and
mission. These guide the formation of measurable corporate objectives.
__________________4. Consists of measuring and evaluating the results of plans and activities and
taking corrective action to make sure objectives are being achieved. Analysis provides.
__________________5. It is driven by your strategy, your marketing plan is the execution; the roadmap
of tactical marketing efforts that help you achieve your marketing goals. Your plan is your detailed
campaign of what you will do, where you will do it, when you will implement, and how you will track
success.
Fill-in the Blanks:
Directions: Read each statements or questions carefully and fill in the blanks with the correct answer
from the box below.
__________________1. Is almost a lost art. Saying 'hello,' 'good afternoon,' 'sir', and 'thank you very
much' are a part of good customer service? For any business, using good manners is appropriate
whether the customer makes a purchase or not.
__________________2. The relationship between benefits and the costs including money, stress, and
time to sacrifice that is necessary to get those benefits.
__________________3. The act of taking care of the customer's needs by providing and delivering
professional, helpful, high quality service and assistance before, during, and after the customer's
requirements are met. Customer service is meeting the needs and desires of any customer.
__________________4. It will make earlier agents of change look inadequate. The key facilitator is
technology available to marketers. CRM weds the individual customer and technology in ways that are
unique. These fourth-wave relationships, propelled by a confluence of technological advances, will
themselves change at geometric rates.
__________________5. Relationships are based on communication. Your customers and users want to
communicate with you, so be sure to communicate with them often. Relationship marketing works well
when you strive to be there for your customers.
“The marketing strategy is your approach to achieving your competitive advantage — the marketing
plan contains the activities that will get you there.”- blog.aha.io
Marketing Strategy - Shaped by your business strategy, your marketing strategy is your purpose;
it's the offering you deliver, how you will deliver it and why your marketing efforts will help you achieve
your company’s mission and strategic goals. Once you have your strategy, only then will you be able to
develop an effective marketing plan according to The Laire Group Team published at
www.lairedigital.com
Marketing Plan - Driven by your strategy, your marketing plan is the execution; the roadmap of
tactical marketing efforts that help you achieve your marketing goals.
Your plan is your detailed campaign of what you will do, where you will do it, when you will implement,
and how you will track success.
Strategic Planning is a broad process that can address the entire business, or a portion of the business
such as marketing while Marketing planning is written based from strategic plans.
STRATEGIC PLANNING
2. In business, a strategy is a broad goal, such as increasing sales or market share or creating an image
for the business.
3. When creating marketing plans start with broad strategies and support the with specific tactics.
4. Planning is the process of predicting future events and conditions and of determining the best way to
attain the goals and objectives of the organization.
5. Strategic Planning is a management process of creating and maintaining fit between the objectives
and resources of the organization and the changing market opportunities.
Companies usually prepare annual plans, long-range plans and strategic plans:
1. The annual plan is a short-term plan that describes the current situation,
company objectives, the strategy for the year, the action program, budgets and controls.
2. The long-range plan describes the primary factors and forces affecting the organization
during the next several years. It includes the long-term objectives, the main marketing strategies
used to attain them, and the resources required. This long-range plan is reviewed and updated
each year so [hat the company always has a current long-range plan. The company's annual and
long-range plans deal with current businesses and how to keep them going.
3. The strategic plan involves adapting the firm to take advantage of opportunities in its
constantly changing environment. It is the process of developing and maintaining a strategic fit
between the organization's goals and capabilities and its changing marketing opportunities.
2. To accomplish the long-term goal, marketers also develop short term action plan and do tactical
marketing
3. Strategic marketing considers the long-term goals of your company such as expanding your business,
exploring new demographics, or creating a new brand. Therefore, it needs the insight of your financial
department who can analyze if you have adequate funds to realize your goals.
4. Tactical marketing often involves generating leads, building websites, placing ads, and following up. It
includes advertising, sales promotions, and other activities that directly support your strategic marketing
plan. And because your strategic marketing plan included establishing a budget, tactical planning
preparation should consider its financial limitations in carrying out these activities. Strategic planning
sets the stage for the marketing plan. It starts with its overall purpose and mission. These guide the
formation of measurable corporate objectives.
A corporate audit then gathers information on the company, its competitors, its market and the general
environment in which the firm competes. A SWOT analysis gives a summary of the strengths and
weaknesses of the company together with the opportunities and threats it faces. Next, headquarters
decides what portfolio of businesses and products is best for the company and how much support to
give each one. This helps to provide the strategic objectives that guide the company's various activities.
Then each business and product unit develop detailed marketing and other functional plans to support
the companywide plan. Thus, marketing planning occurs at the business-unit, product and market levels.
It supports company strategic planning with more detailed planning for specific marketing opportunities.
The Planning Process
Putting plans into action involves four stages: analysis, planning, implementation and control. Figure 1
shows the relationship between these functions that are common to strategic planning, marketing
planning or the planning for any other function.
1. ANALYSIS. Planning begins with a complete analysis of the company's situation. The company must
analyze its environment to find attractive opportunities and to avoid environmental threats. It must
analyze company strengths and weaknesses, as well as current and possible marketing actions, to
determine which opportunities it can best pursue. Analysis feeds information and other inputs to each
of the other stages.
2. PLANNING. Through strategic planning, the company decides what it wants to do with each business
unit. Marketing planning involves deciding marketing strategies that will help the company attain its
overall strategic objectives. Marketing, product or brand plans are at the center of this.
3. IMPLEMENTATION. Turns strategic plans into actions that will achieve the company's objectives.
People in the organization that work with others both inside and outside the company implement
marketing plans.
4. CONTROL. Control consists of measuring and evaluating the results of plans and activities and taking
corrective action to make sure objectives are being achieved. Analysis provides information and
evaluations needed for all the other activities.
ACTIVITIES
Directions: Write your answers for Independent Activity 1 & 2 in yellow pad.
1. Independent Activity 1:
Identification. Identify the difference between Marketing Strategy and Marketing Plan. Use this
format.
The strategic plan is high-level thinking, without the details, defining strategic focus. It ought to include
thinking about how the business is different, and it is special market focus, and it is business offering
(product or service), and how those three elements work together. In many ways it's like defining
attributes, goals, and directions. A marketing plan usually (but not necessarily) includes a market
analysis.
It defines target markets, messaging, media, promotion, pricing, and other elements of the marketing
mix – distribution channels, packaging, PR, as appropriate. And it sets specific activities, budgets,
metrics, and milestones.
Marketing Plan is driven by your strategy, your marketing plan is the execution; the roadmap of tactical
marketing efforts that help you achieve your marketing goals. Your plan is your detailed campaign of
what you will do, where you will do it, when you will implement, and how you will track success.
Strategic planning sets the stage for the marketing plan. It starts with its overall purpose and mission.
These guide the formation of measurable corporate objectives.
A corporate audit then gathers information on the company, its competitors, its market and the general
environment in which the firm competes. A SWOT analysis gives a summary of the strengths and
weaknesses of the company together with the opportunities and threats it faces. Next, headquarters
decides what portfolio of businesses and products is best for the company and how much support to
give each one.
Strategic planning process includes defining the Corporate Mission, environmental scanning, Goal
Formation, Strategy Formulation, Implementation, Feedbacks and Control.
QUIZ
Directions: Write Correct if the statement regarding Strategic and Marketing Planning is true, but if it is
incorrect write the correct word/s to make the statement correct.
__________________1. Strategic Planning helps to provide the strategic objectives that guide the
company's various activities. Then each business and product unit develop detailed marketing and other
functional plans to support the companywide plan. Thus, marketing planning occurs at the business-
unit, product and market levels. It supports company strategic planning with more detailed planning for
specific marketing opportunities.
__________________3. Through strategic planning, the company decides what it wants to do with each
business unit. Marketing planning involves deciding marketing strategies that will help the company
attain its overall strategic objectives. Marketing, product or brand plans are at the center of this.
__________________4. Planning turns strategic plans into actions that will achieve the company's
objectives. People in the organization that work with others both inside and outside the company
implement marketing plans.
__________________5. Control consists of measuring and evaluating the results of plans and activities
and taking corrective action to make sure objectives are being achieved. Analysis provides information
and evaluations needed for all the other activities.
____1. It is shaped by your business strategy, your marketing strategy is your purpose; it's the offering
you deliver, how you will deliver it and why your marketing efforts will help you achieve your company’s
mission and strategic goals. Once you have your strategy, only then will you be able to develop an
effective marketing plan.
____3. is a broad process that can address the entire business, or a portion of the business such as
marketing while Marketing planning?
____4. The strategic plan involves adapting the firm to take advantage of opportunities in its constantly
changing environment. It is the process of developing and maintaining a strategic fit between the
organization's goals and capabilities and its changing marketing opportunities.
____5. is the process of predicting future events and conditions and of determining the best way to
attain the goals and objectives of the organization?