Marketing, Marketing Plan and its Elements...

Marketing, Marketing Plan and its Elements Marketing refers to the activities of the organization associated with promoting and selling of its products and services. It includes advertising, selling, delivering products to the customers, and market research. In fact, it is everything which the organization does to acquire customers and maintain a relationship with them. An efficient marketing cultivates sound business strategies, allows for successful innovation, increases the effectiveness of promotional strategies, and strengthens the brand image. The main purpose of the marketing is not only to maintain the relationship with existing ones but also to attract new customers. The process of interaction between the marketing men and the customers presents the dialogue between them and assumes the exchange of values. Marketing plan is one of the major and extremely significant of the organizational business planning process since it is the marketing which brings success in the long term, particularly, continuous growth in the earnings of the organization. Marketing plan has an input in defining efficiency in customer satisfaction terms.  It also helps to identify core products/services which meet the needs of the target segments of the organization. For understanding the theory related to the marketing and the marketing plan it is first necessary to understand its elements. These elements are (i) marketing mix, (ii) branding strategy, (iii) competitor and market analysis, (iv) customer decision making process, and (v) sales plan. Marketing mix Marketing mix is a theoretical framework which defines four indicators in arranging the offerings to meet the needs of the customers. These indicators are (i) product, (ii) place, (iii) price, and (iv) promotion. These indicators are also known as 4 Ps. The concept of 4 Ps is considered to be powerful due to the reason that it makes marketing process simpler and allows having...

SWOT Analysis

                                   SWOT Analysis SWOT is the acronym for Strengths, Weaknesses, Opportunities and Threats. It is a strategy analysis tool. It combines the study of the strengths and weaknesses of an organization, a geographical area, a sector, an industry, a product or a project with the study of the opportunities and threats to their environment. SWOT analysis is a useful tool that can help in handling both ordinary and unusual situations by exploring both internal and external factors that may be influencing. It is a structured planning method for strategy formulation. It involves specifying the objective and identifying the internal and external factors that are favourable and unfavourable for achievement of the objectives. SWOT analysis usually starts with defining of a desired end state or objective. Strengths are the attributes that are helpful in achievement of the objective. Weaknesses are the attributes that are harmful in achieving the objective. Opportunities are the external conditions that are helpful in achievement of the objective. Threats are the external conditions which could do damage to the objective. Thus strengths and weaknesses are the internal factors over which there are some measures of control while opportunities and threats are external factors over which there are essentially no controls (Fig 1). Fig 1 SWOT analysis SWOT analysis technique is credited to Albert Humphrey, who led a research team at the Stanford Research Institute. SWOT analysis came from this research which was conducted from 1960-1970. The research was funded by the Fortune 500 companies to find out what had gone wrong with corporate planning and to create a new system for managing change. To understand SWOT it is necessary to understand the four factors of...