Objective 5

_ List the marketing management functions, including the elements of a marketing plan, and discuss the importance of measuring and managing return on marketing investment, (pp 77-83)

To find the best strategy and mix and to put them into action, the company engages in marketing analysis, planning, implementation, and control. The main components of a marketing plan are the executive summary, current marketing situation, threats and opportunities, objectives and issues, marketing strategies, action programs, budgets, and controls. To plan good strategies is often easier than to carry them out. To be successful, companies must also be effective at implementation—turning marketing strategies into marketing actions.

Much of the responsibility for implementation goes to the company's marketing department. Marketing departments can be organized in one or a combination of ways: functional marketing organization, geographic organization, product management organization, or market management organization. In this age of customer relationships, more and more companies are now changing their organizational focus from product or territory management to customer relationship management. Marketing organizations carry out marketing control, both operating control and strategic control. They use marketing audits to determine marketing opportunities and problems and to recommend short-run and long-run actions to improve overall marketing performance.

Marketing managers must ensure that their marketing dollars are being well spent. Today's marketers face growing pressures to show that they are adding value in line with their costs. In response, marketers are developing better measures of return on marketing investment. Increasingly, they are using customer-centered measures of marketing impact as a key input into their strategic decision making.

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