Managing the Marketing Effort

Managing the Marketing Effort

Marketing Analysis

Managing the marketing function begins with a complete analysis of the company’s situation. The marketer should conduct a SWOT analysis.

SWOT Analysis

An overall evaluation of the company’s Strengths (S), Weakness (W), Opportunities (O), and Threats (T)

i. Strengths

Internal capabilities that may help a company reach its objectives.

ii. Weaknesses

Internal limitations that may interfere with a company’s ability to achieve its objectives

iii. Opportunities

External factors that the company may be able to exploit to its advantage

iv. Threats

Current and emerging external factors that may challenge the company’s performance

Marketing Implementation

The process that turns marketing strategies and plans into marketing actions in order to accomplish strategic marketing

Marketing Control

The process of measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are achieved

Marketing Audit

A comprehensive, systematic, independent, and periodic examination of a company’s environment, objectives, strategies, and activities to determine problem areas and opportunities and to recommend a plan of action to improve the company’s marketing performance.