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Unit 3 Advertising Marketing Process Marketing Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy the perceived needs, wants and objectives of individuals and organizations. (Arens: 2008) The purpose of Marketing is to sell more stuff to more people more often for more money in order to make more profit. (Sergio Zyman) The marketing mix The marketing mix approach to marketing is one model of crafting and implementing marketing strategies. It stresses the mixing of various decision factors in such a way that both organizational and consumer objectives are attained. Generally speaking, it includes four P’s. a successful mix the right product sold at the right price in the right place using the most suitable promotion. McDonalds marketing department can determine: 1. What products are well received? 2. What prices consumers are willing to pay? 3. What TV programs, newspapers and advertising consumers read or view? 4. What restaurants are visited? Market research Meeting the needs of key audiences Marketing analysis SWOT analysis companys products and how appropriate they are for the future quality of employees and how well trained they are to offer the best service to customers systems and how well they function in providing customer satisfaction e.g. marketing databases and restaurant systems financial resources available for marketing. Marketing plan A marketing plan is critical for the development of a successful business. 1. Mission: What is the overall goal of the company? 2. Objectives: What are you trying to achieve (usually over the next year) must be measurable and specific 3. Strategies: What resources need to be applied to achieve these objectives? 4. Tactics (Plan and Time Events): Which elements of the marketing mix are most appropriate? Which weapons in the marketing armory?Set out the detailed plan including
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