It is also used to maintain interest in an established product/service.
Strategic marketing management is a continous process requiring strategic decisions to be formulated and implemented on an ongoing basis.
As a consequence, information must be constantly supplied on:(distribution)(4Ps).
By contrast, cheap and cheerful jewellery for the mass market is best sold in supermarkets and can be promoted using television adverts.
Market research findings are important in developing the overall marketing mix for a given product.
The overall marketing mix is the business’ marketing strategy and is judged a success if it meets the marketing department’s objectives, eg increase annual sales by 5%.
Marketing can be defined as the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organisational objectives.
Careful selection and accurate identification of target markets are pre-requisites for the development of an effective marketing mix.
Market segmentation is the process by which customers are divided into homogenous groupings.
The firm tries to integrate these activities so as to satisfy precisely the needs of consumers.
This necessitates the constant gathering of up-to-date information on the changing nature of consumers needs and preferences.
Product planning concerns activities in the development of products/services that match the needs of consumers.