Our expert's response to: Marketing management

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Marketing Policies and Strategies

1.

Quantitative Measures to Monitor Effectiveness

The marketing effectiveness review assesses the extent to which a company exhibits the following attributes namely, customer philosophy, integrated marketing activities, sufficient marketing information, strategic outlook and operational efficiency (Perreault, 2004). The responsibility of evaluating and controlling the marketing programs in our company lies with the marketing department. It has to constantly assess and adjust the programs according to the marketing requirements. The techniques used by marketing department are annual plan control, market share analysis and financial situation analysis.

Annual plan control - In the annual plan control process, a company sets its annual targets for sales, profits etc., and ensures that the company achieves them. Annual plans are divided further into quarterly and then monthly targets so that they can be controlled effectively. This measure is a strong link between marketing activities and company performance. For example, when the sales & profits of the company increase, it reflects improvement in the performance of the company.
Market share analysis - the company uses overall market share method, in which the company's sales are taken as a percentage of the overall market sales. The market share is carefully evaluated on the basis of the type of customers, the product line and the territories in which it is operating (Lancaster & Reynolds, 2005). Market share analysis is an ideal process to judge a company's performance against its competitors. Normally, a company is considered to be performing well as compared to the competition if its market share is increasing.
Financial Situation Analysis - Financial measures are used to analyze the current situation of an organization and ratio analysis is one of the widely used tools for financial situation analysis. These financial ratios are calculated for at least for a period of three years to get a better understanding of a situation and avoid any extreme observations. Ratios are the direct link between marketing activities and company performance. For instance, managers use yardsticks to analyze the financial condition and performance of a company.
2.

Marketing Definition

Marketing is the economic process by which goods and services are exchanged between the maker and the user and their values determined in terms of money prices. Marketing is a basic function and it cannot be treated separately. It is seen from the final result viewpoint and from the viewpoint of the customers (Perreault, 2004).

Integrating Marketing into Sales Function

It has been often found that the sales and marketing functions in organizations ...