Marketing - Essay Example

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Marketing

Marketing is a particularly fundamental function for strategy formulation in a business. It informs a strategy, counsels it, reviews it and provides insights into strategy formulation in an organization. An outstanding marketing department is involved in a continuous cycle of measure-analyze-plan-measure. This cycle is as well a key ingredient of strategic business management function. Therefore, in essence, marketing is a key element of strategic management function. Great marketing can help the company in identifying and addressing improvement strategies to customers in either product differentiation or distribution channels (Kotler et al 2009). For example, forecasting is part of strategic planning, sales and marketing forecasts as always the main tools used in budgeting for the marketing function. In marketing research, the Research and Development personnel are essential for effective results analyses and interpretation. Kotler et al (2009), the chief aim of strategic planning is promoting the discernment of the company in the minds of the customers and consequently to increase customer relation and profitability of the business. Business strategic planning has to be undertaken to ensure the evaluation of all the options in a given situation. ...Show more

Summary

Role of Marketing in Strategic Planning Student Kotler et al (2009) defines strategic planning as the process of developing and maintaining a feasible fit between the ever-changing marketing opportunities in business environments and the skills, objectives and resources at the disposal of the organization…
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