Principles of marketing - Essay Example

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Principles of marketing

Goal setting phase sets the overall goals of the business. It requires outlining a mission and corporate objectives for the business (Egan & Thomas 2012). Newham College has a mission ?to expand and improve lifelong learning? (Newham 2007). To achieve this mission, Newham believes in ‘open access provision, relevant to the diverse range of needs in its local communities’ (Newham 2007). Its corporate goals include continuous capital investment to increase facilities for learning and enhance access to education. Over the last ten years it has invested ?15 million capital (Newham 2007) to meet its goals directing its way towards mission attainment.  Situation review follows the goal setting phase. McDonald (2008) explained that the situation review is a sort of market analysis in which marketing audit needs to be performed, SWOT analysis is to be conducted and key assumptions are to be outlined. Jobber (2004) described five steps in completing a marketing audit as defining the market, determining performance differentials, knowing the competitors, competitor analysis, and designing a strategic planning structure. Defining the market requires target market identification and segmentation to ease positioning. Pride and Ferrell (2008) regarded target market selection as one of the major areas in developing a marketing strategy. ...Show more

Summary

Assignment: Principles of Marketing Student Number: Institute: McDonald and Wilson (2011) divided marketing planning process in two types of plans: the strategic marketing plan and the tactical marketing plan. Former plan is concerned with the planning elements whereas later one is concerned with implementation aspects…
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