The paper "Get New Customers And Make More Money" is a wonderful example of a Marketing Assignment. Before deciding on the market opportunity to be relied upon by the business, it is important for a business to examine the risks as well as the returns a given marketing opportunity will have. Some opportunities may be profitable than others depending on the impact a given product has on the market and whether the customers positively responds to the company initiatives. The marketing opportunities should, therefore, be ranked depending on the profitability and the risk that they carry and through this base the decision on which type of opportunity to engage in.
This will avoid cases where the opportunity that that company ventures in is risky and may compromise the company activities (Westwood, 2013). What is a marketing strategy? This is a comprehensive plan developed by the organization that incorporates all the company marketing goals. It is formulated as a result of comprehensive research on different areas, and it is the basis of any marketing plan devised by a company. What factors should an organization consider when evaluating a marketing strategy? The target audience includes the customer profiles The risks of a given strategy and the overall costs The cost and the profitability of the marketing strategy The company brand Customer's response Competitor's response How would you determine whether or not a strategy aligns with organizational strategic direction? It is important to establish whether the goals of the organization are aligned with the organization's strategic direction.
The strategy should, therefore, be aligned with the vision and the mission of the company. Therefore, there will be a checklist to help in evaluating whether the strategy aligns with the organizational strategic direction (Dib, 2016). Why is important to ensure that a marketing strategy aligns with the organization's strategic direction? This is important since it helps in safeguarding the company values, protect the company brand and at the same time in making sure that the operations of the company are run in a given manner. Describe how you would conduct a marketing performance review. By examining the changes in the sales reports The use of focus and the survey groups Examining the information available on the website statistics Direct response from the target customers Why is this necessary as part of the process for developing a marketing plan? It is necessary since it helps in evaluating whether the marketing strategy in place is beneficial to the company or not.
This will assist in implementing the necessary adjustments if the need arises which is crucial for the marketing plan to be successful (Luther, 2001).
Dib, A. (2016). The 1-page marketing plan: Get new customers, make more money, and stand out from the crowd.
Fleisher, C. S., & Bensoussan, B. E. (2015). Business and competitive analysis: Effective application of new and classic methods. Upper Saddle River, New Jersey: Pearson Education.
Luther, W. M. (2001). The marketing plan: How to prepare and implement it. New York: AMACOM.
Varghese, J. (2011). Competitor analysis: Working paper.
Westwood, J. (2013). How to write a marketing plan. London: Kogan Page.