Assessment: 2. Part A. Multiple choice Essay Example
Assessment: 2. Part A. Multiple choice
Assessment: 2. Part B Written or Oral Questions
Five main steps involved in market planning include; identifying the organization’s mission, setting up objectives, analyzing the situation, creating a marketing strategy, and lastly planning the implementation process.
Marketing mix are the choices that business organizations make as they introduce new products into the market. The Ps of marketing include product. Products are the things that customers need in the market. The next one is place; it directs the customers on where they can get the product. The third one is the price, this shows the value of the product introduced in the market. Lastly is the promotion, this shows the producers the methods to be used to reach the target market with information about the product (Rora Puspita, 120).
The five internal communication channels that can be utilized by organizations include email, intranet, posters/banners, newsletters/magazines, and team meetings.
Every organization’s success depends on the effective communication that the company has adopted. The following are the characteristics of effective communication used in business organizations. The information being delivered should be in the minds of both the sender and the receiver. This means that the sender should know the target audience. The next factor is that one should set specific and measurable goals, setting goals help in knowing whether the strategy of communication is efficient or inefficient. The last thing is setting the right team that can contribute in executing the communication strategies.
For a team to grow and function effectively, there are stages that must be followed in the process of simulation. The five stages include forming, under this stage team members are introduced to each other, informed about the nature of the project and debate about the project’s objectives. Each member s assigned a role to play in the development of the project. Storming, this is when new members from different backgrounds and departments come together to form a team.
Their different opinions are put on the table and in the long run come into a common agreement through the help of the team leader. Norming, under this stage, the team come to a common agreement and appreciates their strengths and weaknesses and start showing respect to the leader. Performing, this is when the results of the hard work from the team members are expected to be seen. Lastly adjourning, this is the last stage where the objective of the project has been achieved and the team is to be adjourned (Xueting, et al, 70).In marketing the team will work towards researching on the target market and after popularizing a product in a market the team is always adjourned or given new tasks.
These two terms coaching and mentoring are more or less the same in that they apply the same skills and approach but the big difference is that coaching is short-term tasked based while mentoring is a long term relationship processes.
In every organization, managers and supervisors play significant role in ensuring that the organization achieve their objectives through working with the right team. In order to be successful the managers and supervisors must have a well designed job description and have it communicated to the relevant department. The next thing is to make sure that there is adequate supervision of the progress achieved by the junior staffs. Lastly the top management must provide a positive and supportive working environment for the workers.
The term gap analysis is used to mean the process of comparing the exact performance with potential or the preferred performance. In case an organization fails to fully utilize the current resources, or skips to venture in capital or technology, then they may end up producing products of poor quality or perform below their potential (Reza, et al,540). Gap analysis includes listings of all the factors and their characteristics for instance attributes, competencies, performances levels and the current situation at the market. It is used by organizations in assisting them to reflect on their current position and to focus on their future desires.
When using SWOT analysis, opportunities and threats are categorized under external factors. Opportunities are developing market trends like the advancement in internet services, joining new markets that provide improved profits, and lastly a market that has fewer competitors. These factors can be used in increasing the benefits that an organization. On the other hand threats are things like new competitors in a market, emergence of new and better products or services from a competitor, introduction of tax on your products; these factors are likely to reduce the profit that an organization is likely to make.
KPI’s are quantifiable precautions that companies adopt to evaluate how effectively they achieve the set operational and strategic goals. Through the help that they provide in ensuring that the common aims of the organization are achieved, they ensure that the marketing strategies are met and followed by a plan (Mike 120). It is also used by decision makers in making decisions, especially when choosing target market during the launching of a new product.
Another thing is that it is used by the marketing managers to know whether they are on the right track or not.
Dabestani, Reza, et al. «Evaluation and prioritization of service quality dimensions based on gap analysis with analytic network process.» International Journal of Quality & Reliability Management 34.4 (2017): 530-548.
Duncan, Mike S., and Malini Natarajarathinam. «best practices of sales force compensation within small, to medium sized enterprises: the metrics associated with performance appraisal.» the association of collegiate marketing educators (2016): 123.
Jiang, Xueting, et al. «The effect of team empowerment on team performance: a cross-cultural perspective on the mediating roles of knowledge sharing and intra-group conflict.» International Journal of Conflict Management 27.1 (2016): 62-87.
Sari, Rora Puspita. «Marketing Mix Implementation in Small Medium Enterprises: A Study of Galeristorey Online Business.» ETIKONOMI 16.1 (2017): 115-126.
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