marketing mix in acheivement of business objectives

Unit 2 Marketing Essentials - EE Mobile

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Task 2

Question 1: Ways in which oranization use the various elements of marketing mix in acheivement of business objectives

Answer: Organizations strategically employ the elements of the marketing mix to achieve their business objectives. By meticulously crafting a product that meets customer needs and desires, they ensure customer satisfaction and loyalty. The pricing strategy plays a crucial role in generating revenue and positioning the product in the market. Effective distribution channels ensure timely and efficient delivery of products to customers, enhancing accessibility and convenience. Promotion activities, such as advertising, public relations, and sales promotions, create awareness, generate interest, and persuade potential customers to make a purchase. By carefully balancing and coordinating these elements, organizations can effectively reach their target market, build brand equity, and drive sales, ultimately contributing to their overall business success.

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Question 2: Develop and evaluate a marketing plan

Answer: Developing and evaluating a marketing plan is a crucial step in achieving business objectives. A well-crafted plan outlines the specific strategies and tactics to reach the target market and achieve desired outcomes. It begins with a thorough analysis of the current market landscape, identifying competitors, customer needs, and trends. Based on this analysis, clear and measurable objectives are set, such as increasing sales, enhancing brand awareness, or improving customer satisfaction. The plan then outlines the marketing mix elements, including product, price, place, and promotion, that will be used to achieve these objectives. Effective implementation involves executing the plan, monitoring progress, and making necessary adjustments. Evaluation is a continuous process that involves measuring performance against the set objectives and identifying areas for improvement. By regularly reviewing and refining the marketing plan, businesses can ensure they are staying aligned with their goals and maximizing their marketing efforts.

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