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Tutorial 1 1) Discuss The Concept of Marketing Strategy.: Entrepreneurship/controlling-Cs/control-Process

The document discusses key concepts in marketing strategy and planning. It defines a marketing strategy as a business's overall plan for reaching customers and turning them into buyers. A marketing strategy includes elements like the value proposition, brand messaging, and target customer demographics. It also discusses the basic cycle of control, which involves establishing goals and performance standards, comparing results to standards, and taking corrective actions if needed. Finally, it defines strategic marketing planning as developing strategies based on assessing the market and a company's resources and positioning, in order to understand how to position the business.

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HuiTong Lee
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21 views2 pages

Tutorial 1 1) Discuss The Concept of Marketing Strategy.: Entrepreneurship/controlling-Cs/control-Process

The document discusses key concepts in marketing strategy and planning. It defines a marketing strategy as a business's overall plan for reaching customers and turning them into buyers. A marketing strategy includes elements like the value proposition, brand messaging, and target customer demographics. It also discusses the basic cycle of control, which involves establishing goals and performance standards, comparing results to standards, and taking corrective actions if needed. Finally, it defines strategic marketing planning as developing strategies based on assessing the market and a company's resources and positioning, in order to understand how to position the business.

Uploaded by

HuiTong Lee
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Tutorial 1

1) Discuss the concept of marketing strategy.

A marketing strategy refers to a business's overall game plan for reaching prospective
consumers and turning them into customers of their products or services. A marketing
strategy contains the company’s value proposition, key brand messaging, data on
target customer demographics, and other high-level elements.

2) Compare between strategic planning and marketing planning.

3) Discuss the basic cycle of control.

https://www.toppr.com/guides/business-management-and-
entrepreneurship/controlling-cs/control-process/
https://www.iedunote.com/control-process-steps

Establish goals and objectives


This is because the main aim of controlling is to direct a business’s actions towards its goals.
If the members of an organization know their goals clearly, they will invest their entire focus
in achieving them.

Performance standard
Set a standard performance to control the objectives to make sure the process is going
smoothly in order to achieve the goals and objectives.

Compare result against standards


Once managers know what their goals are, they should next measure their actual performance
and compare. This step basically helps them in knowing whether their plans are working as
intended.

Taking correction and alteration


This step becomes essential if performance falls short of standards and the analysis indicates
that corrective action is required. The corrective action could involve a change in one or more
activities of the organization’s operations.
4) Discuss the strategic marketing planning.
Strategic marketing planning concerned with the development of strategies that are
based on the planning team’s assessment of the market & perceptions of managerial
expectations & firm capability. It is a great tool to assess where the company is
positioned and to complete a situation analysis. It’s important to understand what the
available resources are, as well as how is the competitive environment developing. All
the data which is collected during the marketing research stage is essential to gain a
good understanding of where the business currently sits.

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