Marketing Fundamentals Module (CIM Professional Certificate in Essay

Marketing Fundamentals Module (CIM Professional Certificate in Marketing) - Essay Example Their definition of a successful firm is one, which is able to predict the future accurately, acquire core competences ahead of competition and thereby become the dominant player within an industrial sector. Markets always change faster than Marketing. Today many companies are disappointed over marketing’s inability to produce measurable result. While companies unabashedly declare their wish to get closer to customers, marketing actually losing power to other functions in the corporation. Now to achieve highest level of operations every company needs a strong market plan, which will ensure success to them in the present competitive environment. 2. Marketing plan: The marketing plan operates at two levels strategic and tactical. The strategic marketing plan lays out the target markets and value proposition that will offer, based on an analysis of the best market opportunities. The tactical marketing plan specifies the marketing tactics, including product features, promotion merchandising, pricing, channels and services. The marketing plan is the central instrument for directing and coordinating the marketing effort. Today teams develop marketing plans with inputs and sign-offs from every important organizational function. These plans are then implemented at the appropriate levels of the organization, with management monitoring results and taking corrective action when necessary. The format and contents of marketing plans depend upon the size of the organization, the attitude of the organization the degree of formalization required within the annual planning cycle process and accepted sector conventions. 2.1. Situation review: Within situation review, there should be coverage of the strategic situation facing the organization. This will base on a description of market size, market growth trends, customer benefits