Final Assignment of Principles of Marketing 2020 spring

Read the Material entitled as Sample Marketing Plan: Chill Beverage Company in
Page 634-642 in Principles of Marketing by Kotler and Armstrong (2014) and answer
the following questions.

1. Define strategic planning and briefly describe the four steps that lead managers
and Chill Beverage Company through the strategic planning process. Discuss
the role marketing plays in this process.

2. Name and describe the four product/market expansion grid strategies. Provide
an example of Chill Beverage Company implementing each strategy.

3. Explain the roles of market segmentation, market targeting, positioning, and

differentiation of NutriWater in implementing an effective marketing strategy
within Chill Beverage Company.

4. Define each of the four Ps of NutriWater. What insights might Chill Beverage
Company gain by considering the four Ps?

5. Discuss the four marketing management functions.

Answer to the Question number 1

Strategic planning is the organization's is process of documenting and establishing the
direction of a firm by assessing both the current position and the future position. The
concept of strategic planning originally became popular in the 1950s and 1960s, and
enjoyed favor in the corporate world up until the 1980s, when it somewhat fell out of
favor. However, enthusiasm for strategic business planning was revived in the 1990s
and strategic planning remains relevant in modern business. The strategic planning
process requires considerable thought and planning on the part of a company’s upper-
level management. Before settling on a plan of action and then determining how to
strategically implement it, executives may consider many possible options. In the end,
a company’s management will, hopefully, settle on a strategy that is most likely to
produce positive results (usually defined as improving the company’s bottom line)
and that can be executed in a cost-efficient manner with a high likelihood of success,
while avoiding undue financial risk. There are Four steps of Strategic planning which,
lead managers through the strategic planning process. These are:

-determining strategic position

- prioritizing objectives

-developing a plan

-executing and managing a plan

Marketing plays a role in strategic planning by implementing the strategic plan of

Chill Beverage Company through their marketing channels. Although some
marketing positions are represented at the corporate level, most are at the functional
level within the business units of an organization. Marketing is involved in strategic
planning at all organizational levels. Now I am briefly describing about the four steps
that lead managers and Chill Beverage Company through the strategic planning
process.

Explanation:
-the first step in the process of strategic planning is by determining the strategic
position of any firm. This will help to get the right stakeholders, collecting industry
data and pulling in customer insights. Chill Beverage Company famous for its
NutriWater as they serve different kinds of water for beverage. This is why they focus
on NutriWater marketing strategy, which will involve their companies developing a
"more for the same", positioning based on extra benefits for the price. NutriWater will
focus specifically on the young adult market. The company always focus on
NutriWater as their positioning strategy on their market. Because NutriWater will be
positioned on an "Expect more" value proposition. This will allow for differentiating
the brand based on product features (expect more vitamin content and all natural
ingredients), desirable benefits (expect greater nutritional benefits), and values (do
more for a social cause). Marketing will focus on conveying that NutriWater is more
than just a beverage: It gives customers much more for their money in a variety of
ways.

-secondly is to prioritize objectives in order of importance in line with the company

mission and vision. The prioritized objectives should be distinct and measurable to
help the business achieve long-term objectives. The primary marketing objective of
Chill Beverage Company is to achieve first-year U.S. sales of $35 million, roughly 2
percent of the enhanced water market. Based on this market share goal, the company
expects to sell more than 20 million units the first year and break even in the final
period of the year. For this the company's prioritize objective is their product. Chill
Beverage Company focus on their mission and vision by distributing niche and
emerging products in the beverage industry. Its Chill Soda soft drink brand hit the
market with six unique flavors in glass bottles. A few years later, the Chill Soda brand
introduced an energy drink as well as a line of natural juice drinks. The company now
markets dozens of Chill Soda flavors, many unique to the brand.
-developing a plan on how to reach the company goals is the next step in the strategic
planning process. The plan should have the objective outlined in the order of
importance and mission statement of the business. Chill Beverage Company has
developed their plan according to their product strategy and pricing of the product.
This company has listed their product as they have different types of water according
to their customer preference with the reasonable price. This is how they arrange and
develop their plan for getting succession.

-after developing a plan, the next step is to execute and manage the plan. Execution
means implementing. The company executes their plan by selling and distributing
their line product NutriWater Strategically. As awareness, takes hold and retail
availability increases, more varieties will be made available. A zero-calorie version
will be added to the product line, providing a solid fit with the health benefits sought
by consumers. Chill Beverage’s considerable experience in brand building will be
applied as an integral part of the product strategy for NutriWater. All aspects of the
marketing mix will be consistent with the brand. For this reason, NutriWater will
follow a competition-based pricing strategy. Given that NutriWater claims superior
quality, it must be careful not to position itself as a lower-cost alternative.
Manufacturers do not quote list prices on this type of beverage, and prices vary
considerably based on type of retail outlet and whether or not the product is
refrigerated. Regular prices for single 20-ounce bottles of competing products are as
low as $1.00 in discount-retailer stores and as high as $1.89 in convenience stores.
Because NutriWater will not be targeting discount retailers and convenience stores
initially, this will allow Chill Beverage to set prices at the average to higher end of the
range for similar products in the same outlets. For grocery chains, this should be
approximately $1.49 per bottle, with that price rising to $1.89 at health food stores
and fitness centers, where prices tend to be higher. Based on the information in the
Channels and Logistics Review, NutriWater will employ a selective distribution
strategy with well-known regional grocers, health and natural food stores, and fitness
centers. This distribution strategy will be executed through a network of independent
beverage distributors, as there are no other major brands of enhanced water following
this strategy. Chill Beverage gained success for its core Chill Soda soft drink line
using this method. This is how this company Manage and execute their plan in the
market. Every company/organization has its organizational objectives with the aim of
achieving set goals and targets and marketing helps in the implementation of the
strategic plan by ensuring that the market understands and knows the company values
distinct from the competitors.

References:
https://za.linkedin.com/company/chill-beverages-international-pty-ltd
https://www.linkedin.com/company/the-chill-group-inc.
https://www.oreilly.com/library/view/principles-of-
marketing/9780134492513/xhtml/fileP7001013083000000000000000005390.xhtml

Answer to the Question number 2

The Chill Beverage Company was founded in 2001 by an entrepreneur who had
successfully built a company that primarily distributed niche and emerging products
in the beverage industry. Its Chill Soda soft drink brand hit the market with six unique
flavors in glass bottles. A few years later, the Chill Soda brand introduced an energy
drink as well as a line of natural juice drinks. The company now markets dozens of
Chill Soda flavors, many unique to the brand.
In this question, it would be important to first understand the concept of
product/market expansion grid in marketing. Therefore, note that product market
expansion is a planning strategy by an organization, which wants to expand its
product by either expanding the range of that product or entering a new market to sell
the product. Note that this strategy considers two factors, which are the product and
the market. Note that the product is either an existing product or a new one while the
market is also either the same market or a new market. Therefore, there are four
strategies in the product market expansion grid, which are:

 Market Penetration
 Market Development
 Product Development Strategy
 Diversification.

First of all, market penetration is whereby the product exists within an existing
market. Note that this is where the product is in a certain market but due to some
reasons, the product is not being used by customers. This strategy will involve
developing strategies that will help the organization to break customers from existing
products and become loyal to the organization's product. Note that this may involve
factors such as competitor conversion where the organization can implement factors
such as competitive prices and customer reward systems such as special offers and
loyalty schemes that will attract customers to their product.
For example, Chill Beverage Company has penetrated into new market and satisfied
consumer by suppling their different kinds of products in the new market. They have
supplied their bottled water in the market, which consists of many different types of
water. Varieties of plain water include spring, purified, mineral, and distilled.
Although these different types of water are sold as consumer products, they also serve
as the core ingredient for other types of bottled waters including enhanced water,
flavored water, sparkling water, or any combination of those categories.
Although some consumers may not perceive much of a difference between brands,
others are drawn to specific product features and benefits provided by different
brands. For example, some consumers may perceive spring water as healthier than
other types of water. Some may look for water that is optimized for hydration. Others
seek additional nutritional benefits claimed by bottlers that enhance their brands with
vitamins, minerals, herbs, and other additives. Still other consumers make selections
based on flavor. The industry as a whole has positioned bottled water of all kinds as a
low-calorie, healthy alternative to soft drinks, sports drinks, energy drinks, and other
types of beverages. This is how this company penetrated into new markets.

Secondly, note that the other strategy is market development. This strategy is used
when an organization or company already has an existing product but decides to enter
into a new market. This will therefore be due to the fact that the new market may have
a lot of competitors that the organization has to look into. Note that one strategy that
an organization can use for market development is to advertise their product in the
new market. Additionally, the organization an choose to tap into new untapped
geographical locations, use of new pricing tactics to attract new customers or use of
new distribution channels that can help can distribution of the product to new
customers. The organization can also choose to target a different age group than that
which their competitor is targeting as a strategy for market development.
For example, Chill Beverage Company has lots of new product but as we know, there
is lots of competition
In the world market, that is why this company have choose online advertisement for
marketing their product to the consumers. They have chosen online and mobile
marketing to develop their market product because they think  the typical target
customer for NutriWater spends more time online than with traditional media
channels. A core component for this strategy will be building Web and mobile brand
sites and driving traffic to those sites by creating a presence on social networks,
including Facebook, Google+, and Twitter. The NutriWater brand will also
incorporate location-based services by Foursquare and Facebook to help drive traffic
to retail locations. A mobile phone ad campaign will provide additional support to the
online efforts. By following this kind of product, marketing this company has
succeed.

Thirdly, the third strategy in the product market expansion grid is product
development strategy. In this, we can say that it occurs when an organization wants to
introduce a new product to an already existing market. This happens when an
organization realizes that their product is not selling well anymore or when they
realize opportunities to venture in that they had not realized before to increase the
sales of that product. In this situation, the organization can apply tactics such as
innovation that will help the organization to develop a unique product that will do
best in that new market. Additionally, the organization can also add new features to
the existing product or having new technologies added to the product or using the
technologies to develop the product to become better.
For example, Chill Beverage Company also faced this problem because they had
many products but they could not selling them in the market due to lack of
opportunities. Finally, they have used some tactics to sell their product. They have
used Trade promotions. Like the core Chill Soda brand, NutriWater’s success will
rely on relationships with retailers to create product availability. Primary incentives to
retailers will include point-of-purchase displays, branded coolers, and volume
incentives and contests. This push marketing strategy will combine with the other pull
strategies. Event marketing. NutriWater will deploy teams in brand-labeled RVs to
distribute product samples at events such as skiing and snowboarding competitions,
golf tournaments, and concerts. By following, those tactics they got succeed in the
market.

Lastly, the last strategy on the product market expansion grid is diversification. This
strategy is used but organizations that want to develop a new product in a new market.
This mainly happens when the demands, needs and wants of the market that the
organization wants to expand to are different from the demands and wants of the
market where the organization is operating in forcing the company to develop a new
product in that market.
For example, as we can see the passage, Chill beverage company launch a new
product in existing market so there is no example of diversification strategy. Because
their product is new but market is existing market, in which they already have six
different soda flavor. Thus Chill Beverage Company is implementing this
diversification also according to the demand of bits consumers and marketers.

References:
https://product2market.walkme.com/product-market-expansion-grid-explained/
https://www.marketing91.com/product-market-expansion-grid/
https://www.coursehero.com/file/p4ci5m5/5-Define-the-four-productmarket-
expansion-grid-strategies-and-provide-an/

Answer to the Question number 3

In this question, it would be important to first understand the marketing strategies
mentioned above. Note that market segmentation, market targeting, positioning, and
differentiation are an example of a marketing strategy that an organization can use
when implementing a marketing plan. This process requires a thorough and very
careful customer analysis procedure to understand the needs and wants of the
customers. To understand the roles of market segmentation, market targeting,
positioning, and differentiation, first it will require to describe each and describe what
it entails.

The first step is market segmentation. For the marketing procedure to be successful, it
would be important for the company to understand that it cannot satisfy the whole
market that is why they should first perform market segmentation. Segmentation
defines the process of dividing the market into several segments based on their
characteristics, behaviors, needs and wants. The role of this strategy is to help the
organization to identify the segment of the market that it can best dive into based on
their strengths and opportunities available so that it generates profits because
segments of the market will have customers that respond differently to marketing
efforts that is why this step is the first in the marketing strategy.
Secondly, the next step is marketing targeting. In this step, we must first define the
fact that it must come after marketing segmentation since after segmentation, the
company now has an idea of the segment that they would best suit in and therefore
note that market targeting will now involve evaluating each segment and gauging its
attractiveness and selecting either one or more of those segments that best suit the
company that it can enter into. The role of this step is to help the company to enter the
market segment that it would best generate profits and value over time. Additionally,
it would be important to notify that this step will be determined by the resources that
the company has since limited resources would mean that they would only enter into a
limited number of segments unlike when it has a lot of resources.

On the other hand, differentiation and positioning are the step four and five of the
marketing strategy that the company can consider. It is important to first notice that
these two steps go hand in hand whereby positioning and differentiation greatly
depend on each other. Positioning involves positioning and arranging for the product
to occupy a clear and distinctive place in the market where it best attains a
competitive edge while differentiation involves differentiating the product so that it
can have great customer value and attain the customer position that it is desired to
achieve. The positioning of the product must be thoroughly thought through since the
position of the product is the first thing that the customer will think about to
differentiate the product from that of competitor brands. Therefore, we can see that
the role of positioning and differentiating is majorly to create a product that defines
value to the customer as compared to competitor products and placing it at a position
where it gains a competitive edge while still adding and achieving value over time.
Chill Beverage’s market for NutriWater consists of consumers of single-serving-sized
bottled beverages who are looking for a healthy yet flavorful alternative. “Healthy” in
this context means both low-calorie and enhanced nutritional content. This market
includes traditional soft drink consumers who want to improve their health as well as
non-soft drink consumers who want an option other than plain bottled water. Specific
segments that Chill Beverage will target during the first year include athletes, the
health conscious, the socially responsible, and Millennials who favor independent
corporations. The Chill Soda brand has established a strong base of loyal customers,
primarily among Millennials. This company has many strong competitors. Such as
Vitamin water: Created in 2000 as a new product for Energy Brands’ Glacéau, which
was also the developer of Smart water (distilled water with electrolytes). Coca-Cola
purchased Energy Brands for $4.1 billion in 2007. Vitamin water is sold in regular
and zero-calorie versions. With 15 bottled varieties as well as availability in fountain
form and drops, Vitamin water offers more options than any brand on the market.
Together with Smart water, Vitamin water exceeds $1.1 billion in annual sales and
commands 61 percent of the enhanced waters market.
SoBe Life water: PepsiCo bought SoBe in 2000. SoBe introduced Life water in 2008
with a hit Super Bowl ad as an answer to Coca Cola’s Vitamin water. The Life water
line includes 15 regular and zero-calorie varieties. Each bottle of Life water is
designated by flavor and one of six different functional categories: Electrolytes, Lean
Machine, B-Energy, C-Boost, Antioxidants, and Pure. Each variety is infused with a
formulation of vitamins, minerals, and herbs designed to provide the claimed benefit.
Life water is sold in 20-ounce PET bottles and multipacks as well as 1-liter PET
bottles. With more than $200 million in annual revenues, Life water is the number
two enhanced water brand.
 Propel Zero: Gatorade created Propel in 2000, just one year prior to PepsiCo’s
purchase of this leading sports drink marketer. Originally marketed and labeled as
“fitness water,” it is now available only as Propel Zero. Although the fitness water
designation has been dropped, Propel Zero still leans toward that positioning with the
label stating, “REPLENISH + ENERGIZE + PROTECT.” Propel Zero comes in
seven flavors, each containing the same blend of B vitamins, vitamin C, vitamin E,
antioxidants, and electrolytes. Propel Zero is also marketed in powder form and as a
liquid enhancer to be added to bottled water. With $181 million in revenues, Propel
Zero is the number three enhanced water brand with a 10 percent share of the
enhanced waters market.
RESCUE Water: The Arizona Beverage Company is best known as the number one
producer of ready-to-drink bottled teas. However, it also bottles a variety of other
beverages including smoothies, sports drinks, energy drinks, and juice blends. Its
newest brand is RESCUE Water, introduced to the U.S. market in 2010. It sets itself
apart from other enhanced waters with green tea extract added to a blend of vitamins
and minerals. This provides a significant point of differentiation for those desiring
green tea, but rules the brand out for the majority of customers who do not want it. It
comes in five flavors, each with its own functional benefit. Although RESCUE Water
sales and market share figures are not yet known because of the product’s newness,
the Arizona Beverage Company is a multibillion dollar corporation with a long
history of successful new product introductions.
Despite the strong competition, NutriWater believes it can create a relevant brand
image and gain recognition among the targeted segments. The brand offers strong
points of differentiation with higher and unique vitamin content, all-natural
ingredients, and support for a relevant social cause. This company differentiate their
NutriWater in many ways. These are:
 
Six new-age flavors: Peach Mango, Berry Pomegranate, Kiwi Dragon fruit,
Mandarin Orange, Blueberry Grape, and Key Lime.
· Single-serving size, 20-ounce, PET recyclable bottles.
· Formulated for wellness, replenishment, and optimum energy.
· Full Recommended Daily Allowance (RDA) of essential vitamins and minerals
(including electrolytes).
· Higher vitamin concentration—vitamin levels are two to ten times higher than
market-leading products, with more vitamins and minerals than any other brand.
· Additional vitamins—vitamins include A, E, and B2, as well as folic acid—none of
which are contained in the market-leading products.
· All natural—no artificial flavors, colors, or preservatives.
· Sweetened with pure cane sugar and Stevia, a natural zero-calorie sweetener.
· Twenty-five cents from each purchase will be donated to Vitamin Angels, a
nonprofit organization with a mission to prevent vitamin deficiency in at-risk
children.

This is how Chill Beverage Company differentiate their NutriWater from Coca-Cola
and PepsiCo brand in implementing an effective marketing strategy.

References:
https://www.smartinsights.com/digital-marketing-strategy/customer-segmentation-
targeting/segmentation-targeting-and-positioning/
https://marketing-insider.eu/marketing-strategy/
https://www.oreilly.com/library/view/principles-of-
marketing/9780134492513/xhtml/fileP7001013083000000000000000005390.xhtml

Answer to the Question number 4

The 4Ps of marketing can help the company achieve its success in building their
business.
There are four key factors or the 4Ps of marketing that are involved in marketing a
good product or services. They are the product, price, place, and promotion. The
4Ps are used by companies to identify some key factors for their business, including
what consumers want from them, how their product or service meets or fails to meet
those needs, how their product or service is perceived in the world, how they stand
out from their competitors, and how they interact with their customers. Just the
product itself can persuade the customers to buy the product because of its benefits,
the what-so-called vitamin-enhanced water being different from any other brand of
water. NutriWater will be positioned by the slogan "Expect more"—indicating that
the brand offers more in the way of desirable product features and benefits at a
competitive price. Considering the 4Ps, the Chill Beverage Company would have an
idea on how they are going to strategize in making their business a success by
promoting the brand, offering a healthy drink with an affordable price and sell them
globally to make the brand be known all over the world.
The 4Ps of NutriWater are discussing below:
Product: A product is the item offered for sale. A product can be a service or an item.
It can be physical or in virtual or cyber form. Every product is made at a cost and each
is sold at a price. The price that can be charged depends on the market, the quality, the
marketing and the segment that is targeted. Each product has a useful life after which
it needs replacement, and a life cycle after which it has to be re-invented. In FMCG
parlance, a brand can be revamped, re-launched or extended to make it more relevant
to the segment and times, often keeping the product almost the same. NutriWater
will be sold with all the features described in the Product Review section. Such as,
they have six new-age flavors: Peach Mango, Berry Pomegranate, Kiwi Dragon fruit,
Mandarin Orange, Blueberry Grape, and Key Lime. Additional vitamins—vitamins
include A, E, and B2, as well as folic acid—none of which are contained in the
market-leading products. All natural—no artificial flavors, colors, or preservatives.
Sweetened with pure cane sugar and Stevia, a natural zero-calorie sweetener. As
awareness, takes hold and retail availability increases, more varieties will be made
available. A zero-calorie version will be added to the product line, providing a solid
fit with the health benefits sought by consumers. Chill Beverage’s considerable
experience in brand building will be applied as an integral part of the product strategy
for NutriWater. All aspects of the marketing mix will be consistent with the brand.

Price: A price is influenced by both production costs and demand for the product.
A price may be determined by a monopolist or may be imposed on the firm by market
conditions. The most obvious example is in pricing a loan, when the cost will be
expressed as the percentage rate of interest. In commerce, price is determined by what
(1) a buyer is willing to pay, (2) a seller is willing to accept, and (3) the competition is
allowing to be charged. With product, promotion, and place of marketing mix, it is
one of the business variables over which organizations can exercise some degree of
control. There is little price variation in the enhanced water category, for this reason,
NutriWater always follow a competition-based pricing strategy. Given that
NutriWater claims superior quality, it must be careful not to position itself as a lower-
cost alternative. Manufacturers do not quote list prices on this type of beverage, and
prices vary considerably based on type of retail outlet and whether or not the product
is refrigerated. Regular prices for single 20-ounce bottles of competing products are
as low as $1.00 in discount-retailer stores and as high as $1.89 in convenience stores.
Because NutriWater will not be targeting discount retailers and convenience stores
initially, this will allow Chill Beverage to set prices at the average to higher end of the
range for similar products in the same outlets. For grocery chains, this should be
approximately $1.49 per bottle, with that price rising to $1.89 at health food stores
and fitness centers, where prices tend to be higher.

Place: When a company will decide to sell their product, they must be regraded about
the place. Because place is very important to distribute a product. If the place is not
right for distributing the product then the company will fail to sell it in the market.
For this reason, Nutriwater always follow the distributing process. This distribution
strategy will be executed through a network of independent beverage distributors, as
there are no other major brands of enhanced water following this strategy. Chill
Beverage gained success for its core Chill Soda soft drink line using this method.
NutriWater will employ a selective distribution strategy with well-known regional
grocers, health and natural food stores, and fitness centers. It also placed coolers with
the brand logo in truly unique venues such as skate, surf, and snowboarding shops;
tattoo and piercing parlors; fashion stores; and music stores—places that would
expose the brand to target customers. Then, the soft drink brand expanded by getting
contracts with retailers such as Panera, Barnes & Noble, Target, and Starbucks. This
same approach will be taken with NutriWater by starting small, then expanding into
larger chains. NutriWater will not target all the same stores used originally by Chill
Soda, as many of those outlets were unique to the positioning and target customer for
the Chill Soda soft drink brand.

Promotion: Promotion refers to the entire process by which a company is brought

into existence. It starts with the conceptualization of the birth a company and
determination of the purpose for which it is to be formed. The persons who conceive
the company and invest the initial funds are known as the promoters of the company.
Every company has its own promoting style. A company can promote their product in
different ways. It actually means to attract the consumer. A product can be promote
by doing advertisement, public relations and other kinds of promotional strategy.
NutriWater has also its promotional strategy. As with the core Chill Soda brand, the
marketing communication strategy for NutriWater will not follow a strategy based on
traditional mass-communication advertising. Initially, there will be no broadcast or
print advertising. Promotional resources for NutriWater will focus on three areas:

Online and mobile marketing: The typical target customer for NutriWater spends
more time online than with traditional media channels. A core component for this
strategy will be building Web and mobile brand sites and driving traffic to those sites
by creating a presence on social networks, including Facebook, Google+, and Twitter.
The NutriWater brand will also incorporate location-based services by Foursquare
and Facebook to help drive traffic to retail locations. A mobile phone ad campaign
will provide additional support to the online efforts.
Trade promotions: Like the core Chill Soda brand, NutriWater’s success will rely on
relationships with retailers to create product availability. Primary incentives to
retailers will include point-of-purchase displays, branded coolers, and volume
incentives and contests. This push marketing strategy will combine with the other pull
strategies.

Event marketing: NutriWater will deploy teams in brand-labeled RVs to distribute

product samples at events such as skiing and snowboarding competitions, golf
tournaments, and concerts.

This is the 4Ps of Nutriwater of chill beverage company and this company will
monitor online discussions via services such as Radian6. In this manner, the company
will gauge customer perceptions of the brand, the products, and general satisfaction.
For future development of the product and new distribution outlets, crowdsourcing
methods will be utilized.

References:
https://www.purelybranded.com/insights/the-four-ps-of-marketing/
https://blog.capterra.com/understanding-the-marketing-mix-the-4-ps-of-marketing/

Answer to the Question number 5

Management is the processes of planning, organizing directing motivating and

coordinating and controlling of various activities of a firm. Marketing is the process
of satisfying the needs and wants of the consumers. Management of marketing
activities is Marketing Management. Management Guru Philip Kotler defines
marketing, as “Marketing Management is the analysis, planning, implementation and
control of programmers designed to bring about the desired exchanges with target
audiences for the purpose of personal and mutual gain. It relies heavily on adoption
and coordination of the product, price, promotion and place for achieving response”:
In other words, a business discipline, which is focused on the practical application of
marketing techniques and the management of a firm’s marketing resources and
activities, is Marketing Management. The Four Function of marketing management is
Planning & Decision-making, Organizing, Leading & Controlling. Now I am going to
elaborate these four functions of marketing management:
Planning and Decision Making: Planning involves deciding where to take a
company and selecting steps to get there. It first requires managers to be aware of
challenges facing their businesses, and it then it requires managers to forecast future
business and economic conditions. They then formulate objectives to reach by certain
deadlines and decide on steps to reach them. They re-evaluate their plans as
conditions change and make adjustments as necessary. Planning helps allocate
resources and reduce waste as well. This forms the course of action. Looking ahead
into the future and forecasting potential patterns or events that are likely to affect the
working situation is both the most important attribute and a manager's role. Planning
involves setting the goal of a company and determining how to better attain it.
Planning is taking decisions about the priorities and determining the possible course
of action from a range of alternatives for achieving them. The strategy helps to
preserve operational productivity as it serves as a road map to potential plans for the
staff. Planning which involves selecting goals as well as the paths to achieve them.
Planning involves choosing tasks and objectives and activities to achieve them,
including decision-making or choosing future course of action among alternatives. In
short, planning means determining what the position and situation of the organization
ought to be in the future, and deciding how to best bring about that situation. Planning
allows managers to preserve productivity by directing potential operations.

Organizing: It coordinates assets and activities. Organizing can be characterized as

the process of bringing the existing plans closer to reality. If a manager sets goals and
strategies, his next managerial role is to coordinate human resources and other
resources that the plan recognizes as essential to achieve the objective. Organizing
involves deciding how to bring together and organize the tasks and services. The
organization may also be defined as an intentionally formalized position or role
structure for people to fill in an organization. Organizing generates a relationship
structure within an organization and it is through these structured relationships that
plans are pursued. Organizing, then, is the aspect of managing that involves setting up
a deliberate role structure for people to fill in the organization. It is intentional in the
sense of making sure that people who can do the best are assigned all the tasks
necessary to achieve goals. An organizational structure's aim is to create an
atmosphere for human performance at its best. The structure has to define the task to
be performed. The rules so laid down must also be built in the light of the available
people's abilities and motivations. Staffing is related to organizing and it involves
filling and keeping filled, the positions in the organization structure. This can be
achieved by defining the roles to be filled, defining the manpower requirement, filling
the vacancies and preparing workers to effectively and efficiently achieve the tasks
assigned to them. Organizing is deciding where decisions are to be made, who is to do
what jobs and tasks, who is to work for whom, and how resources are to be put
together.

Leading: Leading requires managers to motivate employees to achieve business

objectives and goals. It requires the use of authority to achieve those ends as well as
the ability to communicate effectively. Effective leaders are students of human
personalities, motivation and communication. They can influence their personnel to
view situations from their perspectives. Leading also involves supervision of
employees and their work. They manage, motivate and direct people. The third basic
managerial function is to lead it is the ability to influence people for a given purpose
or reason. Leading is regarded as the most significant and challenging of all
managerial activities. Leading is influencing or prompting the organization's member
to work with the organization's interest. It is called leadership to create a positive
attitude towards the work and goals among the members of the organization. It is
necessary as it helps to serve the objective of efficiency and effectiveness by
changing the employees' behavior. Leading involves and activates several deferment
processes. The management, motivation, communication, and coordination functions
are considered a part of the leading processor system. Coordination is also essential to
leadership. Motivating is a quality important to leadership. Motivating is the role of
the management mechanism of manipulating the actions of individuals based on
awareness of what cause and medium maintain human activity in a specific direction
of commitment.

Controlling: Controlling is a function of management that involves measuring

achievement against established objectives and goals. It also requires managers to be
able to identify sources of deviation from successful accomplishment and to provide a
corrective course of action. Managers first establish objectives and goals, then
measure achievement of them, identify anything that is keeping the company from
achieving them, and provide means of correction if necessary. It tracks the events and
analyses them. Controlling is called tracking organizational progress towards goal
fulfillment. To ensure the achievement of organizational goals, monitoring progress is
essential. Controlling is calculating, evaluating, detecting variance and correcting the
organizational behaviors that are carried out in order to accomplish the goals or goals.
Controlling consists of activities such as; assessing efficiency, comparing with
existing standards and finding deviations, and correcting deviations. Control activities
generally relate to measuring achievement or the outcomes of actions taken to achieve
the goal. Some methods of monitoring, such as spending schedules, inspection
reports, and a record of missed working hours, are commonly common. Each test also
shows whether the plans work out. Correction is indicated if deviations persist.
Whenever results are found to differ from the planned action, it is necessary to
identify the persons responsible and to take the necessary measures to improve
performance. Thus, effects are regulated by watching what the people are doing.
Controlling is the final but not the least important method for handling functions.
References:
https://study.com/academy/lesson/four-functions-of-management-planning-
organizing-leading-controlling.html#:~:text=There%20are%20four%20functions
%20of,step%20builds%20on%20the%20others.
https://www.tutorialspoint.com/marketing_management/marketing_management_fun
ctions.htm
https://www.iedunote.com/function-of-management-process