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Explain MKT500 Marketing Management

In short, marketing management is when you plan, organize, control and implement the marketing programs of an organization. This includes the policies, programs, strategies and tactics used to create and meet the demand of target customers in order to create profitability. To ensure you’re making the right decisions, market research is necessary to understand the marketplace and determine what needs are not being met, or how to exploit opportunities that are currently not being served. Market research includes competitive research, key demographics, pricing and the best promotions for attracting customers. Here you can find MKT500 assessment answers to help you through yout course.

Some might feel dismissive about marketing. There’s a reason why marketing budgets are often the first to get cut when a company is in a financial downturn. If you’re honest with yourself, though, you’ll realize how it has influenced what you buy. The truth is, marketing does work. Advertising is incredibly persuasive. Of course, your organization isn’t the only one that knows this. Your competitors likely have marketing management processes in place, looking to take your market share. That’s another reason why marketing management is important; you need to stay competitive. Complacency is the death knell for any business. We can help you find your MKT500 assignment answers here.

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Marketing management is relevant to both small and large/established businesses. It can drive success by opening up avenues that best reach your customers. That’s how you grow sales. Plus, engaging positively with your audience is how you build a brand strategy. The data you collect allows you to analyse your target customers (and their buying habits) to tweak your marketing plan and make it even more effective. We provide with MKT500 answers for students.

The functions of marketing management are as follows:

Marketing Objectives: Define what you’re looking to accomplish through your marketing strategies. This can be in the short-or-long-term, but the approach must be clear. Your marketing objectives should align with the overall strategy of the business or organization.

Planning: Once you have your objectives, you must develop a plan that leads to success. The marketing plan should include everything from sales forecasts, strategies, programs, milestones, tasks and resources.

Organization: The organization’s function is to take the marketing strategy and implement it. This means knowing what you need in terms of resources, and then coordinating them to work together. This includes building a marketing structure, assigning teams, defining responsibilities and determining who has authority. Here you can find MKT500 task answers.

Coordination: Coordination is required during implementation, as it sets teams up to respond to change and ensure the plan stays on track. That means coordinating the marketing program elements such as marketing research, sales forecasting with product planning and development, including logistics such as transportation and storage.

Direction: Direction in marketing management means fostering strong employee leadership, motivation and inspiration.

Control: You must control the marketing plan in order to maximize its effectiveness during execution. Things to look at include standards, evaluating performance and making changes as needed.

Staffing: For any marketing management to function, it must be staffed with the right people. The marketing manager is responsible for staffing up their team. They work with human resources to hire talent who will execute the marketing plan.

Analysis and Evaluation: Any marketing plan is likely to change as conditions change. In order to stay on top of it all, it’s crucial to analyse and evaluate the performance and progress of the marketing plan. After the plan is complete, you should perform a post-mortem to discover what worked and what didn’t work. That way, you can learn from mistakes for the next marketing strategy.

To create a successful marketing strategy for your business, you must first define who your audience is. When you know that, it will guide all your marketing efforts. But you don’t want to rely only on market research, as important as that might be. The next step in developing your plan is to test your audience.

This will allow you to understand the buying behaviour of your target audience, and from there, you can figure out what the most appropriate marketing strategy is to reach your target customers. Use the knowledge, attitudes and behaviours of your target audience to refine your marketing strategy. There are many ways to reach an audience such as email marketing, social media marketing, digital marketing and public relations. Once you have a strategy, or a few that seem appropriate, take the time to evaluate them to see which is the best. Here you can find MKT500 solutions for students.

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Unit details:-

Location: USA

Study level: undergraduate, vocational

Unit code:- MKT500

Brief of MKT500 Assessment:

The assessments are conducted through the year. The assessments focus on essay writing, research writing and argumentative writing. Students will be assessed on their historiographical literacy, critical thinking, research skills, communication skills, writing and intellectual integration. Students will need to demonstrate knowledge of the sub-discipline of marketing, relationship marketing, segmentation, targeting, positioning, 4Ps and the current, overarching paradigms, theories, and ethics that define professional practice like seminar, portfolio essay, capstone project, essay for outside field. Teaching methods will place emphasis on drawing on and utilising your experiences, and will also include group work, guided reflection, individual study of course materials, and discussion of theories, ideas and concepts. The course has two types of assessments, formative and summative. The formative assessments are not formal tests of exams. The summative assessments have two parts, one reflective report having 70% of the total marks in the course and a group report having 30% of the total marks of the course. The students are encouraged to take part in weekly forum discussions and quizzes to develop the knowledge of the students. Assessments include essay writing, research, argument forming and many more.

What is the Weightage of this MKT500 Course Code in Their Semester?

This course code has the weightage of 100 marks in the semester. The students have to score at least 50% of the total marks.

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