Marketing Intelligence
As market research will be relied on to define which specific regions of the country to expand into and the most profitable potential product mix given that expansion plan, IPT will find that marketing is as much about measuring results and using marketing intelligence (Lee, Trim, 2006) as it is about pricing and promotion. For IPT to be successful in the long-term it is critical that the company culture also embrace the use of marketing intelligence to make location decisions, product sourcing and product mix optimization decisions (Barlow, Siddiqui, Mannion, 2004) and also define a pro-forma Profit & Loss Statement of the proposed expansion strategies with varying product mixes included.
Summary
In conclusion marketing is a highly integrative series of practices, techniques and strategies that are meant to make the entire company customer-centric and focused on how to consistently deliver exceptional customer experiences. Marketing has also become increasingly integrated to Finance as well. The bottom line is that for IPT to grow profitability it needs to get a strong foundation of being...
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Constantinides (2006). The Marketing Mix Revisited: Towards the 21st Century Marketing. Journal of Marketing Management, 22(3,4), 407-438. Retrieved January 14, 2009, from ABI/INFORM Global database. (Document ID: 1057129551).
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Yang-Im Lee, Peter R.J. Trim. (2006). Retail marketing strategy:the role of marketing intelligence, relationship marketing and trust. Marketing Intelligence & Planning, 24(7), 730-745. Retrieved January 16, 2009, from ABI/INFORM Global…
