Marketing managment

Marketing Management
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Marketing Functions
What are the different functions/components of marketing management? List the components and give a brief example of each.
According to Mittenburg (2005), marketing management is concerned with the marketing techniques and managing the resources available to the company. The main functions/components as pointed out by Mittenburg (2005) include:
Pricing – Marketing management helps not only in setting, but also in structuring the prices of the company’s products and/or services.
Selling – In customer-focussed firms, marketing management has a team of representatives who maintain a continual liaison with clients or customers.
Planning and forecasting – Marketing management helps in forecasting future trends and developments with regard to the company’s services/products and making appropriate plans.
Market research and analysis – Marketing management provides the ways through which marketing analysis and research can be carried out for a service or product.
Control – Assists in controlling the marketing of services and/or products.
Briefly describe each of the different generic strategies a company can follow and give an example of a company that you think is following each strategy. (You can give the three original strategies or an expanded list that includes up to five.)
Michael Porter developed generic strategies that enable a company to position itself by leveraging its strengths. Griffin (2010) stated that these strategies include:
Cost leadership strategy – This is used by companies that want to gain a market share by offering low prices while maintaining their margins. It calls for being a low cost producer in an industry for a certain level of quality. Using this strategy, a company sells its products/services either...