Marketing Finals reviewer
TOPIC: Formulating and Implementing the Marketing Plan
and Budget
Marketing Audit
• is a full exploration and analysis of the entire
marketing environment of a business, assessing
everything from strategies and targets to specific
marketing activities.
• This process is intended to provide a full overview of
the tools and competencies at an organization’s
disposal, to help identify areas of weakness and to put
in place ways of improving outcomes in the future.
Allocation
• is the process of shifting overhead costs to cost
objects, using a rational basis of allotment.
• Allocations are most commonly used to assign costs
to produced goods, which then appear in the financial
statements of a business in either the cost of goods
Sold or the inventory asset. If financial statements
are not to be distributed outside of an entity, then
there is less need to use allocations.
Details of Preparing a Marketing Plan and Format
• A Marketing Plan is used to outline strategies for
marketing and operations. The plan may include
developing a marketing message, identifying the
target market, and creating strategies for promotion of
the business’ products or services.
The creation of the marketing plan is understated as a strategic
process, where this is based on information and activities. The
result is the marketing plan, which is realized and monitored in
connections with the results achieved.
Marketing Process
• The marketing process is the series of steps
businesses follow to promote their products or
services to potential customers. It involves identifying
the target audience, creating a marketing strategy,
implementing the plan, and capturing customer value.
Essentially, it's the process of making people aware of
what a business offers and convincing them to buy it.
Marketing Process Steps
The five steps of the marketing process include:
1. Understanding customers and the market,
2. Creating a customer-driven marketing strategy,
3. Creating an integrated marketing plan,
4. Fostering long-term sustainable customer
relationships,
5. Capturing value from customers.
1. Understanding Customers and Markets
The first step of the strategist marketing process includes
understanding customers and markets. The foundations of this
step include understanding customer wants and need.
o A customer need is something an individual needs in
terms of survival. These include basic necessities
such as food, water, shelter, or clothing.
o A customer want is something that an individual
desires. For instance, an individual needs food to
survive; however, the individual might want different
types of food, such as soup, pizza, or rice
Customer wants and needs are what create demand in a
market. The market is where customers and businesses can
engage in exchange relationships. In turn, demand is fulfilled
by the market, specifically market offerings. Market offerings
are the different types of goods and services businesses create
to satisfy customer demand.
Beyond just meeting demand requirements, marketers must
ensure that a good or service creates customer value. Creating
value can lead to satisfied customers who stay loyal to the
brand. As a result, it is also crucial for building long-term
customer relationships.
2. Creating a Customer-Driven Marketing Strategy
o The following step involves creating a customer-
driven marketing strategy focusing on deciding which
customers and markets to serve.
o Creating a marketing strategy involves market
segmentation, targeting, and positioning (STP). The
STP model helps marketers decide which customers
to target and how.
o Once marketers have selected a target customer
group, it is essential to position and differentiate the
product. Positioning and differentiation allow the
product or service to stand out from competitors by
highlighting the value it brings customers, thus,
satisfying customer needs.
The business must also decide which overarching concept will
lead its marketing strategy. The five key concepts are as
follows:
o PRODUCTION CONCEPT follows the idea that
customers will always demand products that are
available on the market. Therefore, companies have
to focus on maximizing production and distribution.
o PRODUCT CONCEPT is the idea that customers
demand high-quality products that have useful
features and numerous benefits. Therefore,
companies should focus on product innovation and
differentiation.
o SELLING CONCEPT argues that customers will not
value or purchase a product unless a brand
specifically targets large promotional campaigns at
them.
 o MARKETING CONCEPT follows that companies
should create products that satisfy customers' wants
and needs better than competitors rather than
focusing on production or selling. Therefore,
understanding customers is key.
o SOCIAL MARKETING CONCEPT is the most recent
one. This concept argues that organizations should
satisfy both the short and long-term needs of
customers and society in general. The focus here is
on maintaining the welfare of the company and
society. Therefore, the focus should be on
sustainability.
3. Creating an Integrated Marketing Plan
o Once a marketing strategy has been established, it is
time to create a marketing plan.
o The marketing plan outlines how the organization or
brand will generate customer value through different
mediums.
o The marketing plan broadly relates to the 4Ps of
marketing: product, price, promotion, and place. The
brand can deliver value to its target customers
through the different elements of the marketing mix.
Marketing Planning Process
The marketing planning process allows a company to plan out
the various activities and tasks required to reach overall
business goals.
Some of the critical elements of the marketing planning
process include:
o Conducting a market analysis (internal and external),
o Establishing marketing goals and objectives,
o Establishing the marketing budget,
o Implementing marketing tasks required to achieve
goals,
o Controlling the marketing process,
o Evaluating marketing outcomes.
4. Fostering Long-Term Sustainable Customer
Relationships
o Once marketers have established an integrated
marketing plan, they must focus on building customer
relationships. Every brand aims to foster long-term
customer relationships to sustain brand preference
and customer loyalty.
Customer Relationship Management (CRM) is the overall
process of interacting with customer to build long-term
sustainable relationships
The primary goals of customer relationship management are
to:
o Increase customer value perception by highlighting
the benefits and features of products and services,
o Increase customer satisfaction and mitigate customer
dissatisfaction,
o Engage customers through brand management and
marketing communications on various channels,
o Promote customer-generated marketing (e.g., user-
generated content (USG) on social media, customer
reviews, competitions, etc.).
5. Capturing Value from Customers
o After ensuring customer value creation, the brand can
also capture customer value. This ensures that the
brand stays profitable in the long run.
o There are a few synergies that allow brand capture
value to happen, and they are as follows:
1. By creating brand preference within target customers
and long-term customer relationships, the brand
ensures repeat purchases (retention) and customer
loyalty.
This idea is known as customer equity.
2. The brand can capture value due to increased market
share creating customer value and inducing retention.
3. Higher market share and customer loyalty lead to an
increase in revenue and profit, contributing to the
company's financial success.
• As a result, the marketing process allows customers to gain
value from brands and products, while brands can capture
value from customer relationships.
Inbound Marketing Process
o Inbound marketing focuses on attracting potential
customers to a business through valuable content and
experiences rather than interrupting them with
irrelevant ads or messages.
The inbound marketing process typically involves the following
steps:
1. Attract
Attracting potential customers by creating relevant
and valuable content that solves their problems or
answers their questions. This could include blog
posts, social media content, videos, infographics, etc.
2. Convert
Converting website visitors into leads by offering them
something of value in exchange for their contact
information, such as a free e-book, webinar, or
consultation.
3. Close
Nurturing leads through the sales funnel and closing
deals by providing personalized and helpful
information addressing their needs and concerns.
4. Delight
Providing exceptional customer service and support to
turn customers into brand advocates who will refer
others to the business and continue to engage with
the brand.
Step 1: Situation Analysis
In order to assess where the bank is at present, detailed
information concerning both the past state, as well as present
state is necessary. Costs, revenues and profits achieved are
analyzed over time for the longer-term period.
Step 2: Setting out Target Segments
Marketing objectives have to be in accordance with business o Social
objectives and must be defined as precisely as possible. o Technological
o Financial
Step 3: Marketing Program o Legal
The aim of marketing programs is to ensure that the practical o Regulatory
realization of the marketing strategies adopted. o Global

The role of the marketing program is to prioritize marketing Competition analysis

activities, dividing these into important marketing activities, o Main competitors
partial steps and tactical tasks. Part of this is also the o There objectives and efforts
preparation of time plans stipulating the limits for fulfilling key o Behaviour in the market
tasks. It may also be evaluated at regular meetings, for o Market share
example as part of the monthly cycle. o Growth
o Quality of its services
A good level of Precise market Internal marketing o Deployment
internal and research for the support of o Activities and resources
external determining external o Marketing mix strategies
communication customer needs marketing
between all and the quality of activities Analysis of the Bank
subjects involved services in o Our objectives and efforts
in the process of comparison with o Market share
implementing the the competition, o Growth
marketing plan, o Quality of its services
o Deployment
A Marketing Plan Requires: o Activities and resources
MARKETING MARKETING MIX is o Marketing mix strategies
STRATEGIES comprise comprised of service, price,
three elements: means service availability, Formulating Marketing Strategy
(tools), time and plans and promotion, the human o The quality of target plans depends on the marketing
resources necessary for factor, processes and strategy formulated. Marketing objectives and
successfully achieving the customer service strategies define the amount of profit, revenues and
objectives. market shares important from the aspect of fulfilling
the mission and defining the choice of marketing mix
ASSESSMENT OF ALTERNATIVE for achieving objectives in individual market
MARKETING MIXES segments.
• The idea of assessing alternative mixes is to find the most
appropriate marketing strategy prior to beginning THE MARKETING STRATEGY IS ELABORATED AT
implementation of the plan. VARIOUS LEVELS:
o In the assessment various analytical approaches can o Level 1 -setting common marketing objectives:
be used or simple methods on the basis of trial and defining long-term profitability and the strategic aims
error. of the bank, which are expectations, strengthening the
o The next step is setting alternative, or back- up plans. communication and motivation of marketing
Since we cannot elaborate an alternative plan for employees.
every case, we should evaluate the influence of o Level 2 -setting objectives for key business areas,
various groups of assumptions and find areas of which are more specific and have a connection to
greatest risk business functions
o Level 3 -setting sectional objectives, or which help in
STRATEGIC CONTEXT achieving common business aims. Marketing
• This includes two strategic tasks: setting the mission and objectives are common statements, whereby the
setting out business aims. The task of defining the mission is marketing strategy is specific and lays down specific
to familiarize all subjects involved with the clear objective and measures.
direction of the business.
Marketing Strategic Objectives in the Field of the Market
EVALUATION OF CONDITIONS Will Concern:
This part is composed of three phases: o Current users -the marketing strategy has two key
1. Marketing audit, roles: to maintain current customers and to strengthen
2. Situation analysis and through mutual co-operation the stimulation towards
➢ SWOT analysis (strengths, weaknesses, more frequent purchases,
opportunities and threats) o New users -the marketing strategy has as its role to
➢ helps in strategic decisions concerning address new customers and to evoke a positive
market segments response, or repeat purchase, which leads to in
3. Identification of key requirements in the marketing longer-term co-operation
plan.
Allocation of Resources and Monitoring
The marketing audit o This phase of the marketing planning process
includes two fields: marketing programs and
Environment Analysis monitoring, control, evaluation of the fulfilment of the
o Political marketing plan.
o Economic
 o In most cases there is drawn up a three-year strategic
plan and annual action plan.
Monitoring, Control and Evaluation
o Monitoring, control and evaluation as results from
Kotler's research in 75 firms operating in the services
fields, many of the control systems are inadequate.
Outcomes of Monitoring, Control and Evaluation:
1. Smaller businesses have in comparison with larger
businesses control and management process of lower
quality.
2. Only fewer than half of all firms know the profitability
of individual products. One third do not have any
system set for evaluating, or identifying weak products
and services.
3. At least half of all businesses do not make a
breakdown of costs, an evaluation of advertising,
comparison of prices which are the prices of the
competition and do not write reports on business
negotiations.
4. In many businesses there are documents for
assessment delivered following a large delay of 4 to 8
weeks and are often imprecise.
Berkowitz cites as the most frequent reasons for failure of
the marketing plan as:
1. Not taking account of external factors,
2. Not monitoring client needs - motivation merely on the
basis of economic challenges there has not have to
mean a benefit for the bank,
3. Over-extension of the marketing plan,
4. Non-familiarization of each employee with the
marketing plan. It is not only the elaborator who is
responsible for fulfilling the marketing plan, but also all
who have shared in its creation.
SOC AD FINALS REVIEWER
TOPIC: Culture, Economic Status, Gender and Sexuality in
Pharmaceutical Care
o The structures of the healthcare systems in different
countries have a lot of similarities but also a lot of
differences.
o The system is the sum of historical development,
culture and economic factors.
o In some countries there are actually several different
systems in place within the healthcare system.
Demographic Factors
o Several important differences have been reported
between different age groups and between genders.
However, few reports have been able to validate the
reasons for these differences.
o It is well known that women report more symptoms
and that they have a lower threshold of pain and
discomfort and are more likely to seek care.
o Men are more hesitant than women to admit having
symptoms and to seek medical care for these
symptoms.
o This can be a result of perceived sex-role stereotypes
- men should be tough and independent and ignore or
endure pain. Women use physician services more
than men in all age groups except for the first few
years of life. Regardless of this, men have a higher
mortality and shorter life expectancy at all ages.
o In general, young children and the elderly us
physician services more often than adolescents and
young adults.
o Age differences in health behaviour cannot be
explained by biological ageing alone.
o Elderly people have different views on health and
illness, symptoms, healthcare use and drugs.
o There is a danger in labelling all elderly people as
having similar attitudes concerning health issues, but,
as with younger persons, among the elderly there are
also a wide variety of views on health and treatment.
o Certain ideas are more prevalent among the elderly
than the young. The differences can partly be
explained by so-called cohort effects, meaning people
of the same age have been exposed to the same kind
of experiences and attitudes in society and therefore
are also likely to share certain behavioral
characteristics.
Socioeconomic Position
o Position refers to the indicators that signify a person's
status is society.Status is most frequently gained
through the ownership of resources, power, and skills
that can be used to accumulate wealth or exert
influence.
o In every society, political, cultural, and institutional
factors determine the ways in which socioeconomic
status influences health, with the steepest gradients
found in the most unequal societies.
o As a discipline, social epidemiology is founded on the
hypothesis that although the direction and strength of
relationships between morbidity and mortality and
socioeconomic position vary, the underlying
relationship persists.
o For example, socioeconomic status affects low birth
weight, injuries, asthma, diabetes, depression,
cancer, stroke, and other diseases.
o In addition, a gradient occurs whereby children from
families of lower socioeconomic status have been
found to be markedly more likely to suffer from
injuries, ear infections, or chronic illness and to be
less physically active than children from families of
higher socioeconomic status.
Income
o Income determine the ways in which socioeconomic
status influences health, with the steepest gradients
found in the most unequal societies.
o For example, a family with high income can afford
both health insurance and a physician's copayment
and will seek care immediately if a child has an
asthma attack.
o A low income family without insurance must pay full
price for medical attention, which may cause them to
delay seeking help until the child is much sicker.
o Income is often difficult to measure in health research
because some people are reluctant to report
household income, regarding it as a private matter or
cause of shame.

Education
o Education is an easily measured indicator of
socioeconomic status that most people freely reveal
to health researchers.
o Education is a marker of socioeconomic status even
when individuals are not in the labor force. Education
is also rather stable over the lifespan, whereas
income fluctuate based on current employment status.
Occupation
o Occupation is an important indicator of socioeconomic
position because it is the obvious and stable link
between individuals and economic processes.
o Occupation also forms the link between the measures
of education and income.
o Unfortunately, occupational classification systems
may not capture important nuances such as formal
and informal roles, which may relate directly to
benefits and security and the workplace environment.
o Given the large number of occupation in every
society, type of work may also be hard to organize
into meaningful categories.
Cultural Aspects
o To avoid making inaccurate generalizations about an
individual's culture, consider the culturally supported
boundaries within which an individual makes choices.
o Open discussion with a client about health care
beliefs will be the most useful approach to include
cultural influences in health care strategies.
o In order to better understand how an individual's
cultural background will affect pharmaceutical care,
three general areas will be considered:
➢ health care perspectives and beliefs
➢ traditional medicines and therapies
➢ communication patterns.
Health Perception and Treatment Choices
o The role of social structure and family members can
strongly influence one's health care choices.
o Being aware of family members' traditional roles in
health care decision-making can help us recognize
patterns and prevent potential conflicts.
o For example, in a some Hispanic families the
grandmother or mother is responsible for making
health care decisions, whereas the father may be
responsible for most other decisions. In some
Southeast Asian cultures the oldest male in the family
makes health care decisions
o Most cultures embrace a standard protocol for
treatment of illnesses.The severity of the illness
generally dictates who is sought for treatment.
Oftentimes an elder family member is consulted for
minor illnesses.
o Once a condition progresses, however, approaches to
treatment diverge among cultures. For many people
with strong religious beliefs, a priest or church leader
may be consulted at any stage in an illness. Prayer
may be an important part of the healing process, or an
essential element of health maintenance.
o As with conventional medicine, the treatment sought
will correspond with what the patient perceives as the
cause of the illness. The patient who thinks an illness
has been caused by a curse or spell may begin
treatment with prayer, or by seeking advice from a
spiritualist or traditional healer.
o In some cases treatment may not be sought at all
because the condition is considered shameful. For
example, mental illness can be considered disgraceful
in Vietnamese culture, and a patient may be reluctant
to acknowledge and seek treatment for such
problems.
o Allowing the client to discuss his beliefs about an
illness in a non-threatening environment will allow
incorporation-of his beliefs and practices in to a
reasonable and collaborative care plan.
Traditional Medicine and Therapies
o As pharmacists we are especially concerned with
alternative treatments that patients are using. In a
multicultural population we face even more challenges
with a patient's use of home remedies that may
include herbs and foods as well as traditional healing
therapies and rituals.
o In addition, a patient's perception of prescribed
Western medicines may also influence his
commitment to treatment.
o It has become commonplace to ask patients about
nonprescription and alternative medicine use. We
have come to recognize commonly used herbal
remedies, and can often screen for potential
interactions or problems before they arise.
o When eliciting home remedies or less common herbal
treatments used by some patients, it may be difficult
to assess their role in therapy.
o Many Asian people have a vast array of herbal
remedies available to them from their herbalist,
traditional Chinese pharmacist, or brought directly
from their homeland.
o Often the patient is unable to provide practitioner with
an accurate description or English name of the herb
or mixture. Under these circumstances it is important
to gather as much information as possible about the
herb's intended use, its possible action, and potential
adverse effects and drug interactions.
o If a real potential for interaction or adverse effects
exists, the practitioner may need to convince the
patient to discontinue the herbal remedy for a period
of time.
o Pharmacists may be less concerned with traditional
therapies that do not include foods or herbs, but they
need to be acknowledged nonetheless. Acupuncture,
coining, prayer, and voodoo may not have potential
for drug interactions; however, being aware of a
patient's practices and preferences can improve
overall understanding of his health care.
Communication
o Terms such as G.I., anti-inflammatory, b.i.d.,
hypopigmentation, and range of motion become a part
of our "everyday" language, often to the detriment of
our patients. As pharmacists we frequently hear
patients expressing their frustration with not being
able to understand what the doctor just told them. Yet
pharmacists often fall into the same trap. Paying
attention to the "language" we use when speaking
 with patients is a first step to bridging communication
barriers

o Communication perhaps the most common, yet least

recognized, communication barrier is that between
medical professionals and lay people. As we are
educated and acculturated into the medical
profession, we spend a substantial amount of time
with others who have similar interests, educational
level, and specialized language.

o Expecting pharmacists to become fluent in all the

languages of the clients they serve is impractical.
However, it may be useful to learn simple phrases in
languages of non-English speaking clients who
commonly visit the pharmacy.

o Learning how to say a typical greeting demonstrates

interest in improving communication and learning
about your clients.
o Non-verbal communication practices are another
barrier to effective communication. Behavioral
scientists have found that 55-95% of a message
communicated may be nonverbal.
o Aspects to consider in nonverbal communication are
eye contact, personal space and touch, and facial
expression.

o Anglo Americans typically perceive eye contact as an

expression of interest and sign of honesty. In many
Middle Eastern and Asian cultures, however, eye
contact is considered a sign of disrespect.
o Being aware of cultural influences on eye contact can
help a health care provider avoid judgment about a
client's character.

o Facial expressions have the potential for being

misleading. Nodding and saying yes may seem an
indication of understanding; however, in some
Southeast Asian cultures it simply indicates the
person is paying attention and being polite.
o Requesting that the patient demonstrate
understanding by repeating what has been told can
ensure that the correct message has been received.