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Why Marketing Understanding is Essential for Strategy Formulation and Success | The Importance of Marketing Mix Variables and Objectives

Understanding marketing is crucial for strategy formulation. Managers need to know which customers are attractive and how they respond to marketing variables. The 4 Ps of marketing (product, price, place, and promotion) play a vital role in achieving organizational goals. These variables are controllable and interrelated, allowing firms to tailor their offerings and promotions. Marketing objectives guide firms in achieving specific goals, which can be broken down into tactical objectives. Strategies outline the plan for achieving these objectives, providing a roadmap for success.
by lewis-anderson