Which of the Following Activities Would Be Considered Within a Marketing Mix?
Which of the following jobs would be most effectively integrated into the digital marketing mix? That’s a trickier question than you might think. While it is true that many businesses are now shifting their focus to online marketing and search engine optimization, some positions are left untouched by those companies. Understanding how those traditional areas of marketing can be applied in a digital context and vice-versa can help you decide which of the following jobs would be most effectively integrated into your marketing mix.
One task that is typically assigned to a single worker in an organization is the development of financial statements. Financial statements provide information regarding cash inflows and outflows as well as statements regarding retained earnings and the net worth of the business. To develop financial statements, management needs to consider several factors including the sources of capital used to operate the business, the sources of debt used to operate the business and the number of full-time employees. Because the financial statements must be prepared in a timely manner, management often requires a great deal of input from various individuals in order to develop accurate financial statements. Assigning tasks to specific workers on a daily basis ensures that these employees are properly involved in the process of developing financial statements and they are also able to receive feedback on their performance from management.
Another task that is typically assigned to one person or a small group of workers is the development of marketing plans. This involves the use of various sources of funds to determine the best way to get the product to the consumer. In many cases, determining which of the two sources of funding is the most appropriate involves analyzing the profitability of each source and evaluating various distribution alternatives to determine which will be the most effective method of getting the product to the consumer. A marketing plan should include various details regarding the advertising strategy as well as analysis of the competition in order to develop a reasonable strategy for success. It is important for which of the following tasks would be included in the marketing mix?
The final step in which of the following tasks would be included in the marketing mix is analyzing the results of the advertising campaigns. After developing a strategy for how to get the product to the consumer, the next step involves evaluating the effectiveness of the advertising efforts. This evaluation involves analyzing the amount of time devoted to each advertisement as well as analyzing the number of people who clicked on the advertisements as well as the results of the advertising campaign overall. Analysis of these facts can provide management with a very valuable tool for developing accurate financial statements.
The final step, which of the following tasks would be included in the marketing mix is developing financial statements to report on the financial results of the marketing mix. An example of a financial statement which includes information on the marketing mix and the expenses incurred during the marketing effort could be created by using Microsoft Excel. A column may also be used to track inventory levels for each department that would track sales as well as specific products that were sold in a particular month. The profit for each month could also be evaluated by using a spreadsheet. This evaluation will provide management an idea of which areas of the operation need further attention to make sure the desired goals of increasing company profits are met.
As one can see, a complete evaluation of which of the following tasks would be included in the marketing mix requires evaluating various forms of advertising methods. The marketing mix should consist of an effective advertising budget, which should be reviewed on a regular basis to ensure new advertising campaigns are being developed. The promotion activities should also be tracked as new advertisements are being released. Financial statements, which include information on distribution of the marketing mix can be prepared from these reports. Management should also monitor customer satisfaction to ensure the marketing activities are meeting the expectations of the customers.