Answer 1) Many experts tends to interpret Stake holders as the interested parties, however, stakeholders tends to be composed of those people or organizations that affect or are affected by the project , either positively or negatively. However, in terms of the marketing planning process the stakeholders tend to be formulated as those who are involved or employed in the marketing department of the organization (Adamic & Huberman 2001, p.7). However, marketing department in this regard tends to act the foremost or direct stakeholders. Whereas, the marketing does involve research as well thus the research and planning department tends to be the stakeholders in this regard. However, in order to successfully cultivate the marketing planning the finance department also needs to be taken on board. However, most importantly the marketing does require the input of the creative department in any organization. Thus, the marketing departments, research, finance and creative department tends to be inculcated as the stakeholders when it comes to marketing planning process.
Answer 2) Marketing Mix tends to be identified as Tools or variables that allow the marketing methods to align with the company objectives. It tends to be interpreted as the most important tool when it comes to developing a marketing plan. The foremost step in my opinion is to understand the product itself. In order to understand the product it is necessary that the characteristics of the product should be done in an unbiased way along with the true potential of the product. If the price in correctly understood than the next steps of the marketing mix tends to fall in line with the mission and vision of the organization. If the product has been understood correctly only than the price of the product can be framed on the competitive level.
The pricing can also include the factors such as the other similar products in the market and similar other factors (Dibb & Simkin 2008, p.91). Since every product is not for everyone, thus it is important that the product is placed where the crux of its target audience falls. The final stage of the Marketing process is to promote the product. It tends to involve the different channels through which the product will be promoted in order to attract the larger portion of its identified target Market.
Answer 3) As identified in the course of the paper that the stakeholders in the marketing process tend to include marketing department, research, finance and creative department. Since every organization tends to operate under the principle of Profit Maximization. Thus, the brief is bound to inculcate t the minimum use of resources. Plus, to identify those channels which can yield the maximum positive results. However, the brief is bound to inculcate the identification of the appropriate target market since it holds the key in the success of the product. Plus the image of the product in the minds of the consumer is based in certain characteristics and traits which tend to guide the whole ...