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The marketing plan also helps layout the necessary budget and resources needed to achieve the goals stated in the marketing plan. It is able to show what the company is intended to accomplish within the budget and also makes it possible for company executives to assess potential return on the investment of marketing dollars.
Marketing is currently defined by the American Marketing Association (AMA) as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large". [14] However, the definition of marketing has evolved over the years.
In this sense, public sector marketing falls into the latter category of marketing. Expanding the concept of marketing enables non-commercial aspects of exchanges to be taken into account, along with the reinforcement of the relational aspect of the exchange and the powerful development of marketing tools and techniques.
Marketing strategy refers to efforts undertaken by an organization to increase its sales and achieve competitive advantage. [1] In other words, it is the method of advertising a company's products to the public through an established plan through the meticulous planning and organization of ideas, data, and information.
Nevertheless, innovation is also linked to marketing (product innovation is a central strategic marketing issue). [citation needed] Drucker identifies marketing as a key essence for business success, but management and marketing are generally understood [by whom?] as two different branches of business administration knowledge.
Strategic planning is an organization's process of defining its strategy or direction, and making decisions on allocating its resources to attain strategic goals.. Furthermore, it may also extend to control mechanisms for guiding the implementation of the strategy.
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Created by Thomas Lawrence and Roy Suddaby (2006, pp. 217), the concept of institutional work refers to “the broad category of purposive action aimed at creating, maintaining, and disrupting institutions and businesses .” [1] The focus of institutional work shifts away from more traditional institutional scholarship that offers strong accounts of the processes through which institutions ...