A marketing policy is similar to a business code of ethics. Although some are more specific than others, each addresses aspects of responsible marketing the business considers most important. For example, the Friendly’s Ice Cream marketing policy focuses mainly on nutrition guidelines and guidelines for marketing to children, while Coca-Cola’s marketing policy, which also focuses on children, includes guidelines for the different marketing channels it uses as well as for product placement in schools and youth organizations. Identifying a target market and getting information about the competition is a critical first step in creating an effective marketing strategy and plan, according to Entrepreneur magazine. The core components of an overall marketing strategy – product, place, price and promotion – form the 4 Ps of the marketing mix. Although each component plays a significant role on its own, the strength of the 4 P's lies in how well they address a target market and business competition and how they function as a whole

Jincy Anna Joy

42 resources

0

0

0

Like