List and briefly describe in order the steps in the process of building a marketing plan
What will be an ideal response?
(1 ) Situation Analysis — Thorough examination of market forces, competitive position, and current performance. Major components include market demand, customer analysis, competitor analysis, competitive position, and performance metrics.
(2 ) SWOT Analysis — Identification of strengths, weaknesses, opportunities, and threats with the goal of identifying key issues that drive performance.
(3 ) Strategic Market Plan — Using a portfolio analysis of market attractiveness and competitive advantage, a strategic market plan and performance objectives are specified. The primary purpose is to provide a strategic direction by setting performance objectives and guiding the development of a tactical marketing strategy.
(4 ) Marketing Mix Strategy — On the basis of a specific strategic market plan, a marketing mix strategy is developed to accomplish the performance objectives of the strategic market plan. It addresses key performance issues and gives specific details with respect to target share, positioning, pricing, channel system, and the value proposition to be used in target communications.
(5 ) Developing a Revenue Plan and Marketing Budget — A marketing budget for the tactical marketing strategy must have adequate resources allocated to meet the performance objectives of the strategic market plan. Three ways to build a marketing budget are percent-of-sales budget, customer mix budget, and bottom-up budget.
(6 ) Develop a Profit Plan — All elements of a market plan merge into a forecast of percent margins and marketing profitability. Sales revenues are brought forward from the revenue plan, and the budget allocations needed to support these sales forecasts are also brought into the profit plan.
(7 ) Performance Review — Are the strategic market plan and the tactical marketing strategy producing the desired levels of performance with respect to market share, sales revenue, and profitability? If no, the performance gap may be sufficiently large that a reexamination of the marketing plan is required.
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a. True b. False Indicate whether the statement is true or false
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