Write a note on the market planning process
What will be an ideal response?
The marketing planning process consists of several steps, as described below.
Objectives: First, we set objectives for the plan's project, based on the organization's mission and competitive
advantage.
Market Opportunities: Next, we determine potentially profitable opportunities in the market, based on a review of
market overview data, targeted market segments, and competitive landscape.
Strategy: We select our strategy, considering the objectives we want to achieve and the market opportunities
available to us.
Marketing Mix: The marketing mix is the combination of elements we will use to execute the plan's strategy. The
marketing mix is also called the 4Ps: product (or service), price, place (distribution), and promotion.
Finance and Implementation: We execute on the plan, allocating financial resources to it, controlling it by
monitoring key marketing metrics, and enabling contingency plans if (or when!) things go wrong.
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Business income includes all income earned in the ordinary course of business.
Answer the following statement true (T) or false (F)
The subject line of an email message should do all of the following, EXCEPT
a. warn the recipient of the message of the bad news. b. allow the recipient to prioritize the message. c. expedite understanding of the message. d. provide a point of reference for future use.
An inventory of present talent is not particularly useful for planning purposes unless it can be analyzed in terms of future workforce requirements.
Answer the following statement true (T) or false (F)
The project control process starts with establishing a ____
a. baseline plan b. work order form c. schedule assignments d. time-cost tradeoff