Define marketing planning. Briefly outline the major steps in a marketing plan
What will be an ideal response?
Marketing planning involves the activities devoted to accomplishing marketing objectives. Marketing planning connects a business to its marketing environment. The first step of marketing planning is establishing specific, measurable marketing objectives. Next is a marketing audit, which is a review and assessment of the marketing environment. A business may use SWOT analysis or the Five Forces of Competitive Position Model to assess the marketing environment. After understanding the internal and external forces that can affect its success, a business should develop a marketing strategy, which involves selecting a target market and creating an appropriate marketing mix for that market. The last components of marketing planning are allocating resources to implement the marketing strategies and monitoring the plan's performance.
You might also like to view...
Lone Tree Office Supplies issued Ck. No. 7065 for $5,390 to Buffalo Paper, Inc, in payment of invoice no. 177, less cash discount of $110 . Lone Tree Office Supplies would record a
a. credit to cash, $5,500 . b. debit to Accounts Payable, $5,390. c. credit to Purchases Discounts, $110. d. debit to Purchases Discounts, $110.
For which of the following types of syndicated services do electronic devices automatically record behavior that supplement a diary?
A) purchase panels B) audit services C) surveys D) media panels E) online surveys
What would be the value of cell C1?
a) “Surplus”
b) “Deficit”
c) “Balanced”
Under the purchase-motivation product grouping, impulse items would be assigned to which display position?
a. knee level b. floor level c. ankle level d. eye level