4.2 Marketing Planning

Question 1

Explain the role of marketing planning

Answer 1

• Define: marketing planning is the process of creating or deciding the most effective marketing stratefies
• Role: to fulfill strategic objectives.
• Explain the role:

Question 2

Marketing plan

Answer 2

detailed document on the marketing strategies that are developed to attain marketing objectives.

Question 3

Benefits of marketing planning

Answer 3

• to identify problems and how to fix them
• SMART objectives =** ^ chance of success (attainable + “enough”)**
• Sharing the doc with other business departments - ^ coordination and vision of where are they headed
• Devising a** marketing budget**, minimize waste on unprofitable activities
• clear plan/path ahead = ^ employee’s motivation and confidence in the future of their company

Question 4

Limitations on marketing planning

Answer 4

• marketing plans may become outdated if not considering the changes of the market
• the process may consume considerable resources. (time, money, expertise)
  -** Failure to prioritize marketing objectives** -> firm unable to tell if they have achieved them or not