Marketing Plan (Part 2)

Question 1

Explain what marketing strategies are

Answer 1

A method that identifies target markets to make marketing-mix decisions that focus on those target markets

Question 2

Describe how the marketing mix is a part of the marketing strategies section of a marketing plan

Answer 2

Product, Place, Price, Promotion
(The 4 P’s)

Question 3

Explain what implementation is

Answer 3

Putting the marketing plan into action
Marketers develop an organizational outline with:
A schedule of activities
Job assignments
A budget
Details about each activity

Question 4

Explain what evaluation and control are

Answer 4

Involves answering the question “Did we accomplish our marketing objectives in the specified time frame?”

Question 5

What is the evaluation phase

Answer 5

Company reviews sales data, market share, brand name recall or any other area from the marketing plan objectives

Question 6

What is the control phase

Answer 6

Company takes action to reduce the gap between planned and actual performance