Marketing Planning

Question 1

What are the seven steps in marketing planning

Answer 1

1. Situational analysis
2. Select target market
3. Define objectives
4. Set goals
5. Make a strategy
6. Create tactics
7. Set a budget

Question 2

What are the four parts of a situational analysis

Answer 2

1. Self assessment using primary and secondary data. Evaluate the banks marketing mix.
2. Macro-environment
3. Microenvironment
4. SWOT

Question 3

What is the macroenvironment

Answer 3

The banks macroenvironment are external forces not controlled by the bank that influence its development leg political technological economic etc.

Question 4

What is the banks microenvironment

Answer 4

The bank microenvironment is made up of actors close to the bank that affect its ability to engage and serve. For example customers, suppliers, third party vendors, competitors etc.

Question 5

What is a swot analysis

Answer 5

It’s summarizes the first three steps of the situational analysis without making judgments are offering solutions. It is a defined view of the objectives of the plans focus.

Question 6

What is the target market?

Answer 6

Target market defines a particular group with a specific want and need that your marketing plan is focused on. Examples are age, income, education, behaviors or types of business, annual sales, life stage of the business, etc.