MP - implementing strategies and monitoring and controlling

Question 1

developing market strategies

Answer 1

A marketing mix will be made of specific strategies from EACH of the 7 P’s including:
	Product
	Price
	Promotion
	Place (distribution)
	People
	Processes 
	Physical evidence

Question 2

implement, monitor and control

Answer 2

This step involves putting the marketing mix into action, checking on progress and taking corrective action if marketing goals are not being achieved

develop a financial forecast for marketing plan -> compare actual results with planned results -> revise marketing strategies/plan

Question 3

develop a financial forecast for the marketing plan

Answer 3

This involves predicting the expected costs and revenues of the marketing plan.

These estimates are subjective and often difficult to predict. However, it is a valuable step as it gives a benchmark for future comparison and helps determine how the plan is progressing.

Question 4

compare plan and actual results

Answer 4

This stage determines the effectiveness of marketing activities. Techniques/tools used to determine actual results include:

Sales analysis (break down sales according to product lines, salesperson, segment)

Market share analysis (look at changes in market share)

Market profitability analysis (look at the contribution to profits of product lines, salespeople etc

Question 5

marketing strategies/plan

Answer 5

Any problems identified i.e. failure to achieve marketing goals will require modifications to marketing activities.
These may include changing:
◦	Product features or packaging
◦	Prices
◦	The promotional mix and mediums used
◦	Where products are available

Question 6

Monitoring and controlling are significant because they:

Answer 6

a) Ensure marketing activities are achieving desired outcomes
AND
b) Force the business to make changes if outcomes are not being met.