Session 5

Question 1

What does a marketing plan do? (2)

Answer 1

1. A marketing plan lays out a campaign that aims to fulfill a company’s marketing strategy.
2. For new product, plan aims to transform a product concept/idea into a successful offering that meets the needs of our target customers and fulfills company’s expectations for sales, market share and growth

Question 2

What does marketing plan state? What does this imply?

Answer 2

• What company will do when it launches its new product, referencing the 4Ps of the marketing mix.
• Explains why kept confidential (prevent competitors from learning about the strategy)