Unit 2: MARKETING PLANNING PROCESS

Question 1

WHAT IS A MARKETING PLAN?

Answer 1

Is a written document that summarizes what the marketer has learned about the marketplace and indicates how the firm plans to reach its marketing objectives.

Question 2

WHAT DOES THE MARKETING PLAN CONTAIN? 7 steps

Answer 2

1. Executive summary
2. Table of contents
3. Situation analysis
4. Marketing strategy
5. Marketing tactics
6. Financial projections
7. Implementation controls

Question 3

WHAT IS AN EXECUTIVE SUMMARY? (3 points)

Answer 3

Should cover the main parts of your marketing plan:
- information about my company or brand,
- products and services and
- the market

Question 4

WHAT IS THE TABLE OF CONTENTS IN MARKETING PLANNING PROCESS? (3 ELEMENTS)

Answer 4

The strategy that a company will use to market its products to customers:
- target market
- value proposition
- campaigns

Question 5

WHAT IS SITUATION ANALYSIS IN MARKETING PLANNING PROCESS? WHAT ANALYSIS WE USE TO IDENTIFY THE POSITION OF OUR COMPANY? (+4 points)

Answer 5

1. Is about understanding my position in the market.
2. Identify the internal and external factors that affect my company
3. I use SWOT analysis where the external factors are opportunities and threats, and the internal ones are strengths and weaknesses.
   - Analyzing the product: understand its features
   - customers: customer needs
   - competition: my main rivals
   - market: market factors

Question 6

WHAT IS MARKETING STRATEGY IN MARKETING PLANNING PROCESS?

Answer 6

Is a long-term plan achieving the company’s objectives and customer needs and creating a sustainable competitive advantage.
Contains:
- target market
-value proposition
-product mix (7P’s)

Question 7

WHAT ARE THE 7 P’s? IDENTIFY EACH

Answer 7

1. PLACE: where to sell
2. PROMOTION: which channels
3. PEOPLE: individuals that are help to present
4. PACKAGING: how to present
5. PROCESS: how to deliver
6. PRODUCT: how to satisfy
7. PRICE: how much the customers willing to pay

Question 8

WHAT IS MARKETING TACTICS IN THE MARKETING PLANNING PROCESS?

Answer 8

Actions that a brand follows to PROMOTE its products and services to a target area.
- paid digital marketing
- email marketing
- partnership marketing

Question 9

WHAT ARE THE FINANCIAL PROJECTIONS IN A MARKETING PLANNING PROCESS?

Answer 9

Should account for current cash flow and the estimated incomes and expenses.
You should create a clear marketing budget

Question 10

WHAT IS AN IMPLEMENTATION CONTROL

Answer 10

The way you ensure that the milestones you set are being met.