Theory question 104
Marketing Planning(a) Explain five stages in marketing planning.
(b) State five uses of feedback in marketing research.
Show the model answer
Model answer
(a) Any five, each explained: situation analysis (where the firm is now, SWOT); setting marketing objectives (specific, measurable targets); developing marketing strategies (target market and marketing mix); drawing up tactics/action plans; budgeting; implementation; evaluation and control (compare results with targets and correct).
(b) Any five: to modify or improve the product; to improve packaging; to review prices; to adjust advertising and promotion; to change distribution channels; to reposition the product; to know customers' satisfaction; to plan new products; to motivate or retrain sales staff.
Explanation
Give the stages in a logical order.