Theory question 105
Marketing Planning(a) State five importance of marketing planning to an organization. (b) Mrs. Janet, a dry fish seller, formed an organization with other dry fish sellers for their common interest in a local market. (i) Identify the organization formed by Mrs. Janet with other dry fish sellers. (ii) State four functions the organization would perform to its members.
Show the model answer
(a) Any five: sets clear objectives; gives direction to marketing activities; coordinates the work of departments; helps use resources efficiently; reduces risk and uncertainty; provides standards for control/evaluation; helps the firm respond to changes and competition; guides budgeting.
(b)(i) A market union (dry fish sellers' union/association).
(b)(ii) Any four: fix common prices; settle disputes among members; protect members' interests; represent members before government/market authorities; provide welfare and savings schemes; pass on market information; maintain order and security in the market.
Give each point as a full sentence, with an example where possible.