MARKETING PLANNING

Question 1

Marketing Planning

Answer 1

The process of formulating marketing objectives and devising appropirate marketing strategies to meet those objectives.

Question 2

Components of Marketing Planning

Answer 2

• Marketing objectives that are SMART
• Key strategic plans - Provide an overview of how the marketing objectives will be achieved
• Detailed marketing actions - Info on how the specific marketing activities that are to be carried out
• Marketing budget - Finance required to fund the overall marketing strategy

Question 3

Benefits of Marketing Planning

Answer 3

• Helps identify potential problems and solutions to them
• SMART objectives improve the chance of success of a marketing strategy
• Improves coordination and provides the organization a clearer picture of where the business is heading
• Budget esnures that resources are not wasted in unprofitable activities
• Motivation + Inspire Confidence

Question 4

Limitations of Marketing Planning

Answer 4

• Can become outdated if not quick to consider changes in market conditions
• May consume cosniderable resources in terms of: time, expertise and money when desiging it