A marketing plan is created so an organization can meet its marketing objectives. All of the statements about a marketing plan are true . A marketing plan is created so an organization can meet its marketing objectives.
What are the five steps in creating a marketing plan ? The five steps in creating a marketing plan are defining a business mission and objectives, evaluating a situation analysis, identifying opportunities, implementing a marketing mix, and evaluating performance using marketing matrix.
Answer: Environmental scanning. Explanation : This is defined as the collection of information, about forces and its interpretation about forces which is done most times by an organisation to know or monitor threats and also know opportunities that are open or likely are available within them.
|planning||The process of anticipating future events and determining strategies to achieve organizational objectives in the future.|
|portfolio matrix||A tool for allocating resources among products or strategic business units on the basis of relative market share and market growth rate.|
The two major parts of a marketing strategy are selecting a target market and creating a marketing mix. The target market must be chosen before the organization can adapt its marketing mix to meet the customers’ needs and preferences.
There are five elements of a marketing mix , otherwise known as “the five P’s,” of marketing : product , price, place, promotion, and people.
Great marketing plans are based on three key components : diagnosis, strategy , and communication. But these elements , while necessary, are not sufficient on their own — CMOs also need to be able to articulate what they mean to their teams.
Here are the essential components of a marketing plan that keeps the sales pipeline full. Market research . Research is the backbone of the marketing plan. Target market . A well-designed target market description identifies your most likely buyers. Positioning . Competitive analysis. Market strategy. Budget . Metrics.
There are five essential steps you need to build an effective strategic marketing plan: Step 1: Determine your marketing philosophy. Step 2: Determine goals and objectives . Step 3: Set marketing strategies. Step 4: Determining tactics. Step 5: Determine your marketing budget .
Which of the following is true of an emergent strategy ? Its implementation involves resource allocation even without explicitly chosen strategies . -a pattern of action that develops over time in an organization in the absence of mission and goals or despite mission and goals.
Which variable of the marketing mix may involve a physical good, a service, or a blend of both ? A product offering may involve a physical good, a service, or a blend of both . A good or service should satisfy customers’ needs.
Which of the following states the function of a distribution strategy in a marketing mix ? Distribution strategy is about transporting raw materials or finished products.
product/service differentiation competitive advantage. is a thorough , systematic , periodic evaluation of the objectives , strategies, structure, and performance of the marketing organization. If an SBU is a very successful cash cow, a key goal would be to: hold the market share to generate revenues.
|Term _________ is a set of activities used to implement a management orientation that stresses customer satisfaction||Definition Marketing|
|Term __________is the process of gauging the extent to which marketing objectives have been achieved during a specified time period||Definition Evaluation|