Please use the knowledge and theories from the principles of marketing to answer
ID: 425789 • Letter: P
Question
Please use the knowledge and theories from the principles of marketing to answer. What are stages in the marketing planning process? Using an example of your choice, discuss the factors an organization would need to consider at each stage in the process. Please use the knowledge and theories from the principles of marketing to answer. What are stages in the marketing planning process? Using an example of your choice, discuss the factors an organization would need to consider at each stage in the process. What are stages in the marketing planning process? Using an example of your choice, discuss the factors an organization would need to consider at each stage in the process.Explanation / Answer
Answer:
Stages in the marketing planning process: Following are the key stages in marketing planning process as below
· Mission Statement
· Corporate Objectives
· Marketing Audit and SWOT
· Marketing Objective and Summary
· Marketing Mix Plan
· Budget
· Evaluation
· Contingency
Following factors to be consider in each stage of the marketing planning process as shown in the below examples as
Example: Marketing planning process for entry of a new education institute in a target market.
· Marketing Audit and SWOT: For Marketing audit stage it need to be assess the marketing suitability for the business in the market, where the alignment of marketing with market is essential. The key factors in these are market factors, process plan, product placement process, expected result etc. SWOT analysis considers many factors like strength of the education business model, weakness, opportunities and threat to the education business model.
· Marketing Objective and Summary: The key factors for marketing objective and summary are objective of marketing, target for marketing, result expected from marketing, competition in the market, summary of the education business model.
· Marketing Mix Plan: The marketing mix plan for education institute business needs to consider the education packages, place for the institute, pricing, promotion for the education institute.
· Budget: The budget needs to consider the budget paying capacity of the education institute business and flexibility in budget for considering the marketing expenses.
· Evaluation: Evaluation process for education institute considers marketing plan to be evaluated with the target result from the marketing process. The evaluation will help on assessing either we are in right direction orneed some changes in the direction and plan for marketing.
· Contingency: Contingency considers the factors like additional expenses, emergency management budget and process, sudden requirement management in the marketing process.