Question: Outline the marketing process and explain the importance of each element of the marketing plan.|
In your answer you will be assessed on how well you:
* demonstrate knowledge and understanding relevant to the question * apply relevant business case study/studies and contemporary business issues * communicate using relevant business terminology and concepts * present a sustained, logical and cohesive response
Remember an extended response is a structured essay not a business report with an executive summary and dot points throughout. Suggested word limit: 800 words. Before you start: break down the question
* outline = sketch in general terms, indicate main features
* marketing process= (i) situational analysis; (ii) market research; (iii) establishing marketing objectives; (iv) identifying target markets; (v) developing marketing strategies; and (vi) implementation, monitoring and controlling.
* explain = provide why or how, make relationships between things evident
* important = crucial, essential etc
* marketing plan = marketing process
* Introduce the topic (define marketing and the marketing process/plan) * Provide context/background
* Briefly state the main points you are going to make in each paragraph
The marketing process
Marketing involves a total system of interacting activities designed to plan, price, promote and distribute products to present and potential customers. For a business to gain a clear picture of where the business is at present and where it could be in the future, a marketing plan acts as an important ‘road map’. A marketing plan provides purpose and direction to all of the business’s activities and is made up of six key elements: (i) situational analysis; (ii) market research; (iii) establishing marketing objectives; (iv) identifying target markets; (v) developing...