1. What is marketing planning? How does it differ from strategic planning? Marketing planning| Strategic planning|
- more on business-unit, product and market level, steps eg: planning, marketing and other functional strategies| - it is more on corporate level, steps such as defining the company mission, setting company objectives and goals, designing the business portfolio| - marketing objectives that must compatible with company objectives| -company objectives which give guidance to marketing objectives| - marketing department: such as STPs, advertising, etc. that focus on customer acquisition, retention and the resource required| - It is on SBU level which incorporate all functions: HR plan and Finance plan which directing and coordinating the marketing effort|
2. How does marketing planning add value to the organization? * Marketing planning lies within the corporate mission which in turn provides the context for these corporate objectives * Marketing planning function designs incentive pay plans to not only motivate and reward frontline staff but also to align marketing activities with corporate mission * It basically aims to make the business provide the solution with the awareness with the targeting customers * Steps such as segmentation, targeting, and positioning aid in building brand identity * Helps find GAPs in market which then analyzing the corporate mission which set as benchmark comparing to the current performance of the organization * Communicates confidence in marketing activity to stakeholders-staff, customer, shareholders * Marketing activities helps in identify the interaction of customer and the brand, then determine what can be improves in service or adding value to satisfy customers. Customer acquisition and customer retention will raise profits to the organization
3. How often should an organization prepare a marketing plan? Does...