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Question 3
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Question 3
- Explain Marketing plan.
- List three elements of a marketing plan.
- State and explain any five steps in marketing planning process.
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Comments
Candidates’ performance was very poor in this question as they were not familiar with most of the marketing terms. The expected answers include:
(a) A marketing plan - It is a document that guides marketing activities
of an organization. It is a blue print of the marketing actions and
activities designed to achieve marketing objectives.
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(b) Elements of marketing plan
(i) Executive summary
(ii) Situation analysis
(iii) Marketing objectives
(iv) Marketing strategy
(v) Marketing programmers’
(vi) Marketing actions
(vii) Supporting budget
(c) Steps in the marketing planning process:
- Consideration of company’s plans and objectives – The essence of this stage is to ensure that the marketing plan is in line with the company’s overall plan.
- Identification and assessment of marketing opportunities – The essence of this step is to identify those marketing opportunities which the marketer will utilize in order to attain the overall objectives of the company.
- Formulation of marketing objectives – The marketing objectives provide the rallying point for marketing personnel and activities and also as a basis for evaluation of marketing performance.
- Formulation of marketing strategy – This involves the manipulation of the marketing mix elements in line with the environmental forces facing the marketer.
- Formulation of marketing programme – This deal with the specific actions for achieving the marketing strategy.
- Incorporating a control system – This involves the actions that will be taken and who will take them to ensure that the programme is implemented effectively.
- Pre-implementation evaluation – Once the draft plan has been prepared, it should be studied and evaluated before implementation.
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