What are the advantages of effective market planning?

What will be an ideal response?

(1 ) Discipline - Forces a disciplined approach to a market; can avoid the omission of a key aspect of the market and
ensure a consistent approach across the organization when multiple groups participate in the planning process.
(2 ) New Opportunities - Identifies potential new opportunities
(3 ) New Competitors - Identifies potential new competitors
(4 ) Clear Objectives - Establishes specific objectives and targets, laying the foundation to successful execution of the
plan
(5 ) Clear Programs - Lays out specific programs that contribute to the execution of the plan
(6 ) Clear Responsibilities - Identifies specific responsibilities throughout the organization, ensuring that everyone
knows what their role is and reducing potential conflicts
(7 ) Clear Metrics - Quantifies success/ failure metrics
(8 ) Customer Focus - Provides new information on customers, ways to segment them, and different approaches to
serve their needs
(9 ) Cross-Functional - Identifies involvement by other departments