Write a note on the market planning process
What will be an ideal response?
The marketing planning process consists of several steps, as described below.
Objectives: First, we set objectives for the plan's project, based on the organization's mission and competitive
advantage.
Market Opportunities: Next, we determine potentially profitable opportunities in the market, based on a review of
market overview data, targeted market segments, and competitive landscape.
Strategy: We select our strategy, considering the objectives we want to achieve and the market opportunities
available to us.
Marketing Mix: The marketing mix is the combination of elements we will use to execute the plan's strategy. The
marketing mix is also called the 4Ps: product (or service), price, place (distribution), and promotion.
Finance and Implementation: We execute on the plan, allocating financial resources to it, controlling it by
monitoring key marketing metrics, and enabling contingency plans if (or when!) things go wrong.
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The Paradise Surf Store carried everything the serious female surfer needed to ride the waves. It displayed lightweight surfboards with flowers painted on them stacked along the walls of the store
It also had clean, well-lit dressing rooms for trying on wetsuits and knowledgeable staff who knew what a woman needed to succeed in an essentially male-dominated sport. These factors together created its ________. A) store layout B) merchandise assortment C) media plan D) atmospherics E) store image
Principles developed by Ivy Lee in working with the press on behalf of business included ________
A) recognition that any publicity was good as long as a client's name was spelled correctly B) commitment to present his client's point of view honestly, accurately, and forcefully C) formation of third-front organizations D) creation of "people in the street" interviews