MKT 421 Week 1 DQ 2

MKT 421 Week 1 DQ 2 - It contains tactical guidelines for...

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Assume you are the newly hired marketing manager of a company. As you spend time with other peer marketing managers, you realize that the company does not place an emphasis on planning within the marketing organization. Why is planning important in marketing? What are the essential components of a marketing plan? How would you convince your supervisor that the marketing department should produce formal marketing plans? Why is planning important in marketing? Planning in marketing is important for several reasons. Planning allows the creation and implementation of marketing programs strategic in nature. A marketing plan allows budgeting and negotiation with outside providers. Further, a marketing plan documents the strategy or plan and communicates the information to employees to ensure all are on track. What are the essential components of a marketing plan? A marketing plan is a written document that summarizes what the marketer has learned about the marketplace and indicates how the firm plans to reach its marketing objectives.
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Unformatted text preview: It contains tactical guidelines for the marketing programs and financial allocations over the planning period” (Kotler & Keller, 2009, p. 56). In addition, according to Kotler and Keller (2009), a marketing plan contains: • Executive summary and table of contents • Situation analysis • Marketing strategy • Financial projections • Implementation controls How would you convince your supervisor that the marketing department should produce formal marketing plans? When reaching to improve or meet company goals of expenses, budget, income, investment, etc. A marketing plan can be beneficial. The marketing plan should address the 4 P's of Marketing: Price, Product, Promotion, and Place. Moreover, providing examples or statistics of other companies and their success in utilizing formal marketing plans could also sway the supervisor. Reference Kotler, P. & Keller, K.L. (2009). Marketing management (13th ed.). Upper Saddle River, NJ: Prentice-Hall....
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This note was uploaded on 07/22/2011 for the course MKT 421 taught by Professor Unknown during the Spring '08 term at University of Phoenix.

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