MKT 421 Week 1 DQ 1
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This 0 page Study Guide was uploaded by an elite notetaker on Wednesday November 11, 2015. The Study Guide belongs to fin571 at Kaplan University taught by in Fall 2015. Since its upload, it has received 22 views.
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Date Created: 11/11/15
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 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 Planning is very important in all aspects of a business especially in marketing In marketing one must understand the marketplace and the customers needs A strategic plan must be in place in order to excel in the marketplace and to reach new customers and build a reputation to have the existing customers to be loyal and return Once a plan is in place the marketing team can have goals to reach and define areas to strengthen What are the essential components of a marketing plan The essential components of a marketing plan are called the SWOT analysis The SWOT analysis includes S Strengths W Weaknesses O Opportunities T Threats How would you convince your supervisor that the marketing department should produce formal marketing plans I would convince my supervisor that it is very important to produce formal marketing plans by scheduling a meeting Since my supervisor is open to new ideas it would be a perfect opportunity to discuss how a formal marketing plan will help our business to grow I would propose to my supervisor that a committee should be formed to compile a formal marketing plan for the marketing department The mission statement objectives of the business the goals in which we would like to reach shortterm and longterm and the strengths and weaknesses of the business can all be discussed I would end the meeting by expressing how a formal marketing plan would allow the business to be successful in reaching the marketplace and the customer s needs I believe would I explain the importance of a marketing plan to my supervisor she will be on board to go forward with the plan
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