(a) Explain five stages in marketing planning. (b) State five uses of feedback in marketing...
(a) Explain five stages in marketing planning.
(b) State five uses of feedback in marketing research.
Explanation
.(a) STAGES IN MARKETING PLANNING:
(i) Develop marketing objectives - Under this stage, marketing objectives are stated in specific, measurable, attainable, realistic and with clear time frame. It is then communicated down the line.
(ii) Develop the marketing strategies - Marketing strategies are broad actions to be taken in achieving marketing objectives. (iii) Develop marketing tactics - Marketing tactics arc specific actions to be taken by specific persons at The stipulated times.
(iv) Determine budget budget is the financial implication of implementing the marketing strategies.
(v) Implementation- This involves the actual execution of the marketing objectives and strategies.
(vi) Evaluation and control- This is concerned with comparing the actual .performance with standard performance and determining deviations for control purposes.
(b) USES OF FEEDBACK IN MARKETING RESEARCH:
(i) It can be used to change product features.
(ii) Packaging can be improved from the feedback obtained.
(iii) Price level can be reduced or increased.
(iv) Advertising can be intensified.
(v) Sales promotion can be introduced.
(vi) The product can be repositioned.
(vii) Channels of distribution can be changed.
(viii) Some channel members can be dropped.
(ix) Salesman can be motivated to perform more.
(x) A company can extend its marketing activities to international markets.