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Planning in Marketing and the Four Ps

I need help in answering the following two questions:
1. You are a newly hired marketing manager in a company. In talking to your peers, you realize that the company does not place an emphasis on planning within the marketing organization. Why is planning important in marketing? How will you convince your supervisor that the marketing department should produce formal marketing plans?

2. Which of the four Ps is the most important? Explain your answer with examples.

Solution Preview

Many people think that marketing is an art - there is no scientific foundation to it, they see it as creative and objective. However, this is not the case. Marketing is based on a science, where research is conducted before, during and after a campaign, many measures are implemented to track studies, and usually marketing endeavors follow a well-crafted plan, which dictates what should be implemented, and when.

Thus, a marketing plan is really a key aspect of a serious company that wants to actually make profit, and make sure that their products are promoted properly.

A marketing plan will dictate what research was conducted pre-launch, it will indicate what mediums of promotion should be used and when, it will have outlines for quality control procedures, and will specify what further actions could be taken in the future.

Without planning, how does the marketing team know when to proceed? How do they know the best ...

Solution Summary

This solution explains how marketing plans are conducted in a company and their importance in profitability. It also details the steps in effectively implementing a marketing plan and which of the four P's are the most important.