Why is Planning Important in Marketing?
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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?
What are the 4 Ps in Marketing, and how are they applied to Pepsi Cola?
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The solution discusses why planning is important in marketing.
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Why is planning important in marketing?
Planning in marketing means that the target audience and sub audiences have been identified and marketing is directed toward them. To plan means to identify and set forth the way the company intends to market the product or service, to price it, to promote it, and to evaluate it. Evaluation of the marketing plan is part of the overall scheme and it helps identify what is working, if the product is over or under priced, and how well the product or service is traveling to the market. Without a plan, a business is just putting the product on the market with no promotion; no idea who would buy it, if the market is buying it or if there needs to be changes made. Planning is a core function of a company and is important whether it is done in production or marketing or establishing a vision and idea where the company intends to be in five ...
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