(a) Explain five stages in marketing planning. (b) State five uses of feedback in marketing research.

Answer Details

(a) Five stages in marketing planning

1. Situation analysis (marketing audit): The firm examines its present position - its strengths and weaknesses, and the opportunities and threats in the environment (market, competition, customers).
2. Setting marketing objectives: Clear, measurable goals are stated, for example the target sales volume, market share or profit to be achieved within a period.
3. Formulating marketing strategy: The firm decides how to reach the objectives - choosing the target market and designing the marketing mix (product, price, place, promotion).
4. Drawing up the action programme/budget: The strategy is broken into specific tasks, showing who does what, when, and how much money and resources are allocated.
5. Implementation: The plan is put into action, with staff carrying out the assigned marketing activities.
6. Monitoring, control and evaluation: Actual performance is compared with the set objectives, deviations are identified and corrective action is taken.

(b) Five uses of feedback in marketing research

1. Measuring customer satisfaction: Feedback shows how well the product and service meet customers' needs.
2. Improving products/services: Complaints and suggestions guide changes and improvements in the offering.
3. Evaluating marketing effectiveness: It reveals whether advertising, pricing and distribution decisions are working as intended.
4. Aiding decision making and planning: The information gathered guides management in taking better future marketing decisions.
5. Detecting problems early: It exposes weaknesses and market problems so they can be corrected before they grow.
6. Understanding market/consumer trends: It keeps the firm informed of changing tastes, needs and competitor activity.