a). State five importance of marketing planning to an organization. b) Mrs. Janet, a dry fish seller, formed an organization with other dry fish sellers for...

Answer Details

(a) Five importance of marketing planning to an organization

1. Provides direction: It sets clear marketing objectives and shows the organization the target it is working towards, so that all effort is channelled towards agreed goals.
2. Efficient use of resources: Planning shows in advance how money, staff, time and materials should be allocated, thereby reducing waste and duplication of effort.
3. Basis for control: The plan provides standards against which actual performance is measured, so that deviations can be detected early and corrected.
4. Anticipation of change: It helps the organization to forecast changes in the market, competition and customer needs, and to prepare responses in advance rather than reacting late.
5. Coordination of activities: It harmonizes the work of the different departments (production, sales, finance, distribution) so that they pull in the same direction.
6. Aids decision making: A written plan gives management a framework of facts and objectives on which sound day-to-day decisions can be based.

(b) Mrs. Janet and the other dry fish sellers

(i) Organization formed: A cooperative society (specifically a marketing/traders cooperative or trade association) formed by people in the same line of business for their common economic interest.

(ii) Four functions the organization would perform for its members:

1. Provision of credit and loans: It pools members' savings and grants loans to members to expand their fish trade.
2. Bulk buying: It buys stock (dry fish, storage materials) in large quantities and supplies to members at cheaper rates.
3. Joint marketing/sale of produce: It helps members find markets and secures better prices by selling their fish collectively.
4. Education and training: It enlightens members on better preservation, pricing and record-keeping methods.
5. Welfare and protection of members' interest: It speaks for members and protects them against exploitation by middlemen and unfair market charges.