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Effective marketing planning requires full research of the marketing environment. Discuss what needs to be considered when under - Essay Example
Pages 8 (2008 words)
Effective Marketing Planning Requires a Full Research of the Marketing Environment Name: Institution: Introduction The efficacy of a marketing plan depends on how well the marketer has researched information, as well as the ability to create indicators that offer feedback with regards to the success achieved…
An effective marketing plan requires a research on the drivers of demand in the business environment. This may entail secondary research or primary research, or both in order to investigate consumer behavior and motivation. Some of the aspects contained in an effective marketing plan are demographic and social changes that may affect sales of the company’s product, for instance a change in the lifestyles and the age structure. New technologies that may open up some markets while at the same time closing some. Economic trends that have an impact on the consumer purchase decision, as well as political environment that alters public spending due to aspects like taxation. By conducting a marketing audit, a firm is able to explore its internal capabilities (Alison, 2011, p 23). Effective marketing planning also calls for an examination of the external environment to a firm, which entails focusing on the existing marketing strategies; the company’s marketing mix, and market segmentation and segmentation, as well. Scanning and interpreting all these areas of market changes calls for knowledge and experience, and might be the source of competitive advantage. Much of the marketing planning also varies on anticipating the response of competitors. ...
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