MARKETING PLANNING and MARKETING REASEARCH

What is Marketing Planning?

• is a progress

• is a process

• is a procedure

• is a audit

How to collect the data with Primary Research?

• collected from various places but always comes from existing third-party information.

• the data is collected first-hand, directly from an individual or group of people.

• Usually, an individual will go into the marketplace (field) to find the information they need.

• systematically collected and recorded to do analysis in a database through graphics, charts, and tables.

What is 4 Ps of the Marketing Mix?

• Product, place, people, promotion

• Product, process, price, promotion

• Product, price, promotion, place

• Product, process, packaging, promotion

What is the definition of a marketing plan?

• Overview of a business’s long-term marketing vision.

• Describe the concrete actions and tactics that a business uses to execute a marketing strategy and meet objectives.

• Overview of a business in its entirety.

• A systematic process of collecting, analyzing and interpreting information to gain insights into consumer preferences.

What are the two main types of market research?

• Primary research and Secondary research

• Qualitative research and Quantitative research

• Product and Promotion

• Place and Price

Why Marketing Research Is Important to a Business?

• Higher business risk

• Hinders you from growing and innovating

• It helps you better understand customer behavior and competitor strengths and weaknesses

• Decision making becomes difficult

What are the benefits of marketing planning?

• Makes you tired

• Keeps you accountable

• Easier to find target markets

• Allow you to be proactive