Answer the following Marketing Discussion Questions - Assignment Example

Running head: MARKETING DISCUSSION QUESTIONS Marketing Discussion Questions 1A) What are the key components of an effective marketing plan? Why is the marketing plan one of the most important elements of the marketing process? A comprehensive marketing is a sequential planning process which consists of seven components. The first step is the composing of an executive summary which provides with an overview of the marketing plan. The second step is the situational analysis which summarizes all relevant information collected from the internal environment, the customer environment and the form’s external environment.

SWOT analysis is the third step which emphasizes on the internal factors (strengths and weaknesses) and external factors (opportunities and threats). The fourth step, marketing goals and objectives are formulated that are formal statements of the desired and expected results from the marketing plan. The fifth component is the marketing strategy which entails selecting and analyzing target markets and developing and maintaining a suitable market program (product, distribution, promotion and product) to fulfil the needs of those target markets.

Devising of the marketing strategy results in marketing implementation that describes how the marketing plan will be executed. The last stage of the marketing plan describes how the outcomes of the marketing plan are evaluated and controlled. Marketing plan is critical in marketing process because it allows the organizations to identify the right target market and fulfil their needs and wants through the most suitable marketing strategies (Ferrell & Hartline, 2007, p. 42-45). 1B) What are the disadvantages of not having a marketing plan?

Not having a marketing plan will result in failure of the firms to indentify the needs and wants of the consumers and miss out the gaps in the market that would have provided with new opportunities such as new business areas and potential customers. Furthermore, it will lead to designing products that do not fulfil the customer’s needs and expend the firm’s financial resources on useless ventures. Similarly, firms will be unable to outline processes for producing the finances for daily activities, to pay off debts and to earn revenue and also fail to identify competitors and evaluate one’s own products or firm's competitive advantage (Lehman, 2006, p. 29). 2A) Why are marketing information systems necessary?

How are both internal records and marketing intelligence systems of value? The Marketing Information System provides information that is pertinent to the organization’s marketing activities. It is a system which is used to gather, evaluate, communicate and take action on information which is important to the marketing activities of any organization. The Marketing Information System is crucial to an effective marketing program because better information translates to improved, less costly and more lucrative decisions.

When an organization is able to identify its customers’ needs and wants, it is better able to provide them with what they want. It provides the company with the information it needs to determine if it is on the right course and controls required to keep it on course. Without it, the company’s marketing initiatives are likely to fail taking important company resources and marketing opportunities with them (Kalb, 1996, p. 153). Both internal reports and marketing intelligence system provide information to identify and analyze important opportunities and problems.

Information from internal reports is obtained from orders, goods sold, prices, expenses, inventory record, receivables, debts, etc. Similarly, marketing intelligence system allows managers to make decisions based on everyday information collected from different sources about the progress in the marketing environment. Sources of marketing intelligence system include printed manuscripts, stakeholders, Internet and dealing with managers from other organizations (Kotler, 2006, p. 63-64). References Ferrell, O. C., & Hartline, M. D. (2007).

Marketing strategy. (4th ed.). Cincinnati: South- Western College Pub. Kalb, I. S. (1996). Zero-budget marketing. (1st ed.). Los Angeles: K&A Press. Kotler, P. (2006). Marketing management. (12th ed.). United Kingdom: Prentice Hall. Lehman, D. R. (2006). Product management. (4th ed.). New York: McGraw-Hill Companies.