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    BUS 2201 Principles of Marketing Unit 2 DA

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    Mamu Kam
    The document discusses key aspects of marketing plans and audits. It explains that marketing planning requires involvement from various departments beyond just the CMO, as each provides important insights. The most important part of a marketing plan is understanding the target customer through research on their needs and wants. While all parts are important, the least important is the business information section as it only provides basic details rather than strategic guidance. For audits, the most crucial elements are SWOT analysis and customer/competitor research, whereas marketing system audits reviewing processes are the least pivotal.

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    BUS 2201 Principles of Marketing Unit 2 DA

    Uploaded by

    Mamu Kam
    72 views5 pages
    The document discusses key aspects of marketing plans and audits. It explains that marketing planning requires involvement from various departments beyond just the CMO, as each provides important insights. The most important part of a marketing plan is understanding the target customer through research on their needs and wants. While all parts are important, the least important is the business information section as it only provides basic details rather than strategic guidance. For audits, the most crucial elements are SWOT analysis and customer/competitor research, whereas marketing system audits reviewing processes are the least pivotal.

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    BUS 2201= Principles of Marketing unit 2 DA

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    The document discusses key aspects of marketing plans and audits. It explains that marketing planning requires involvement from various departments beyond just the CMO, as each provides important insights. The most important part of a marketing plan is understanding the target customer through research on their needs and wants. While all parts are important, the least important is the business information section as it only provides basic details rather than strategic guidance. For audits, the most crucial elements are SWOT analysis and customer/competitor research, whereas marketing system audits reviewing processes are the least pivotal.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    72 views5 pages

    BUS 2201 Principles of Marketing Unit 2 DA

    Uploaded by

    Mamu Kam
    The document discusses key aspects of marketing plans and audits. It explains that marketing planning requires involvement from various departments beyond just the CMO, as each provides important insights. The most important part of a marketing plan is understanding the target customer through research on their needs and wants. While all parts are important, the least important is the business information section as it only provides basic details rather than strategic guidance. For audits, the most crucial elements are SWOT analysis and customer/competitor research, whereas marketing system audits reviewing processes are the least pivotal.

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    Principles of Marketing: BUS 2201 – Unit 2 Discussion Assignment 1

    Review the material in Chapter Sixteen on The Marketing Plan.

    In addition to CMOs, why do you believe so many other employees participate in

    marketing planning?

    It is evident in life that investors establish business or businesses but the majority will not have

    the time to participate in the day-to-day running of the business, hence will Hire staff to support

    the management in the operation of the business.

    With the above, you will have a department headed by a manager such as Chief Marketing

    Officer (CMO) who is responsible for the company’s marketing activities, generating revenue by

    increasing sales through brand management. They must balance brand establishment, analytical

    demand driving, and strategy testing while developing innovative marketing strategies, leading

    teams, researching industry trends, and collaborating with PR teams (Forsey, 2020). The CMO

    relies on various members of the firm for information about the company's products or services,

    including technical persons, company strategists, researchers, and market analysts. The team size

    may grow large before the marketing plan is completed, and employees play a crucial role in

    gaining insights into target demographics and raw materials. By incorporating other people in

    marketing planning, businesses can gain a new perspective on their strategies and generate new

    ideas that consumers may like; Because, creating a marketing plan is labor-intensive and

    essential for the business's success, requiring the involvement of various departments. This

    includes a competitive analysis of similar products, market research, sales managers, and

    executives ; Haileyesus, S. (2023).

     
    Principles of Marketing: BUS 2201 – Unit 2 Discussion Assignment 2

    What is the most important part of a marketing plan? Why? What is the least important?

    Why?

    In my opinion every business needs a feasibility study, hence the PEST analysis considers

    political, economic, social, cultural, and technological factors to create opportunities and ensure

    market success through marketing plans. A marketing plan outlines a business's efforts for a

    year, including objectives, market research,

    target demographics, activities, KPIs, marketing

    mix, competition, strategies, budget, monitoring,

    and the 80:20 rule. Understanding the target

    customer is crucial, and documenting their needs

    and wants is essential CFI (Team, 2023).

    See chart. (Components Of Marketing Plan

    Stock Illustration - Illustration of marketing, price: 128869800, 2018).

    Marketing plans vary; consider the importance of each section from least to greatest based on

    brand positioning and campaign type, ranking based on the likelihood of inclusion. Hence, I have

    chosen business information which is most times found in brochures, coupons, online display ad,

    etc., etc., or known as direct marketing is the least part of the marketing plan because it provides

    the location. the origin of the documents and others as a formality and not a requirement;

    (Walters, 2023).

                                                                                      
    Principles of Marketing: BUS 2201 – Unit 2 Discussion Assignment 3

    What is the most important part of a marketing audit? Why? What is the least important

    part? Why?

    A marketing audit is crucial for businesses to identify and review their marketing activities,

    ensuring a successful strategy. It provides a benchmark for monitoring future activities and

    highlights recommendations for efficiency and performance. Key elements include SWOT

    analysis, customer research, competitor landscape analysis, internal market activities, and

    external market factors. Data collected through systems, plans, and resources is crucial for

    understanding a company's success and weaknesses; What is a Marketing Audit & How to Do

    One. (n.d.). A PESTLE analysis helps identify economic factors affecting business decisions;

    The least important is the marketing system audits, which evaluate forecasting, inventory

    control, and marketing control issues, helping companies learn from market planning processes

    and ensure future goals are achieved; (Rodrigue, E, 2023).


    Principles of Marketing: BUS 2201 – Unit 2 Discussion Assignment 4

    References

    Components Of Marketing Plan Stock Illustration - Illustration of marketing, price: 128869800

    (2018, October 16). Dreamstime Retrieved June 26, 2023, from

    https://www.dreamstime.com/components-marketing-plan-components-marketing-plan-

    image128869800

    Forsey, C. (2020, March 31). What Exactly is a Company's CMO? HubSpot Blog. Retrieved

    June 26, 2023, from https://blog.hubspot.com/marketing/what-does-your-cmo-do-all-day-

    interview

    Haileyesus. S. (2023, June 26). CMO Job Description: Templates for Hiring at Your Business.

    Small Business Trends. Retrieved June 26, 2023, from

    https://smallbiztrends.com/2023/06/cmo-job-description.html

    Lopes, T. (2023, June 22). Leading with Purpose in Life and in Business. LinkedIn. Retrieved

    June 26, 2023, from https://www.linkedin.com/pulse/leading-purpose-life-business-

    communication-architect-

    What is a Marketing Audit & How to Do One. (n.d.). Mailchimp. Retrieved June 26, 2023, from

    https://mailchimp.com/resources/marketing-audit-tips/

    Walters, C. (2023, May 04). What Is the Most Important Part of a Marketing Plan? Content

    Marketing Agency | Content Marketing Services by CopyPress. Retrieved June 26, 2023, from

    https://www.copypress.com/blog/most-important-part-of-a-marketing-plan/#1

    Rodrigue, E. (2023, May 30). What's a Marketing Audit? [+ How To Do One]. HubSpot Blog

    Retrieved June 26, 2023, from https://blog.hubspot.com/marketing/marketing-audit


    Principles of Marketing: BUS 2201 – Unit 2 Discussion Assignment 5

    Team, C. (2023, May 10), Marketing Plan. Corporate Finance Institute. Retrieved June 26, 2023,

    from https://corporatefinanceinstitute.com/resources/management/marketing-plan/

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