Question

Explain the following function of marketing:

Marketing planning

Answer 1

Creating a market plan to achieve the marketing goals and objectives of the organisation. Market research is conducted to analyse the preferences of the customers to formulate a suitable plan. This function involves several important tasks:

1. Setting Objectives: Setting precise and measurable objectives is the first step in marketing strategy. Goals may include expanding market share, launching new products, entering new markets, or boosting brand awareness and reputation.
2. Market Research: Market research includes systematic data collection, analysis, and interpretation. It offers insights into market dynamics, customer behavior, and other aspects affecting company decisions.