Which of the following shows the correct order of the steps in a marketing plan?
A - HSC - SSCE Business Studies - Question 7 - 2023 - Paper 1
Question 7
Which of the following shows the correct order of the steps in a marketing plan?
A. Market research, establishing market objectives, identifying target markets, sit... show full transcript
Worked Solution & Example Answer:Which of the following shows the correct order of the steps in a marketing plan?
A - HSC - SSCE Business Studies - Question 7 - 2023 - Paper 1
Step 1
Situational analysis
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Answer
The first step in a marketing plan is to conduct a situational analysis, which involves assessing the current market conditions, competition, and internal capabilities.
Step 2
Market research
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Following the situational analysis, market research is essential to gather data about consumer preferences, trends, and behaviors.
Step 3
Establishing market objectives
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Once sufficient information is collected, the next step is to establish clear, measurable market objectives that guide the marketing strategy.
Step 4
Identifying target markets
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Finally, the identified objectives help in pinpointing specific target markets. This ensures that marketing efforts are directed at the most appropriate audience.
