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Introduction
The material in this unit will provide an overview of the importance of strategic planning to the marketing process and its relationship with the marketing plan. You will learn how marketing drives all business activities in the profit and not-for-profits sectors. The unit will focus on the importance of developing a strategic plan and a marketing plan to guide business activity and provide you with the framework to develop both in a manner that provides value to your organization. Finally, the importance of developing metrics, or measures, to evaluate the success of strategic plans and marketing plans is highlighted.
Reading Assignment
· Tanner, J. & Raymond, M.A. (2016). Principles of marketing. Open Textbooks for Hong Kong. Licensed under a Creative Commons by-nc-sa. Read online at: https://www.opentextbooks.org.hk/ditabook/16010
Read Chapter 2 and Chapter 16
In the reading for week two, you will be introduced to strategic planning and the development of the marketing plan and the importance of both in fostering successful business activity. Chapter Two examines the strategic planning process companies go through in order to develop, price, promote and sell their products and services. Chapter Sixteen discusses marketing planning roles, the parts and functions of the marketing plan, forecasting, and the structure of a marketing plan audit. The combination of both provides marketers with the structure for success and the guidance that they need to reach their goals.
Discussion Forum
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?
What is the most important part of a marketing plan? Why? What is the least important? Why?
What is the most important part of a marketing audit? Why? What is the least important part? Why?
Go to the discussion forum for Unit 2 and engage in a dialogue with your classmates on the above issues and any other perspectives you have on international business. You are expected to make at least three posts to the discussion forum during the course of the discussion period.
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