Business – 8.2 Marketing strategy – Planning the marketing strategy | e-Consult
8.2 Marketing strategy – Planning the marketing strategy (1 questions)
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Model Answer:
- Clear strategic direction – A marketing plan sets specific objectives, target markets and positioning, ensuring all team members work towards the same goals. This reduces wasted effort and aligns resources, which accelerates market entry.
- Effective resource allocation – By forecasting budgets, staffing needs and media mix, the plan helps managers allocate limited funds to the most profitable activities, improving return on investment and reducing the risk of overspend.
Both benefits enhance coordination, minimise uncertainty and increase the likelihood that the new product meets its sales targets.