Cima E1 Exam Question No 14

Question No 14:

The 7 steps of the market planning process.

1. Situation analysis
[SWOT
PESTEL]
2. Review of corporate objectives/mission
3. Set its marketing objectives
4. Devise an appropriate marketing strategy
[Segmentation: by age/social class or income
Targeting: target the segments with appropriate marketing mix
Positioning: differentiation vs cost leadership for each segment
Marketing mix: Product, price, place, promotion]
5. Plan the marketing mix
6. Implementation
7. Review