Market Planning Interview Questions & Answers

Question 1. What Is A Marketing Plan ?

Answer :

A marketing plan is a comprehensive document or blueprint that outlines a company's advertising and marketing efforts for the coming year. It describes business activities involved in accomplishing specific marketing objectives within a set time frame.

Question 2. What Is A Strategic Marketing Plan?

Answer :

Strategic marketing planning is the process that the operational and managerial staff of a company goes through to create and implement effective marketing strategies. Strategic marketing planning takes several aspects of company marketing and promotion into consideration.

Question 3. What Does A Marketing Planner Do?

Answer :

The process of analyzing one or more potentially interesting marketplaces in order to determine how a business can optimally compete in them. The market planning process typically results in a marketing strategy that can be used to enhance sales for the business producing it.

Question 4. What Is The Main Purpose Of A Marketing Plan?

Answer :

The purpose of a marketing plan is to clearly show what steps or actions will be taken to achieve the plan goals. For example, a marketing plan might have a strategy to increase the organization's market share by ten percent.

Question 5. What Do You Mean By Marketing Strategy?

Answer :

An organization's strategy that combines all of its marketing goals into one comprehensive plan. A good marketing strategy should be drawn from market research and focus on the right product mix in order to achieve the maximum profit potential and sustain the business.

Question 6. What Needs To Be Included In A Marketing Plan?

Answer :

A marketing plan should always have a situation analysis, marketing strategy, sales forecast, and expense budget. Situation Analysis: Normally this will include a market analysis, a SWOT analysis (strengths, weaknesses, opportunities, and threats), and a competitive analysis.

Question 7. What Is The Definition Of A Marketing Plan?

Answer :

A marketing plan is a comprehensive document or blueprint that outlines a company's advertising and marketing efforts for the coming year. It describes business activities involved in accomplishing specific marketing objectives within a set time frame.

Question 8. What Is The Meaning Of Marketing Strategy?

Answer :

A marketing strategy is a process or model to allow a company or organization to focus limited resources on the best opportunities to increase sales and thereby achieve a sustainable competitive advantage

Question 9. What Is The Marketing Strategy Development?

Answer :

An organization's strategy that combines all of its marketing goals into one comprehensive plan. A good marketing strategy should be drawn from market research and focus on the right product mix in order to achieve the maximum profit potential and sustain the business.

Question 10. Explain Marketing Planning Process?

Answer :

There are five basic steps in the process in this process. The basic objectives, or goals, of the organization are the starting point for marketing planning. ... Soundly conceived goals should be S.M.A.R.T – specific, measurable, attainable, realistic and time-specific.

Question 11. What Is Sales Forecasting?

Answer :

Sales forecasting is the process of estimating future sales. Accurate sales forecasts enable companies to make informed business decisions and predict short-term and long-term performance. ... Sales forecasting gives insight into how a company should manage its workforce, cash flow, and resources.

Question 12. What Are The 5 C's Of Marketing?

Answer :

5 C's of Marketing. They are used to analyze the five key areas that are involved in marketing decisions for a company and includes : Company, Customers, Competitors, Collaborators, and Climate.

Question 13. What Is Meant By The Term Swot Analysis Why Is This Analysis Useful?

Answer :

SWOT analysis is a process that identifies the strengths, weaknesses, opportunities and threats of an organization. Specifically, SWOT is a basic, analytical framework that assesses what an organization can and cannot do, as well as its potential opportunities and threats.

Question 14. What Is 5c Analysis?

Answer :

5C Analysis is a technique used to conduct situation analysis. Conducting a situation analysis is one of the important steps in identifying the research problem. A situation analysis involves examining the external environmental factors and internal organizational capabilities that impact how a company 

Question 15. What Is A Situation Analysis?

Answer :

Situation analysis refers to a collection of methods that managers use to analyze an organization's internal and external environment to understand the organization's capabilities, customers, and business environment.

Question 16. What Are The Benefits Of Marketing Planning?

Answer :

Benefits of Marketing Planning :

1. Marketing planning promotes successful marketing operations.
2. Planning helps to co-ordinate activities which can facilitate the attainment of objectives over time.
3. It forces management to reflect upon the future in a systematic way.
4. Resources can be better balanced in relation to identified market opportunities.
5. A plan provides a frame work for a continuing review of operations. It will make the firm to give more attention to market enlargement rather than market maintenance.
6. Marketing planning helps to appraise performance, capitalize on strength, minimize weaknesses and threats and finally open up new opportunities.
7. Planning can be advocated to minimize the risk of failure.
8. Marketing planning reduces the adverse consequences of unfavourable circumstances beyond the influence of management.
9. A marketing plan promotes a comprehensive view of the business firm and acts as a process of communication and co-ordination between marketing department and other departments.
10. A greater preparedness to accommodate change can be stimulated.

Marketing Strategy = The marketing logic by which the business unit hopes to achieve its marketing objectives.

Question 17. What Is The Importance Of Marketing Planning?

Answer :

Importance of Marketing Planning : Marketing planning is a systematic and disciplined exercise to formulate marketing strategies. Marketing planning can be related to the organisation as a whole or to strategic business units (SBU). Marketing planning is a forward looking exercise, which determines the future strategies of an organisation with special reference to its product development, market development, channel design, sales promotion and profitability.

Question 18. What Are The Characteristics Of Marketing Planning?

Answer :

Marketing planning has the following characteristic features:

• The success depends to a large extent upon human behaviour and response.
• They are complicated in nature.
• Marketing decisions have long term effects on efficiency, profitability and market standing of the firm.
• Marketing planning is a formal and systematic approach towards planning of all marketing activities-product positioning, price setting, distribution channels etc.
• Marketing planning, as a rational activity, requires thinking; imagination and foresight. Market analysis, market projection, consumer behaviour analysis and marketing-guided conclusions are based on data and measurements drawn from internal and external environments.
• Marketing planning is a forward-looking and dynamic process designed to promote market- oriented or consumer-oriented business actions.
• Planning is concerned with two things:
• Avoiding incorrect actions and
• Reducing frequency of failure to exploit opportunities.

Thus, marketing planning has both an optimistic and a pessimistic component.

• Marketing planning is done by the marketing department. Various sub-divisions and sections under the department give their proposals based on which the overall company marketing plans are developed and designed.
• Planning is a process of deciding in advance what to do and how to do it. If the marketing planner desires to achieve a target market at some future date and if he needs some time to decide what to do and how to do it, he must make the necessary marketing decisions before taking action.
• Planning is basically a decision-making process. Marketing planning is a programme of marketing-based actions regarding the future with the object of minimizing risk and uncertainty and producing a set of interrelated decisions.

Question 19. What Are The Techniques Of Marketing?

Answer :

A marketing strategy is an overall marketing plan designed to meet the needs and requirements of customers. The plan should be based on clear objectives. A number of techniques will then be employed to make sure that the marketing plan is effectively delivered.

Question 20. What Is The Marketing Program?

Answer :

A marketing program is a coordinated, thoughtfully designed set of activities that help you achieve your marketing objectives. Your marketing objectives are strategic sales goals that fit your strengths and are a good way to stretch your business in its current situation.