Marketing class 421- UOP
Week one- Discussion question number two- answered; hope this will help you guys while struggling with work and schooling
DQ2: Assume you are the newly hired marketing manager of a company. As you spend time with other peer marketing managers, you realize that the company doesn’t place an emphasis on planning within the marketing organization. Why is planning important in marketing? What are the essential components of a marketing plan? How would you convince your supervisor that the marketing department should produce formal marketing plans?

Answers to the question above:
Planning is important part of the marketing strategy in most cases because when it comes to an organization that doesn’t see the value in such a program, it’s usually a one shot deal to prove its profitability or worth.

The essential components of a marketing plan are as follows: strengthen the brand, measuring marketing effectiveness, drive new product development, gather customer insights, utilizing new marketing technology to target this new group of consumers

One of the ways in which I would convince my supervisor that a marketing department should produce formal marketing plans is by showing them the various missed opportunities. After all, the whole point of a business is to build upon those opportunities and build greater customer equity. “Customer equity refers to the expected earnings from a firm’s current or prospective customers.”

Conducting a S.W.O.T. analysis of the organization would also help, “…identify[y] and lists the firm’s strengths and weaknesses and its opportunities and