Marketing · Lesson 4

Planning, SWOT, Ansoff, marketing information and research

WAECNECO

What the syllabus asks

WAEC: meaning, planning process, elements of a marketing plan, marketing research process, marketing information and feedback). JAMB does not examine Marketing.

NECO: meaning, planning process, elements of a marketing plan, marketing research process, marketing information and feedback). JAMB does not examine Marketing.

What you will learn

Define marketing planning and explain its importance.
Describe the steps of the marketing planning process.
List and explain the elements of a marketing plan.
Carry out a SWOT analysis and write SMART objectives.
Explain the marketing information system and feedback.
Explain the meaning, scope and process of marketing research.
Distinguish primary and secondary data, methods, sampling, and calculate simple results and variances.

Key points

Marketing planning sets objectives, strategy, actions, budget and controls.
Process: situation analysis, objectives, strategy, actions/budget, implementation, control.
Ansoff: penetration, market development, product development, diversification.
Plan elements: summary, situation, SWOT, objectives, strategy, programmes, budget, controls.
SWOT: S and W internal; O and T external. SMART objectives.
MkIS: internal records, intelligence, research, decision support.
Feedback tells the firm how its marketing is working.
Marketing research: systematic study of a specific problem; scope covers all 4Ps.
Process: define, plan, collect, analyse, report, follow up.
Secondary (NBS, CBN, MAN) vs primary (survey, observation, experiment).
Sampling: random, systematic, stratified, cluster, quota, convenience.
Control: compare actual and target; variance and corrective action.

Start here: Meaning and importance of marketing planning

WAEC topic 7 is marketing planning and research. Planning means deciding in advance what to do, how to do it, when, and who will do it. Marketing planning is the process of analysing the firm’s market situation, setting marketing objectives, choosing strategies to reach them, and preparing detailed action programmes and budgets, with arrangements to check results. The written outcome is the marketing plan.

Plans can be strategic (long-range, often three to five years, covering which markets and products to pursue) or tactical/operational (usually one year, covering detailed actions on the 4Ps). A small business may have a simple one-page plan; a multinational may have detailed plans for each brand and region.

Importance of marketing planning

Gives direction: everyone knows the goals and how they will be reached.
Co-ordination: links marketing with production, finance and staff so that, for example, enough stock is produced before a promotion.
Efficient use of resources: money, staff and time are allocated to the most promising activities.
Anticipates change: forces the firm to study the environment and prepare for threats (new competitors, rising costs, regulation).
Provides standards for control: actual results can be compared with planned targets.
Motivation: clear targets encourage staff, especially sales teams.
Reduces risk and uncertainty, although it cannot remove them.
Helps raise funds: banks and investors want to see a plan before lending.

Problems of planning in Nigeria

Rapid changes in exchange rates and inflation make forecasts difficult; reliable market data may be scarce; power supply and transport problems disrupt schedules; and small firms may lack trained staff. These are reasons to plan carefully and review plans often, not reasons to avoid planning.

Worked example 4.1

Give three reasons why a new fruit-juice company in Benin City needs a marketing plan. To set clear sales targets, to co-ordinate production with promotions, and to convince a bank to grant a loan (also: to anticipate competition and control results).

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Practice questions

1. Selling more of an existing product in an existing market is

market penetration
market development
product development
diversification

Show answer

A: market penetration
Ansoff matrix.

2. Selling a new product in a new market is

market penetration
market development
product development
diversification

Show answer

D: diversification
Highest risk.

3. Opportunities and threats in SWOT are

financial ratios
channel members
external factors
internal factors

Show answer

C: external factors
Strengths and weaknesses are internal.

4. Information already collected by someone else for another purpose is

a hypothesis
secondary data
primary data
raw data

Show answer

B: secondary data
Cheaper than primary data.

5. A small group discussion led by a moderator is a

focus group
census
questionnaire only
audit

Show answer

A: focus group
Often 6–10 people.

Key words

Marketing planning: Deciding objectives, strategies and actions in advance.
Marketing plan: Written document of marketing objectives and actions.
Situation analysis: Review of where the firm stands now.
SWOT: Strengths, weaknesses, opportunities, threats.
SMART: Specific, measurable, achievable, relevant, time-bound.
Ansoff matrix: Product–market growth strategies.
MkIS: System that supplies marketing information to managers.
Marketing intelligence: Everyday information on environmental developments.
Marketing research: Systematic study of a specific marketing problem.
Primary data: Data collected first-hand for the problem.
Secondary data: Existing data collected for another purpose.
Sample: Part of a population studied to represent it.

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