After defining the business mission, what should a firm do next to develop a marketing plan?
A)conduct an STP analysis
B)perform a situation analysis
C)develop a positioning strategy
D)select a target market
E)implement the four Ps

Question

Quizplus · Accepted Answer

After defining the business mission, the next step to develop a marketing plan is to perform a situation analysis. This involves analyzing the company's internal and external environment, including its strengths, weaknesses, opportunities, and threats (SWOT analysis), as well as examining industry trends and competitor activities. Only after completing a thorough situation analysis can the firm make informed decisions about segmentation, targeting, positioning, and the marketing mix (the four Ps).

After Defining the Business Mission, What Should a Firm Do