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 logical step to develop a marketing plan is to perform a situation analysis. This includes analyzing the internal and external environment, identifying market trends and customer needs, and assessing the competition. Once a thorough analysis has been completed, the firm can then proceed with selecting a target market, developing a positioning strategy, and implementing the four Ps. However, STP analysis is typically part of the process of selecting a target market, not the first step in developing a marketing plan.

After Defining the Business Mission, What Should a Firm Do