Learning Journal UNIT 2 BUS2201 Principles of marketing PDF

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Summary

One theme of Unit 2 is planning. Make a journal entry that answers the following question: What skills and knowledge do you need to possess in order to develop a useful marketing plan?...

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This week, we had the opportunity to learn about strategic planning and also learn more about marketing and the planning stages. According to (Tanner, S., & Raymond, M. A.2015) “a marketing plan should identify customers' needs, evaluate whether the organization can meet those needs in a way that allows for profitable exchanges with customers, develop a mission statement, strategy, and organization centered on those needs, create products using the information the company finds, and shape operations and supply chains that advance the organization”. To develop a useful marketing plan, I would need critical thinking skills, writing skills, marketing skills, knowledge of the business markets, and financial literacy. Critical thinking skills, I believe are mandatory in any business venture. This skill would allow me to make quick decisions that are also good decisions and that are more beneficial than harmful. For example, when it comes to the SWOT analysis, in order for me to acknowledge my strengths and weaknesses, I must be logical and level-headed. Writing skills are a basic necessity in any circumstance. How can I deliver a useful marketing plan if it is not clear and motivating? It is impossible. Moreover, every company needs a vision and mission statement, one that is readable might I add. Marketing skills are imperative. Considering that a marketing plan is meant to sway a group of people into purchasing my products and to get investors to invest in my company, I will not achieve this goal without this skill. Lastly, financial literacy and markets. Understanding the markets for example consumers and competitors gives us a chance to market my product well. References: Reference: Tanner, J. & Raymond, M.A. (2015). Principles of marketing. University of Minnesota Open Textbook Library. Licensed under a Creative Commons by-nc-sa. Read online at: https://open.umn.edu/opentextbooks/textbooks/50...