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A manufacturing business has conducted a situational analysis and determined the following: - It has loyal customers who make repeat purchases - HSC - SSCE Business Studies - Question 23 - 2018 - Paper 1
Question 23
A manufacturing business has conducted a situational analysis and determined the following: - It has loyal customers who make repeat purchases. - The size of the Au... show full transcript
Worked Solution & Example Answer:A manufacturing business has conducted a situational analysis and determined the following: - It has loyal customers who make repeat purchases - HSC - SSCE Business Studies - Question 23 - 2018 - Paper 1
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Step 2
Why could monitoring and controlling be an important part of the marketing process for this business?
Answer
Monitoring and controlling are crucial in ensuring that marketing strategies align with business goals.
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Performance Assessment: Regular monitoring allows the business to assess the effectiveness of marketing strategies and make adjustments as needed. It helps in identifying what works well and what doesn't, facilitating timely interventions.
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Resource Allocation: By controlling the marketing process, the business can allocate resources more effectively, ensuring that efforts are focused on high-impact areas. This is particularly important in a shrinking market where maximizing every opportunity is essential.
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Market Adaptation: Continuous monitoring keeps the business attuned to market changes and customer preferences. This responsiveness is vital for adapting strategies to retain loyal customers and attract new ones in a competitive landscape.