Final answer:
Step five in the five strategic components of marketing management should be performed annually. This allows businesses to evaluate and control their marketing activities.
Step-by-step explanation:
In the five strategic components of marketing management, step five should be performed annually. Step five is the evaluation and control of the marketing activities, where the results of marketing efforts are assessed and adjustments are made if necessary.
Performing step five annually allows businesses to regularly assess the effectiveness of their marketing strategies and make informed decisions for the future. By evaluating marketing activities on a yearly basis, businesses can determine which tactics are working and which ones need improvement or modification.
For example, a company may run a marketing campaign for a specific product and assess its success at the end of the year. If the campaign did not achieve the desired results, the company may decide to make changes to the strategy, such as targeting a different audience or using different advertising channels.