Final answer:
Step 4 of a marketing plan involves implementing strategies and allocating resources to turn plans into action and achieve the company's objectives. It requires the careful distribution of budget and personnel among various marketing activities.
Step-by-step explanation:
Step 4 of a marketing plan involves implementing strategies and allocating resources. At this stage, businesses focus on executing the defined tactics that are part of their overall marketing strategy. This phase is critical because it translates theoretical marketing plans into real actions that aim to achieve the company's goals and objectives.
Implementing strategies is about putting plans into action, whether it's about launching a new advertising campaign, developing new products, or entering new markets. Allocating resources means distributing the necessary budget, personnel, time, and other resources to various activities to ensure the successful execution of these strategies.
Monitoring also plays an important role in this step, but it refers to the ongoing process of tracking the performance of the strategies to ensure they are delivering the desired results, and making adjustments as necessary. However, it is the implementation of strategies that is the core activity in Step 4 of the marketing plan.