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Developing marketing strategies&plans
Developing marketing strategies&plans
To formulate a marketing strategy, one must
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Marketing and Advertising Planning
Top-down, Bottom-up and IMC
1.
The Marketing Plan
1. The Importance of Marketing Planning
1. The marketing plan assembles all the pertinent facts about the organization, the markets it serves, and its products, services, customers, competition, and so on.
2. It forces all of the departments-product development, production, selling, advertising, credit, transportation-to focus on the customer.
3. Finally, it sets goals and objectives for specified periods of time and lays out strategies and tactics to achieve them.
2. The Effect of the Marketing Plan on Advertising
1. It helps managers analyze and improve all company operations, including marketing and advertising programs.
2. It dictates the role of advertising in the marketing mix.
3. It enables better implementation, control, and continuity of advertising programs, and it ensures the most efficient allocation of advertising dollars.
3. Top-Down Marketing Planning
1. Situation analysis - factual statement of the organization’s current situation and how it got there. It also:
1. Present all relevant facts about the company’s history, growth, products, sales volume, share of market, competitive status, markets served, distribution system, past advertising programs, results of marketing research studies, company capabilities, strengths and weaknesses, and any other pertinent information.
2. After gathering historical information, on focus changes to potential threats and opportunities based on key factors outside the company’s control: economic, political, social, technological, or commercial environments the company operates in.
2. Marketing Objectives
1. Corporate objectives are usually stated in terms of profit or return on investment-or net worth, earnings ratio, growth, or corporate reputation.
2. Marketing objectives, which derive from corporate objectives, relate to the needs of target markets and to specific sales goals referred to as:
1. Need-satisfying objectives - shift manager’s view of the organization from a producer of products or services to a satisfier of target market needs.
2. Sales-target objectives - are specific, quantitative, realistic marketing goals to be achieved within a specified time period.
3. Marketing Strategy - the total directional thrust of the company’s marketing efforts; a statement of how the company is going to achieve its objectives.
(A) Marketing- the management process through which goods and services move from concept to the customer. The main purpose is to increase sales of the project and profits of the company.
marketing goals is to ensure the company products visibility in the targeted market, archive the company sales growth, and further increase brand awareness. Following are Vo Ltd. marketing objectives and strategies: 1. Expand targeted market from traditional consumers to include the next generation customers, the millennials. 2. Continue to improve marketing campaign to the regular tradeshows, events, food and drinks contest, and traditional marketing channels.
Arcading to Sue Pulendran marketing planning technology provides for decision-making that is more comprehensive. Marketing planning is a performance paradoxical that measures strategies for the market segmentation. The most important thing about strategic marketing positioning covers the business strategic positioning choice also each business has a different marketing strategy imposed to so that they can gain a competitive advantage over other business in the same market. Skype
Armstrong, G, Adam, S, Denize, S, Kotler, P, 2010, Principles of Marketing 5th Edition, Pearson Australia Group, Frenchs Forest
It enables an organisation to plan future activities by considering a number of questions such as: What are our Strengths? How can we build on them to ensure that we offer a better product than our competitors? What are our Weaknesses? How can we eliminate them? What are our Opportunities?
Marketing involves activities to find right people for the business and then gaining their attention and retaining them for life. There are many theories marketers employed to stand their business out of crowd or at least make it visible. To make any business efficiency and effective, it is important to seek the target customer market. There are primarily three main areas to consider while identifying the target market. Those are as follows;
It relates a bit to aim but aim is what we focus on our query and objective in general means motive or simple solution
Once a business has successfully completed segmentation based on the market into various groups the targets will be chosen. As we all know no one unique strategy will be able to appeal to all consumer segments therefore being able to come up with different strategies for specific targets are a vital aspect of marketing.
It helps create bonds with customers by listening to them about the products and taking the customers opinion into consideration. After all, media marketing is very influential in the world of business and marketing. More and more businesses are working at creating a more well-rounded inter-web advertisement scheme. Through the placement and strategic plan on making the ad and where to put it and how to make the ad stand out to the streamers on the websites the business ad is on. Media marketing will continue to grow and progress as time progresses and more and more people gain access to the internet.
To cater to customer needs. To keep in mind the complications that arises in different situations and handling it. Teamwork and proper service, internal strategy and proper communication.
In writing the business plan, I determined our target market and our marketing strategy to gain a share of the market. I also had t...
In order to gain a successfully marketing plan, it is important to marketing decision makers to understand the current situation comprehensively and trends affecting the future of the organization. There are two major reasons to explain why situation analysis plays a vital role in developing marketing plan.
He listed these five factors as follows: “(1) informing, (2) influencing, (3) reminding and increasing salience, (4) adding value, and (5) assisting other company efforts.” (p.246). To clarify that, the first most important aspect is informing people, which means company needs to enhance the awareness of the consumer about their products by mentioning its advantages and features. Advertising also affects the products in two ways. Firstly, by basic demand, which builds consumer desires for old products of the company and secondly, refers to a new brand of the company.
relationships and cement old ones. But the most important part of the marketing plan is not the document itself, but the process of putting it together. By taking the time to think deeply about your company's commitment to marketing, by the process of self-examination that is necessary, and by uncovering the true feelings of your customers, you will have a much clearer vision of the future.
The major objective of any company is to make profits. Marketing is responsible for identifying a company’s customers anticipating their needs and wants, satisfying theses needs while keeping the its major goal which maximizing profits