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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.
The backbone of marketing is the target market (Vest, 2007). Target marketing is the specific group of people that a company is trying to reach with its marketing effort. The target
(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.
Explain the importance of defining the objectives, scope and success criteria of the decisions to be taken
Facing to more complex business environment, systematically marketing plans are important to organizations in terms of maintaining a high level of operating efficiency and achieving goals fully. According to Sally and John (1996:3), marketing plans are “the written document or blueprint for implementing and controlling an organization’s marketing activities related to a particular marketing strategy” (Sally, D., Lyndon S., & John, B., 1996: 3). A successful marketing plan is able to improve organizations’ profits and growth, uses in objective setting and monitors results (Subash Jain, Michael D. Clemes, Gregory Brush, 2008: 5)
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
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.
It relates a bit to aim but aim is what we focus on our query and objective in general means motive or simple solution
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;
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.
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
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?
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.
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.
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.