The process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities.
a written document that acts as a guidebook of marketing activities for the marketing manager
- asks what is our business? who is the customer? what do customers value? what should our business be?
- -should be: neither too narrow or too broad, fitting the market environment, based on distinctive competencies, motivating.
Marketing objectives (4)
- -realistic, measurable, time specific, consistent with and indicate the organizations priorities.
- -is a goal and should be challenging
- Internal- Strength, weaknesses
- External-opportunities, threats
increase market share among existing customers
attract new customers to existing products
create new products for present markets
introduce new products into new markets
- present product new product
- pr. mkt mkt penetration product develpmnt
- new mkt mkt development diversification
Target Market Strategy
- -segment market based on groups with similar characteristics
- -analyze market based on attractiveness of market segments
- -select one or more target markets
Marketing mix (4 p's)
-includes controllable and tactical marketing tools: product, place, promotion, price
Following up Marketing Plan (3)
- 1) implementation
- 2) evaluation
- 3) control