A written document that details the necessary actions to achieve one or more marketing objectives. It can be for a product or Service (economics)|service, a brand, or a product line and cover between one and five years.
The foundation of a well-written marketing plan.
Solid marketing strategy
Abell suggested that the definition should cover three dimensions: "______" to be served, "______" to be served, and "______" to be utilized
customer groups, customer needs, technologies
Marketing planning process:
- Market & Environment Analysis
- Fixing Marketing Target
- Setting Marketing Strategy
- Marketing Mix
- Marketing Controlling
Facts for this section will come from management accounting, costing and finance sections.
From production, research and development.
Sales, packaging, distribution sections
Sales and distribution data
Information from these departments
Advertising, sales promotion, merchandising data
From market research, who would in most cases act as a source for this information
Market data and miscellany
A study of the organization's markets, customers, competitors and the overall economic, political, cultural and technical environment; covering developing trends, as well as the current situation.
Review of the marketing environment
A study of the company's marketing mix; in terms of the 7 Ps
Review of the detailed marketing activity
A study of the marketing organization, marketing research systems and the current marketing objectives and strategies.
Review of the marketing system
Malcolm McDonald format:
- Review of the detailed marketing activity
- Market data and miscellany
- Review of the marketing environment
- Marketing System regularly questioned
- Portfolio planning
- 80:20 rule
- Price (amount of money)
- Promotion (Getting the product known)
- Physical Environment (ambiance, mood, or tone of the environment)
- People (Represent the business)
- Process (How people obtain your product)
Detailed plans and programs:
- Clear (Unambiguous statement of 'exactly')
- Quantified (outcome is possible)
- Focused (Temptation is avoided)
- Realistic (Achievable)
A marketing plan for a small business typically includes ________________ of competitors, including the level of demand for the product or service and the strengths and weaknesses of competitors
Small Business Administration Description
Content of the marketing plan for Small Business:
- Description of the product or service
- Marketing budget
- Description of the business location
- Pricing strategy
- Market Segmentation
Content of the marketing plan for Medium-sized and Large organizations:
- Executive Summary
- Situational Analysis
- SWOT Analysis
- Action Programme
- Financial Forecast
- Sales analysis
- Market share analysis
- Expense analysis
- Financial analysis
- market research (customer panels)
- lost business (orders lost)
- customer complaints
A __________ is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage. It should be centered around the key concept that customer satisfaction is the main goal.
A key component of ________ is often to keep marketing in line with a company's overarching mission statement.
- Target Audience
- Proposition/Key Element
Types of strategies
- Strategies based on market dominance
- Porter generic strategies
- Innovation strategies
- Growth strategies
- Marketing warfare strategies
In this scheme, firms are classified based on their market share or dominance of an industry.
Strategies based on market dominance
three types of market dominance strategies:
Strategy on the dimensions of strategic scope and strategic strength.
Porter generic strategies
_______ refers to the market penetration while _________ refers to the firm’s sustainable competitive advantage.
Strategic scope, strategic strength
This deals with the firm's rate of the new product development and business model innovation. It asks whether the company is on the cutting edge of technology and business innovation.
three types of Innovation strategies:
- Close followers
- Late followers
In this scheme we ask the question, “How should the firm grow?”.
Common four answers for growth strategies:
- Horizontal integration
- Vertical integration
A more detailed scheme uses the categories for growth strategies:
This scheme draws parallels between marketing strategies and military strategies.
Marketing warfare strategies