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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.
marketing plan
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The foundation of a well-written marketing plan.
Solid marketing strategy
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Abell suggested that the definition should cover three dimensions: "______" to be served, "______" to be served, and "______" to be utilized
customer groups, customer needs, technologies
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Marketing planning process:
- Market & Environment Analysis
- Fixing Marketing Target
- Setting Marketing Strategy
- Marketing Mix
- Marketing Controlling
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Facts for this section will come from management accounting, costing and finance sections.
Financial data
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From production, research and development.
Product data
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Sales, packaging, distribution sections
Sales and distribution data
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Information from these departments
Advertising, sales promotion, merchandising data
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From market research, who would in most cases act as a source for this information
Market data and miscellany
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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
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A study of the company's marketing mix; in terms of the 7 Ps
Review of the detailed marketing activity
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A study of the marketing organization, marketing research systems and the current marketing objectives and strategies.
Review of the marketing system
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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
- 7Ps
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7Ps
- Product
- Place
- 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)
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Detailed plans and programs:
- Clear (Unambiguous statement of 'exactly')
- Quantified (outcome is possible)
- Focused (Temptation is avoided)
- Realistic (Achievable)
- Agreed
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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
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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
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Content of the marketing plan for Medium-sized and Large organizations:
- Executive Summary
- Situational Analysis
- SWOT Analysis
- Objectives
- Strategy
- Action Programme
- Financial Forecast
- Controls
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Performance analysis:
- Sales analysis
- Market share analysis
- Expense analysis
- Financial analysis
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Useful measures:
- market research (customer panels)
- lost business (orders lost)
- customer complaints
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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.
marketing strategy
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A key component of ________ is often to keep marketing in line with a company's overarching mission statement.
marketing strategy
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Basic theory:
- Target Audience
- Proposition/Key Element
- Implementation
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Types of strategies
- Strategies based on market dominance
- Porter generic strategies
- Innovation strategies
- Growth strategies
- Marketing warfare strategies
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In this scheme, firms are classified based on their market share or dominance of an industry.
Strategies based on market dominance
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three types of market dominance strategies:
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Strategy on the dimensions of strategic scope and strategic strength.
Porter generic strategies
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_______ refers to the market penetration while _________ refers to the firm’s sustainable competitive advantage.
Strategic scope, strategic strength
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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.
Innovation strategies
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three types of Innovation strategies:
- Pioneers
- Close followers
- Late followers
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In this scheme we ask the question, “How should the firm grow?”.
Growth strategies
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Common four answers for growth strategies:
- Horizontal integration
- Vertical integration
- Diversification
- Intensification
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A more detailed scheme uses the categories for growth strategies:
- Prospector
- Analyzer
- Defender
- Reactor
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This scheme draws parallels between marketing strategies and military strategies.
Marketing warfare strategies
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