Marketing Plan Flashcards
What is a marketing plan?
It is a written document of the current marketing situation, opportunities and threats of the firm, marketing objectives, strategies ( 4P’s), projected proforma
Steps of marketing plan
- Planning
- Implementation
- 1 STP (segmentation, targeting, and positioning)
- 4P’s. (Product, Price, Place Promotion) 3. Control
Planning phase step 1
Directors and managers define the vision and mission of the business. It says how the value is created, and how the firm is going to set a competitive advantage
Planning phase step 2
Conduct a situational analysis. Areas where it is strong and areas where it is vulnerable from the competition.
SWOT analysis.
Implementing step 3
Identify and evaluate opportunities by STP.
Look for needs and wants through market research
What is market segmentation?
The process of dividing the market into distinct groups, where each individual group has similar needs
What is targeting?
Decision to pursue a segment
What is positioning?
Process of defining the marketing mix variable where customers have a clear idea of what the product does.
Implement setp 4, Marketing mix
Marketers implement the 4P’s strategy on the basis of what company believes its target market will value
Product and value creation
Develop product and services that are valuable enough to buy
Price and value for money
Marketers should set price in the value that customer receive
Place and value
place the product when and where the customer wants it
Promotion and value communication
Communicate the value and the value proposition through different media
Control: step 4 Evaluate performance by using metric
Why things happened a project the future. Compare different categories among companies
Social responsibility metrics
