Marketing Strategy Flashcards
Marketing planning
A detailed and fully researched written report on the marketing objectives and the marketing strategy to be used to achieve them.
Purpose and mission
Gives information about the plan’s purpose.
Situational analysis and market research
Where the business is now?
Know about :
Current product portfolio
SWOT analysis
PEST analysis
Competitor analysis
Marketing objectives
Where do we want to be?
Marketing strategies need clear marketing objectives : expressed in :
Market share target
Sales levels
Rate of sales growth
Profit margin targets for the new product
Marketing strategy
Analyses how the business intends to achieve its marketing objectives.
Marketing mix
- product – the USP and main differentiating factor
- price – whether skimming or penetration pricing
- promotion – the methods to be used
- place – the main distribution channels to be used.
Marketing budget
- financial resources available to the marketing team responsible for the plan must be considered.
- The plan should make clear the amount to be spent on each promotion method with a clear month-by-month timetable.
Executive summary and timescale
overall summary of the plan and the timescale over which it will be introduced.
Reviewing the marketing plan
How successful was the marketing plan? This will be a crucial test of the marketing plan’s effectiveness.
Benefits of marketing planning
- The plan should demonstrate that a market exists for the product; that it would be profitable to exploit this market; and that the marketing-mix tactics are appropriate for the market.
- reduces the risk of failure of strategies that are very different to those the business has followed before.
- helps to give clear direction to other departments within the business
Limitations of Marketing Limitations
- inappropriate marketing strategies being adopted - not based on adequate research of the market and customers’ preferences
- take up much management time
Approaches to marketing strategy
Consistency
Coordination
Focused
Consistency
consistent in the quality, quantity and message the marketing activities portray.
should be consistent with:
The business
The product
The market
Coordination
All marketing activities in the strategy need to be tied together so that a consistent message is communicated to customers and potential customers.
Examples:
marketing mix - marketing objectives
Promotion tactics - marketing budget
Focused
Marketing strategies must be focused on achieving specific marketing objectives.
