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Course Hero 5

Course Hero 5 - A company's goals past activities and even...

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5. Explain the differences between a strategic marketing plan and a tactical marketing plan . The marketing plan is the central instrument for directing and coordinating the marketing effort. The marketing plan operates at two levels: strategic and tactical. The strategic marketing plan lays out the target markets and the value proposition the firm will offer, based on analysis of the best market opportunities. The tactical marketing plan specifies the marketing tactics, including product features, promotion, merchandising, pricing, sales channels, and service. Today, teams develop the marketing plan with inputs and sign-offs from every important function. Management then implements these plans at the appropriate levels of the organization, monitors results, and takes necessary corrective action. An essential part of the strategic marketing planning process is taking a look at the marketing environment. Competitive, economic, social, political and legal environments should be examined.
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Unformatted text preview: A company's goals, past activities and even financial statements may be reviewed. Through this process, companies develop a list strengths, weaknesses, opportunities and threats. Understanding the environment gives companies a clear outlook on who their target market is and what that market's buying behavior is. Information is collected on how, what, when, where and why these consumers buy. Without this information, companies cannot develop objectives or implement any plans. With sufficient information about the market and its needs, companies are able to develop measurable marketing objectives as a part of their strategic marketing planning. Measurable objectives make it easier to create a targeted campaign that can be evaluated at a later date. Some examples include increasing sales by a given percentage, increasing orders by a specific number, or even receiving a specific amount of hits on a dedicated website....
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