Marketing planning involves analyzing planning implementing and controlling

Marketing planning involves analyzing planning

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Marketing planning involves analyzing, planning, implementing, and controlling marketing initiatives to satisfy the target market needs and achieve organizational objectives. Contingency plan : The identification of alternative courses of action that can be used to modify an original plan if and when new circumstances arise. Target market : The group of persons for whom a firm creates and markets a product. o Demographic characteristics o Physiographic characteristics o Geographic characteristics o Behaviour response Positioning strategy : The selling concept that motivates purchase or the image that marketers desire a brand to have in the minds of consumers. Positioning strategy statement : A summary of the character and personality of a brand and the benefits it offers customers. Marketing objectives : A statement that identifies what a product will accomplish in a one-year period, usually expressed in terms of sales, market share, and profit. Marketing strategies : A plan of action that shows how the various elements of the marketing mix will be used to satisfy a target market’s needs. Product Price Marketing communications Distribution Marketing execution (tactics): Product Price Marketing communications Distribution New products Marketing research Service Partnerships and alliances Budget and financial summary: Budget allocations (by activity, by time of year) Brand financial statement Marketing control : The process of measuring and evaluating the results of marketing strategies and plans, and of taking corrective action to ensure marketing objectives are achieved.
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Marketing communications plan : A plan that identifies how the various elements of marketing communications will be integrated into a cohesive and coordinated plan. Advertising plan : A plan that includes creative and media components. Creative plan : A plan that outlines the nature of the message to be communicated to the target audience; involves the development of creative objectives, creative strategies, and creative execution. Media plan : A strategy that outlines the relevant details about how a client’s budget will be spent; involves decisions about what media to use and how much money to invest in the media chosen to reach the target audience effectively and efficiently. Direct response plan Interactive plan Sales promotion plan Experiential marketing plan Personal selling plan Marketing communications objectives: Building awareness, interest, and trial purchases for a product Changing perceptions of the product held by consumers Differentiating the product from others by presenting unique features and benefits Attracting new target markets to the product Engaging consumers with the brand or brand experience Offering incentives to get people to buy the product Creating goodwill and fostering a positive public image Motivating distributors to carry the product
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