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Marketing Plans Assignment - (Doc)

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Added on  2020-12-04

Marketing Plans Assignment - (Doc)

   Added on 2020-12-04

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Marketing plansMarketing plans are long term plans (marketing strategy) set by the marketing department in order to achieve the marketing objectives set by the marketing department. This includes the following components:1-PEST analysis 2-SWOT for the marketing department known as a marketing audit this will allow the business to identify where its stands now in terms of it internal marketing strengths and internal marketing weaknesses so the business willbe able to identify its future action and its future direction, this is also a review for the business’s marketing mix.3-Marketing strategies4-Marketing objectives5-Marketing tactics6-Targeting strategies7-Positioning strategies8-Information about the consumer profile and segmentation9-Information about the market research10-Information about the detailed marketing mix ( 4P’sfor goods and 7 P’s for services)*Please note that this plan includes all marketing activities.*What is meant by marketing objectives?Those are long term objectives/ aims / goals / targets set by the marketing department in order to be achieved via marketing strategies and marketing tactics. Those marketing objectives relate to: increasing market share, launching new products, entering into new markets, building brand loyalty, increasing sales.*What is the significance / importance of setting marketing objectives?1- It sets the business a basis for planning ahead in terms of its marketing activities.1
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2-It provides the basis for setting marketing strategies and tactics as dependingon those marketing objectives the marketing department will be able to set its marketing strategies and tactics. 3- It provides a guide hand for marketing decisions4- When those objectives are set the marketing department could assess its level of success through measuring whether it has reached the set objectives or not.5- The employees working at the marketing department will be motivated to work as they have clear marketing objectives outlined.*What is meant by marketing strategies?Those are long term plans set by the marketing department in order to achievethe marketing objectives. Those marketing strategies are supported via marketing tactics.*What is meant by marketing tactics?Those are short term/ day to day changes / modes done in the short term to achieving the marketing strategies which will consequently facilitate the achievement of marketing objectives.*Note: Go back to your note books for examples about marketing strategies and tactics.*What is the importance of marketing planning?1- Having set out a marketing plan helps the business to identifying any potential problem and thus to plan ahead to dealing with those problems, the marketing plan includes a marketing audit, this will help the business to identify its weak areas and thus it could plan to overcome those weaknesses and possible problems.2
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2-When setting the marketing strategies this will allow the business eventually to achieving its overall business /corporate objectives.3-Sharing the marketing plan with other business departments helps improving the coordination and the collaboration between different business segments. 4-A clear and a well detailed marketing objective will motivate employees as it will include the marketing objectives and this will in itself provide a sense of aspiration and motivation for employees.*What are the limitations / disadvantages of marketing planning?1- Organizations have to update their marketing plans regularly as this plan is not a one off; it might change due to changes in market realities.2-Planning needs money, experience, costs and resources.*What is meant by Market Research? Important for the externalIt is the process of collecting and gathering information about consumers’ wants and needs. This information will be gathered, analyzed and interpreted by the marketing department to aid the design of the products that are to be launched to the markets. Market research is usually used to obtain information about the whole 4P's. The business can obtain information about the product itself, is it appealing for consumers? Does it satisfy consumer’s preferences? Does it stimulate future opportunities; also information regarding consumer's profile (consumer’s characteristics and features) could also be obtained via the market research .Information regarding market segments are also obtained via market research. In addition the business obtains information about the most 3
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appropriate pricing strategies and most appropriate promotional strategies and most importantly distributional strategies. What is more, market research can be used to gather information about competitor's products and it also helps reducingrisk when entering new markets or launching new products as those new marketsor the launching of the new products could be researched previously thus reducing the risks associated. Types of Market research:Important for the external. Market research is carried by market led businesses.We have two types of market research:A)Primary market research; this is the collecting and gathering of first hand information, this type of market research is accurate, precise, and up to date, as it secures the business’ purpose but it is time consuming and costly. It is also called (field research); via this marker research qualitative information is usually collected (information regarding the quality). B)Secondary market research:This is second hand information where the business gets or obtains information which is already gathered by another business. It is also called desk research. This information is not precise, not accurate, biased and not designed according to thebusiness purpose as the business doesn’t know under which circumstances this information has been gathered. But 2nd hand information is easily obtained and it is considered easy and cheap.ThisSecondary market research usually gathers quantitative information (this is information answering questions about quantity).Via secondary market research the business can get information concerning the percentage of consumers trying a certain product but it doesn’t obtain qualitative information.4
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Secondary market research might be obtained via the internet, newspapers, magazines, reports launched by other businesses, statistics launched by the government, annual reports prepared by the company in previous years.*Note: If the business is facing a strategic decision to launch a new productor close a branch or to launch a new advertising campaign, the business must conduct primary market research. But if the business is facing liquidityproblems it might be hard to find this market research so obtaining a loan from the bank might help solve the problem.*Note: Primary market research might be internal or external, also secondary market research might also be internal or external as explained below:1-Primary market research: This type of research might be done internally by the business itself or it mightbe outsourced to a specialist market research agency. If outsourced, the market research would be much more accurate. As it is carried by specialist researchers, yet it would be much more costly if carried internally by the business itself. 2-External Sources of secondary market research:1)Statistics issued by the government (Government publication)2)Reports issued by another business3)Magazines 4)Newspapers5)Internet 6)Academic Journals7)Media articles8)Market analysesAs for the internal secondary market research this is usually financial reports and records prepared by the business and kept in financial records to be referred to again in the future.5
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Explanation for the methods of secondary market research:Academic Journals: Those are journals/ documents issued by experts, those are usually articles that are extensively referenced, and those are usually written to provide knowledge and information about a specific topic and not for making money. Those Journals are usually reviewed by experts increasing their reliability (advantage) also those journals need less time to be published compared to books (advantage), yet they provide very detailed information about a certain topic which might not be of general interest (disadvantage), also before writing those academic journals different experts review the information which although increase its reliability yet might take time to review and revise. (Critical thinking). Media articles: those include newspapers and magazines. The use of newspapers has declined due to internet, newspapers are seen a cheaper method of advertisement compared to TV, also newspaper articles are more reliable than internet articles as newspapers articles are usually reviewed and checked for accuracy before being published. Yet although newspapers articles are less biased than internet articles yet those might also be biased depending on the party owning the newspaper (critical thinking) also the use of newspapers which depend on paper might be seen neither ethical nor environmentally friendly.Government publications: those are publications issued by the government on different wide subjects; those might provide very useful information for businesses about the population, GPD, income per person, consumers’ preferences and demand patterns.Market analysts: those include commercial publications about specific markets. Those are done by specialized market research agencies and they provide very detailed information about particular markets. But they are very costly. 6
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