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Marketing Plans Assignment - (Doc)

Added on - 04 Dec 2020

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Marketing plansMarketing plans are long term plans (marketing strategy) set by the marketingdepartment in order to achieve the marketing objectives set by the marketingdepartment. This includes the following components:1-PEST analysis2-SWOT for the marketing department known as a marketing audit this willallow the business to identify where its stands now in terms of it internalmarketing strengths and internal marketing weaknesses so the business willbe able to identify its future action and its future direction, this is also areview 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 7P’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 marketingdepartment in order to be achieved via marketing strategies and marketingtactics. 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 marketingactivities.1
2-It provides the basis for setting marketing strategies and tactics as dependingon those marketing objectives the marketing department will be able to set itsmarketing strategies and tactics.3- It provides a guide hand for marketing decisions4- When those objectives are set the marketing department could assess itslevel of success through measuring whether it has reached the set objectivesor not.5- The employees working at the marketing department will be motivated towork 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 viamarketing tactics.*What is meant by marketing tactics?Those are short term/ day to day changes / modes done in the short term toachieving the marketing strategies which will consequently facilitate theachievement of marketing objectives.*Note: Go back to your note books for examples about marketing strategiesand tactics.*What is the importance of marketing planning?1- Having set out a marketing plan helps the business to identifying anypotential problem and thus to plan ahead to dealing with those problems, themarketing plan includes a marketing audit, this will help the business toidentify its weak areas and thus it could plan to overcome those weaknessesand possible problems.2
2-When setting the marketing strategies this will allow the business eventuallyto achieving its overall business /corporate objectives.3-Sharing the marketing plan with other business departments helpsimproving the coordination and the collaboration between different businesssegments.4-A clear and a well detailed marketing objective will motivate employees as itwill include the marketing objectives and this will in itself provide a sense ofaspiration and motivation for employees.*What are the limitations / disadvantages of marketing planning?1- Organizations have to update their marketing plans regularly as this plan isnot 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’ wantsand needs. This information will be gathered, analyzed and interpreted by themarketing department to aid the design of the products that are to be launchedto the markets. Market research is usually used to obtain information about thewhole 4P's. The business can obtain information about the product itself, is itappealing for consumers? Does it satisfy consumer’s preferences? Does itstimulate future opportunities; also information regarding consumer's profile(consumer’s characteristics and features) could also be obtained via the marketresearch .Information regarding market segments are also obtained via marketresearch. In addition the business obtains information about the most3
appropriate pricing strategies and most appropriate promotional strategies andmost importantly distributional strategies. What is more, market research can beused 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 thusreducing 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 handinformation, this type of market research is accurate, precise, and up todate, as it secures the business’ purpose but it is time consuming and costly.It is also called (field research); via this marker research qualitativeinformation is usually collected (information regarding the quality).B)Secondary market research:This is second hand information where the business gets or obtains informationwhich is already gathered by another business. It is also called desk research. Thisinformation is not precise, not accurate, biased and not designed according to thebusiness purpose as the business doesn’t know under which circumstances thisinformation has been gathered. But 2ndhand information is easily obtained and itis considered easy and cheap.ThisSecondary market research usually gathersquantitative information (this is information answering questions about quantity).Via secondary market research the business can get information concerning thepercentage of consumers trying a certain product but it doesn’t obtain qualitativeinformation.4
Secondary market research might be obtained via the internet, newspapers,magazines, reports launched by other businesses, statistics launched by thegovernment, 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 businessmust conduct primary market research. But if the business is facing liquidityproblems it might be hard to find this market research so obtaining a loanfrom the bank might help solve the problem.*Note: Primary market research might be internal or external, alsosecondary market research might also be internal or external as explainedbelow: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, themarket research would be much more accurate. As it is carried by specialistresearchers, yet it would be much more costly if carried internally by thebusiness itself.2-External Sources of secondary market research:1)Statistics issued by the government (Government publication)2)Reports issued by another business3)Magazines4)Newspapers5)Internet6)Academic Journals7)Media articles8)Market analysesAs for the internal secondary market research this is usually financial reportsand records prepared by the business and kept in financial records to bereferred to again in the future.5
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 areusually written to provide knowledge and information about a specifictopic and not for making money. Those Journals are usually reviewed byexperts increasing their reliability (advantage) also those journals needless time to be published compared to books (advantage), yet theyprovide very detailed information about a certain topic which might notbe of general interest (disadvantage), also before writing thoseacademic journals different experts review the information whichalthough increase its reliability yet might take time to review and revise.(Critical thinking).Media articles: those include newspapers and magazines. The use ofnewspapers has declined due to internet, newspapers are seen acheaper method of advertisement compared to TV, also newspaperarticles are more reliable than internet articles as newspapers articlesare usually reviewed and checked for accuracy before being published.Yet although newspapers articles are less biased than internet articlesyet those might also be biased depending on the party owning thenewspaper (critical thinking) also the use of newspapers which dependon paper might be seen neither ethical nor environmentally friendly.Government publications: those are publications issued by thegovernment on different wide subjects; those might provide very usefulinformation for businesses about the population, GPD, income perperson, consumers’ preferences and demand patterns.Market analysts: those include commercial publications about specificmarkets. Those are done by specialized market research agencies andthey provide very detailed information about particular markets. Butthey are very costly.6
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