Lecture notes
Market Plan and Ansoff
- Institution
- CCEA
A step by step look at constructing a market plan, types of marketing objectives, advantages and disadvantages of a market plan, marketing budget and ansoff matrix.
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Market Plan Marketing objectives: What you want to achieve from your marketing
objectives/activities. It is important to know this so you know everyone will be
focused on achieving these objectives which should mean resources are used
effectively.
It is important to collect the relevant data to the market so you collect the right
data and this will help you make the right decisions in the long term.
Analyse the data: Have to look at what the data tells you and how it compares with
the marketing objectives. If it supports the marketing objectives and proves them
to the realistic then you carry on to the next stage. If it doesn't support your
marketing objectives that are more relevant/realistic.
Developing a marketing strategy: Is your overall plan.
Marketing Tactics: What is carried out day-to-day to help you achieve your plan.
e.g. discounts, 2 for the price of 1.
Review: Whether or not your marketing plan achieved your marketing objectives.
If not you have to find out where you went wrong and ensure it doesn't happen in
the future.
Types of marketing objectives:
Increase levels of sales.
To reduce the marketing budget: Make marketing department more efficient.
Increased brand awareness with consumers.
Improve corporate image.
Enter new geographical markets.
Entering new markets-> Create new products for those markets.
Advantages and Disadvantages of a Market Plan:
Advantages Disadvantages
Gives you a structure/clear sense of direction. Staff now how It takes time and resources to construct a marketing plan which is
and why they are doing it. took out of the production process to do it and those involved
aren't working which means the production process isn't being as
efficient.
In theory it should be more efficient, as staff and resources are A marketing plan is about the market, which can change at any
working towards set targets. time. This means the marketing plan can become out-of-date and
any decisions based on it will make the business less efficient.
Can compare your results with your actual targets-> Review. The difficulty of objectives can have an adverse affect:
See if the marketing plan was a success. Too low: No real sense of achievement, easy to obtain.
Haven't extended the marketing department leads to
inefficiency.
Too high: Unrealistic, may de-motivate the marketing
department leading to inefficiencies.
Makes the marketing department responsible for their actions Not all businesses need or can afford a marketing plan. Smaller
as they have to meet targets. companies wouldn't have the time or resources to commit/invest
in a marketing plan therefore they wouldn't use one. Also a smaller
company may not need one as they know their customers and the
sales they expect. Only suitable for larger companies generally.
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