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    2874-1633332802317-HND MPP Tactical Market Planning

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    sathsaraniranathunga6
    The marketing plan outlines objectives, strategies, and tactics to help achieve business goals. It defines marketing objectives that are aligned with the company's mission and vision, and aims to grow the business through strategies like increasing the customer base. The plan also outlines the marketing mix, budget, responsibilities, and opportunities. Developing a marketing plan provides benefits like alignment across business functions, market data to inform decisions, risk mitigation, and brand building. Marketing objectives specify targets, strategies describe how to achieve them using the marketing mix, and the plan links these to guide integrated marketing efforts over time. Common types of objectives include profitability, market share, promotion, and growth.

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    2874-1633332802317-HND MPP Tactical Market Planning

    Uploaded by

    sathsaraniranathunga6
    17 views8 pages
    The marketing plan outlines objectives, strategies, and tactics to help achieve business goals. It defines marketing objectives that are aligned with the company's mission and vision, and aims to grow the business through strategies like increasing the customer base. The plan also outlines the marketing mix, budget, responsibilities, and opportunities. Developing a marketing plan provides benefits like alignment across business functions, market data to inform decisions, risk mitigation, and brand building. Marketing objectives specify targets, strategies describe how to achieve them using the marketing mix, and the plan links these to guide integrated marketing efforts over time. Common types of objectives include profitability, market share, promotion, and growth.

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    2874-1633332802317-HND_MPP_Tactical_Market_Planning

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    The marketing plan outlines objectives, strategies, and tactics to help achieve business goals. It defines marketing objectives that are aligned with the company's mission and vision, and aims to grow the business through strategies like increasing the customer base. The plan also outlines the marketing mix, budget, responsibilities, and opportunities. Developing a marketing plan provides benefits like alignment across business functions, market data to inform decisions, risk mitigation, and brand building. Marketing objectives specify targets, strategies describe how to achieve them using the marketing mix, and the plan links these to guide integrated marketing efforts over time. Common types of objectives include profitability, market share, promotion, and growth.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    17 views8 pages

    2874-1633332802317-HND MPP Tactical Market Planning

    Uploaded by

    sathsaraniranathunga6
    The marketing plan outlines objectives, strategies, and tactics to help achieve business goals. It defines marketing objectives that are aligned with the company's mission and vision, and aims to grow the business through strategies like increasing the customer base. The plan also outlines the marketing mix, budget, responsibilities, and opportunities. Developing a marketing plan provides benefits like alignment across business functions, market data to inform decisions, risk mitigation, and brand building. Marketing objectives specify targets, strategies describe how to achieve them using the marketing mix, and the plan links these to guide integrated marketing efforts over time. Common types of objectives include profitability, market share, promotion, and growth.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 8

    LO 03: Marketing plan for an organisation that

    meets marketing objectives


    3.1 Tactical Market Planning

    1
    3.1.1 The purpose of marketing and planning and
    implementing marketing plans
    ▪ The purpose of a marketing planning and implementing includes the
    following:
    • To clearly define the marketing objectives of the business that align with the
    corporate mission and vision of the organization. The marketing objectives indicate
    where the organization wishes to be at any specific period in the future.
    • The marketing plan usually assists in the growth of the business by stating
    appropriate marketing strategies, such as plans for increasing the customer base.
    • State and review the marketing mix in terms of the 8Ps of marketing – Product,
    Price, Place, Promotion, People, Process, Physical Evidence, and Performance.
    • Strategies to increase market share, enter new niche markets, and increase brand
    awareness are also encompassed within the marketing plan.

    2
    • The marketing plan will contain a detailed budget for the funds and
    resources required to carry out activities indicated in the marketing plan.
    • The assignment of tasks and responsibilities of marketing activities is well
    enunciated in the marketing plan.
    • The identification of business opportunities and any strategies crafted to
    exploit them is important.
    • A marketing plan fosters the review and analysis of the marketing
    environment, which entails market research, customer needs assessment,
    competitor analysis, PEST analysis, studying new business trends, and
    continuous environmental scanning.
    • A marketing plan integrates business functions to operate with consistency –
    notably sales, production, finance, human resources, and marketing.

    3
    3.1.2 Benefits of Market Planning
    ▪ There are so many benefits of market planning. Some of them
    are;
    • Creates Alignment
    • Provides Market Data
    • This requires investment in market research
    • Helps Brand Building
    • Mitigates Risk

    4
    3.1.3 The links between marketing plans, marketing objectives
    and marketing strategy
    Marketing Plan
    ▪ A marketing plan is a document that lays out the marketing efforts of a business in an
    upcoming period, which is usually a year. It outlines the marketing strategy, promotional,
    and advertising activities planned for the period.
    Marketing Objectives
    ▪ This section outlines the expected outcome of the marketing plan with clear, concise,
    realistic, and attainable objectives. It contains specific targets and time frames. Metrics,
    such as target market share, the target number of customers to be attained, penetration
    rate, usage rate, sales volumes targeted, etc. should be used.
    Marketing Strategy
    ▪ The marketing strategy section covers actual strategies to be included according to the
    marketing mix. The strategy centers on the 7Ps of marketing. However, firms are also at
    liberty to use the traditional 4 P’s of marketing – product, price, place, and promotion.

    5
    3.1.4 Types of marketing objectives
    ▪ Evaluating and considering the marketing plan is essential while determining your
    marketing objectives. There are various types of marketing objectives, but the four main
    types are profitability+ objective, market share objective, promotional objective, and growth
    objective.

    6
    ▪ Profitability Objective: A profitability objective is a marketing objective that regulates the
    amount of expected income based on the promotional strategy. Businesses that are not
    financially profitable are likely to struggle, fail and ultimately close their doors. Profitability
    defines an organisations ability to sustain a business.
    ▪ Market share objective: A market share objective determines the percentage of market
    share an organisation aims to capture. Increasing market share is one of the most important
    objectives of the business..
    ▪ Promotional Objective: A promotional objective aims at promoting its goods and
    services. It is the desired level of awareness of the product. These objectives need to be
    defined and planned.
    ▪ Growth Objective: A growth objective analyses the current business size and determines
    or plans the growth strategies to achieve the desired amount of growth. By developing
    business strategies focused on growth, companies can increase their market share, realise
    sales efficiencies, and increase brand awareness, all of which translate to greater profits.

    7
    Thank you!

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