Define Marketing Plan
Marketing plan sets out the marketing objectives, strategies, budgets and marketing activities necessary to achieve the marketing objectives.
→ Philosophy for business strategy
core competence - business on self’s abilities and speciality
Components of Marketing
- Executive summary - Summary of the entire summary
- Market analysis - details of the target market and competition
- Marketing objectives (For E.g : increasing market share, increasing sale of certain products)
- Marketing strategy (For E.g : new productive development, targeting new segments)
- Resources required
- Marketing budget
- Marketing activities (What will be done, who is responsible, why and when, money spent)
Road of Marketing planning (AO2)
- sets clear direction and bring accountability
- Helps tracking the performance
- Segmentation, targeting and positioning (position map - AO4)