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Marketing Plan

Effective Marketing Objectives and Strategy

Introduction
Effective marketing achieves the firm's sales and profit targets by convincing customers to buy the
firm's products again and again

Marketing objectives
Steer the direction of the business
Decision making will be more focused ­ Increase the probability of success
Achieving the…

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o Firms with products and services that offer genuine consumer benefits will attract profit and
revenue
Competitiveness depends on: the ability to respond and adapt quickly to change in consumers taste

The characteristics of effective marketing
Identifying the target market
o Know and understand the customers within your target market…

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o Overreliance on targets and performancerelated pay can create a ruthless and dishonest
culture
o Misselling inappropriate financial products to customers can improve a bank's profitability in
the short run ­ if the unethical marketing practices are exposed, the resulting wave of bad
publicity may hit demand for the firm's…

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Small firms are quicker to adapt so when large firms head towards their market, small firms might
still be able to win the competitive war

Issues for analysis
Analyse nichemarketing in relation to price elasticity ­ buyers of nichemarket goods are likely to be
less price sensitive than consumers of…

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o Large budget ­ can implement any marketing strategy you want
However, even companies with large budgets cannot do everything as strong
advertising costs a bomb
Technology ­ long term success in marketing requires that firms keep up with changes and invest in
technology
o With ecommerce (online purchasing), firms…

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o Growth: If the product succeeds, sales increase
o Maturity phase: At some point of time, sales will stabilise and sales growth slows down
Competitors may have introduced similar products or the market may have become
saturated (amount of product provided has been maximised in the current state of the…

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The product life cycle and capacity
Link forecasted sales to plans for the firm's capacity

Cash flow and the product life cycle
Cash flow will only increase as it shifts from introduction to growth stage
Cash flow will only be positive as it shifts into the maturity stage
Careful budgeting…

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Issues for analysis
Portfolio analysis examines the position of all the firm's products and helps managers decide what to
do with each of them/ how to split marketing budget between each product ­ shows the firm's
current position within the market
o Managers must interpret their findings effectively and decide…

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Business success relies on building a distinctive market position and consumer image ­ the more
that patents, copyright and trademarks can help a firm to achieve this, the more secure it will
become compared with its rivals
In today's brandconscious and fashionconscious world, products and services are making greater
appeal…

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o Skimming
Used when the product is innovative ­ it is new and there is no competition > able to
charge premium prices
High prices help establish the product as a musthave item
Early adopters (consumers with the wealth and personality to want to be the
first to get a…

Comments

Ryan

God bless you lol

annie

amazing notes. AMAZING!! Thank you so much

SamOye

You little beauty :)

charlee chapman


perfect, a bit long but easy to cut down

srinivasa

Simply superb

CaramelMarshmellow

God Bless Your Soul *w* 

THANK YOU SO MUCH

Shay7

Thank you so much for sharing a brilliant resource.

Kylea914

You have saved my life dude

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