Developing and implementing marketing plans
Marketing plans are the written details of the activities to be used to carry out the market strategy.
The marketing plan will include: A description of all activites, time frame and reasons justifiying each action
the range of actions taken by a business in order to achieve its goals are known as a marketing plan objectives set by the marketing functino are designed to fit the overall company direction and should reflect the other objective of functional areas.
Swot analysis is an assesment of a firms current position in terms of strengths, weaknesses, opportunities and threats.
Situation anaylsis - An analysis of the business, its customers, competitors and the market environment.
It builds on SWOT anaylsis and market research to create a picture of the businesses situation.
Budgets control money spent on activities. spending should be in relation to SMART targets, the size of the marketing budget may depend on:
- how much competitors are spending on marketing
- expected returns
- current financial position of business
Marketing tactics are used to implement strategies, it is the marketing mix activities (place, price,promotion, product) undertaken to achieve a chosen marketing strategy.