Planning within the marketing function should follow these stages:
1. Corporate Objectives - these show the main priorities of the organisation, e.g. improve profitability by 10% over the next 2 years.
2. Marketing objectives - the marketing department or relevant managers must ensure that the marketing objectives support the achivement of the corporate objectives, e.g. to increase the market share of brand x by 20% over the next 2 years.
3. Marketing strategies - these strategies must assist the targets, e.g. to increase advertising expenditure on brand x by 15%.
4. Marketing tactics - detailed market department decisions will aslo be affected, e.g. the advertisements must be designed to appeal to the market segments that the firm is targeting.
Internal & External factors influencing the settin
- Corporate Objectives
- Human Resources
- Operational Issues
- Resources Available
- The Nature of the Project
- Market Factors
- Competitors' Actions & Performance
- Technological Change
- Economic Factors
- Political Factors
- Legal Factors