Market Plan

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What are marketing plans?
A statement about the current position of the business and future strategies & tactics
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Main components
SWOT, Sales forecasting, SMART, marketing strategy, marketing budgets, marketing tactics & control/review
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Internal influences of marketing plans
Corporate objective, finance available, operations & HRM
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External influences
Competition, PESTLE, market factors & suppliers
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What is a marketing budget?
The amount of money a firm allocates to spend on marketing activities
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Main methods of setting budget
The marketing objective, zero budgeting, based on competitors, incremental
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Influences on budget setting
The nature of the market, financial resources, cost of media & potential return
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Benefits of setting marketing budgets
Clear sense of direction, motivational to staff, assess efficiency & allows for integration of functional areas
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Drawbacks of setting marketing budgets
Opportunity cost, excessive time taken, costly & control and review
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Other cards in this set

Card 2

Front

Main components

Back

SWOT, Sales forecasting, SMART, marketing strategy, marketing budgets, marketing tactics & control/review

Card 3

Front

Internal influences of marketing plans

Back

Preview of the front of card 3

Card 4

Front

External influences

Back

Preview of the front of card 4

Card 5

Front

What is a marketing budget?

Back

Preview of the front of card 5
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