Market Plan 0.0 / 5 ? Business StudiesMarketing and competitive environmentsA2/A-levelAQA Created by: Georgew298Created on: 10-04-16 16:53 What are marketing plans? A statement about the current position of the business and future strategies & tactics 1 of 9 Main components SWOT, Sales forecasting, SMART, marketing strategy, marketing budgets, marketing tactics & control/review 2 of 9 Internal influences of marketing plans Corporate objective, finance available, operations & HRM 3 of 9 External influences Competition, PESTLE, market factors & suppliers 4 of 9 What is a marketing budget? The amount of money a firm allocates to spend on marketing activities 5 of 9 Main methods of setting budget The marketing objective, zero budgeting, based on competitors, incremental 6 of 9 Influences on budget setting The nature of the market, financial resources, cost of media & potential return 7 of 9 Benefits of setting marketing budgets Clear sense of direction, motivational to staff, assess efficiency & allows for integration of functional areas 8 of 9 Drawbacks of setting marketing budgets Opportunity cost, excessive time taken, costly & control and review 9 of 9
Chapter 10: Developing and Implementing Marketing Plans 5.0 / 5 based on 1 rating Teacher recommended
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