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Marketing Planning & Strategy
Transcript of Marketing Planning & Strategy
Marketing Planning & Strategy
The Marketing Strategy vs. Plan
Marketing is all about leting people know about the product or service you offer, and persuading them to buy or use it. And for effective marketing you have to let people know about your product or service repeatedly.
The marketing strategy provides the goals for your marketing plans.
A marketing plan includes factors such as deciding which customers to target and how to reach them, how to win their business and keep them happy afterwards, as well as continually reviewing and improving everything you do to stay ahead of the competition.
To do this, you're going to have to come up with both a marketing strategy and a marketing plan.
Think of the 'Marketing Strategy' as an overview of your whole marketing plan.
The marketing strategy is shaped by your overall goals.
It includes a definition of your business, a description of your products or services, a profile of your target users or clients, and defines your company's role in relationship to the competition.
The marketing plan, then, can be thought of as the practical application of your marketing strategy.
The focus of your strategy should be to communicate the benefits of your products and services and how they can meet your customers' needs. This can then help you develop a long-term and profitable relationship with them.
The MARKETING STRATEGY is a broad-based Statement of Intent – an overview of the Campaign Aims and Objectives
Aims: Think of this as a mission statement; a statement of what you would like to achieve.
i.e To Develop the 'Cultural Olympiad' brand
This is where you set yourself a number of different objectives: These would be the specific tasks you will do to achieve the Aims
Objectives must be SMART
Objectives should specify what they want to achieve.
You should be able to measure whether you are meeting the objectives or not.
Are the objectives you set, achievable and attainable?
Can you realistically achieve the objectives with the resources you have?
In response to the Creative brief, the strategy will involve a high profile, high impact, burst approach which aims to deliver a carefully managed message to a broad audience.Market research data has provided evidence of some awareness of the product but this is largely unfocused due to the lack of brand identity. The strategy will focus on the development of brand identity etc
The Format and Content of The Marketing Plan varies according to the product and situation but it will always include the following:
The Media Plan
Provides the DETAIL of how the various campaign tools and techniques will be DELIVERED or COMMUNICATED to the audience.
It will establish the DURATION of the media campaign;
The FREQUENCY of the MARKETING COMMUNICATIONS
And the PLACEMENT of each – WHERE & WHEN.
This part of the marketing plan focuses on the uniqueness of your product or service.
What are the features of your product or service?
How will your product or service benefit the customer?
P - Political and legal changes such as new regulations
E - Economic factors such as interest rates, exchange rates and consumer confidence
S - Social factors such as changing attitudes and lifestyles, and the ageing population
T - Technological factors such as new materials and growing use of the interne
You should think PEST when identifying your Opportunities & Threats
TARGET MARKET/MARKET RESEARCH DATA
BUDGET – (expenses ,sales tactics, management responsibilities, promotions – Media & PR)
ACTION PLAN - Implementation
The message that you want to send to your targeted audience and how.
Sales / Product Promotion
Marketing Materials - brochures / pamphlets
Special events, including community involvement
Getting and using testimonials/endorsements