SWOT (Strengths, Weaknesses, Opportunities and Threats Analysis): Identify and focus on the internal factors (strengths and weaknesses) and external factors (opportunities and thre
1.SWOT (Strengths, Weaknesses, Opportunities and Threats Analysis): Identify and focus on the internal factors (strengths and weaknesses) and external factors (opportunities and threats) derived from the preceding situation analysis that give advantages and disadvantages to the product and firm. At the conclusion of the SWOT, the focus of the marketing plan is to address the strategic focus and competitive advantages to be leveraged in the strategy. Match the strengths with market opportunities to create value for the customers identified in the STP processes.
2.Marketing Goals and Objectives: Marketing goals and objectives are formal statements of the desired and expected outcomes resulting from the marketing plan. Goals are broad, simple statements of what will be accomplished through the marketing strategy. The goals guide the development of objectives and provide direction for resource allocation decisions.
Marketing objectives are specific and are stated in quantitative terms that permit precise measurement. This section should set the performance targets that the firm seeks to achieve and how the progress will be measured. The section is strengthened with forecasts for the short and long-term (5 years) generally with graphs or tables in the appendix. Examples of typical goals during different stages of the PLC are in Chapter 9, others are in Chapter 11, and throughout the text relative to various market growth, penetration, profitability, and many other approaches.
3.Marketing Strategy: This section outlines how the firm will achieve its marketing objectives. Selecting and analyzing target markets and creating and maintaining an appropriate marketing program (product, distribution, promotion, and price) to satisfy the needs of those target markets. Again use subheadings. It is at this level where the firm will define how it will gain a competitive advantage by doing something better than the competition: Its products must be of higher quality than competitive offerings, its prices must be consistent with the level of quality (value), its distribution methods must be as efficient as possible, and its promotions must be more effective in communication with target customers. This is specific to the product or service and is not an overall business plan goal and objectives for the firm. These are market plan goals and objectives for a specific product/brand or service/brand.
Requirements: 9pages
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