Chapter 2, “Strategic Planning for Competitive Advantage” is paramount when comes to information for the lay business person who is trying to perpetuate their business in the marketing arena. Exhibit 2.1 Elements of Marketing Plan, shows you step by step how to prepare a plan. I truly believe that all businesses should develop a Marketing Plan in order for the product or service to be fully successfully and competitive in today’s fast pace world. Here is the layout of the plan itself as outlined in the book.
- Business
Mission
Statement - Objectives
- Situation or SWOT Analysis
- Marketing Strategy encompasses two different fields of strategy. Targeting Marketing & Marketing Mix. Marketing Mix is then subdivided into four groups.
- Product
- Promotion
- Distribution
- Price
- Implementation Evaluation Control is the final step in the Marketing plan.
Let’s explore and explain each step somewhat for this text.
Business Mission Statement answers the question of what business are you in.
Objectives touch on tells the audience what is to be accomplished through marketing the business.
SWOT identifies internal strengths, weaknesses, opportunities, and lastly strengths of the business.
Marketing Strategy encompasses and details market penetration, market development, product development, and diversification. Finally, Implementation is apply all of the resource and development of the marketing plan into reality with a time frame and goal at accomplishing a certain percent of the market share in your product field or service. http://www.abanet.org/lpm/lpt/articles/mkt06041.html,
http://www.buzzle.com/editorials/9-22-2005-77341.asp, http://ezinearticles.com/?Marketing-Events:-7-Keys-to-Timing&id=329485.
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