Marketers must understand the tools of their trade. Using both the textbook and articles found in the Library's full text databases, create a report in which you address the following questions:
What is the overall purpose of a marketing plan?
List and describe the various components of a marketing strategy. (This portion of the project provides a framework for the remaining assignments in the class.)
How do a marketing plan and a marketing strategy fit together?
The overall goal of marketing is to let potential customers know about the product or service a business offers, and persuading them to buy or use it. For the marketing message to be effective, it must be expressed in front of the correct consumers repeatedly. To do this, companies need both a marketing strategy and a marketing plan (Ward, 2007).
The marketing strategy is shaped by overall business goals. It consists of a definition of the company, a description of its products and/or services, and a profile of the company's target market (potential customers). The marketing strategy also defines a company's role in relation to its competition (positioning). The marketing strategy is in essence a measure to judge the fit and effectiveness of a company's marketing plans (Ward, 2007).
The sales and marketing plans are the specific actions a company will take to achieve the goals of your marketing strategy. The marketing plan, in other words, is the practical application of the marketing strategy. The marketing plan includes details about the company's unique value proposition, pricing strategy, the sales and distribution plan and the company's plans for advertising and promoting its products and services (Ward, 2007).
Since the marketing strategy forms the basis of the marketing plan, there can be no marketing plan without a marketing strategy. A marketing plan that is not supported by a marketing strategy will most certainly fail because the marketing ...
This is a discussion of how a marketing plan and a marketing strategy fit together and the various components of a marketing strategy.