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    What is the overall purpose of a marketing plan?

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    Marketers must understand the tools of their trade. Using both the textbook and Cybrary resources, research the essential marketing tools, then create a report in which you address the following questions:

    What is the overall purpose of a marketing plan?
    How do a marketing plan and strategic marketing plan fit together?
    What are some legal or ethical issues you may need to consider?
    List and describe the various components of a strategic marketing plan?. This portion of the project provides a framework for the remaining assignments in the class .

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    Solution Preview

    Hi there,

    Here is all you need to know about a marketing plan:

    A Marketing Plan is a written document that details the actions necessary to achieve a specified marketing objective(s). It can be for a product or service, a brand, or a product line. It can cover one year (referred to as an annual marketing plan), or cover up to 5 years.

    A marketing plan may be part of an overall business plan. Solid marketing strategy is the foundation of a well-written marketing plan. While a marketing plan contains a list of actions, a marketing plan without a sound strategic foundation is of little use.

    In general terms, it must:

    -describe and explain the current situation
    -specify the expected results (objectives)
    -identify the resources that will be needed (including financing, time, and skills)
    -describe the actions that will need to be taken to achieve the objective(s)
    -devise a method of monitoring results and adjusting the plan where necessary

    Practical presentation
    There are many formats for marketing plans and every company does it a little differently, but the outline that follows is a very complete format. Using this format will produce a 30 to 40 page plan. Many companies prefer an abridged format that would yield a 10 to 20 page plan.

    1. Title page
    2. Executive Summary
    3. Current Situation - Macroenvironment
    supply chain
    4. Current Situation - Market Analysis
    market definition
    market size
    market segmentation
    industry structure and strategic groupings
    Porter 5 forces analysis
    competition and market share
    competitors' strengths and weaknesses
    market trends
    5. Current Situation - Consumer Analysis
    nature of the buying decision
    buyer motivation and expectations
    loyalty segments
    6. Current Situation - Internal
    company resources
    mission statement and vision statement
    corporate objectives
    financial objective
    marketing objectives
    long term objectives
    corporate culture
    7. Summary of Situation Analysis
    external threats
    external opportunities
    internal strengths
    internal weaknesses
    key success factors in the industry
    our sustainable competitive advantage
    8. Marketing research
    information requirements
    research methodology
    research results
    9. Marketing Strategy - Product
    product mix
    product strengths and weaknesses
    perceptual mapping
    product life cycle management and new product development
    10. Brand name, brand image, and brand equity
    the augmented product
    product portfolio analysis
    B.C.G. Analysis
    contribution margin analysis
    G.E. Multi Factoral analysis
    Quality Function Deployment
    11. Marketing Strategy - Market share objectives
    by products,
    by customer segments,
    by geographical markets
    12. Marketing Strategy - Price
    pricing objectives
    pricing method (eg.: cost plus, demand based, or competitor indexing)
    pricing strategy (eg.: skimming, or penetration)
    discounts and allowances
    price elasticity and customer sensitivity
    price zoning ...