The act will be considered as Sales/Financial planning.
The process of marketing planning involves analyzing a business's environment and capabilities beyond sales, selecting strategies, and executing decisions. It is a crucial aspect of an organization's overall strategic planning process. The fundamental questions related to marketing planning serve as the foundation for understanding the decision-making and analysis required. The various phases in the marketing planning process are interconnected with these key questions to support effective decision-making and analysis.
The provided links cover two areas. Firstly, they focus on the stages of the Business mission, Marketing Audit, SWOT Analysis which aim to explain the existence of the organization, examine marketing environments including competition, customer and target markets, and assess the strengths and weaknesses of products and/or the organization. Secondly, these links also provide insights on where the organization is heade
...d by examining marketing environments, objectives, strategies and activities to identify key strategic issues/problem areas through Marketing Audit and SWOT analysis.
By exposing the strengths, weaknesses, opportunities and threats in the business environment, the SWOT Analysis impacts the establishment of marketing objectives. These objectives will act as a guide for the company.
Two kinds of goals dictate the direction of a business and its products: the strategic thrust, which charts the company's future course, and the strategic objectives, which concentrate on product development.
After defining business objectives, the next step is to establish a central approach for achieving them. This involves identifying target markets and competitors while also obtaining a competitive advantage. Following this, marketing mix decisions are made to execute the core strategy. It's crucial that both the organization and implementation of the business are designed in a way that enables effectiv
execution of this plan.
At this stage, a review is done to assess whether the marketing plan is on track and to take corrective action if necessary. This regular assessment ensures that the business and plan meet expectations. The mission statement defines the purpose of the business, including its customer groups, their needs, and the process for satisfying those needs.
By defining the competitive domain and differentiating the business from others of its kind, the concept of "what business are we in?" and "what business do we want to be in?" serve as a guide for marketing planners, while also establishing the limits for environmental scanning during marketing audit planning.
After defining objectives, the Core Strategy must be developed to attain them, which includes marketing objectives and focuses on three main components.
The process of establishing target markets and identifying competitors, while also creating a competitive advantage, is known as product-level business planning. This process links the overall business strategy to specific products offered by the company.
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