Business Strategy/Marketing Plans and Strategies - Wikibooks, open books for an open world
All are interlinked with each other. We formulate or define our marketing objectives, Then we choose the available & best marketing strategies & formulates our. In fact, when people talk or write about “social media marketing” being a An objective is a measurable step you take to achieve a strategy. You use your marketing strategy to determine your goals, what the consumer's goals are, and how you can make sure to reach both objectives.
Thus, the definition of IBM's "corporate mission" in the s might well have been: The idea precedes the deed. This will be not least because its strategies will be consistent; and will be supported by its staff at all levels.
In this context, all of IBM's marketing activities were underpinned by its philosophy of "customer service"; a vision originally promoted by the charismatic Watson dynasty. The emphasis at this stage is on obtaining a complete and accurate picture.
In a single organization, however, it is likely that only a few aspects will be sufficiently important to have any significant impact on the marketing plan; but all may need to be reviewed to determine just which "are" the few.
A "traditional" - albeit product-based - format for a "brand reference book" or, indeed, a "marketing facts book" was suggested by Godley more than three decades ago: Financial data --Facts for this section will come from management accounting, costing and finance sections.
Relationship Between Strategic Planning & Marketing Strategies
Product data --From production, research and development. Sales and distribution data - Sales, packaging, distribution sections. Advertising, sales promotion, merchandising data - Information from these departments. Market data and miscellany - From market research, who would in most cases act as a source for this information.
His sources of data, however, assume the resources of a very large organization. In most organizations they would be obtained from a much smaller set of people and not a few of them would be generated by the marketing manager alone. It is apparent that a marketing audit can be a complex process, but the aim is simple: Accordingly, the best approach is to accumulate this material continuously, as and when it becomes available; since this avoids the otherwise heavy workload involved in collecting it as part of the regular, typically annual, planning process itself - when time is usually at a premium.
Even so, the first task of this "annual" process should be to check that the material held in the current "facts book" or "facts files" actually "is" comprehensive and accurate, and can form a sound basis for the marketing audit itself. The structure of the facts book will be designed to match the specific needs of the organization, but one simple format - suggested by Malcolm McDonald - may be applicable in many cases. This splits the material into three groups: The last of these is too frequently ignored.
It needs to concentrate on the 20 per cent of products or services, and on the 20 per cent of customers, which will account for 80 per cent of the volume and 80 per cent of the profit. The 7 P's can sometimes divert attention from the customer, but the framework they offer can be very useful in building the action plans.
It is only at this stage of deciding the marketing objectives that the active part of the marketing planning process begins'.
This next stage in marketing planning is indeed the key to the whole marketing process. The "marketing objectives" state just where the company intends to be; at some specific time in the future.
The Difference Between Marketing Strategies & Objectives | pdl-inc.info
James Quinn succinctly defined objectives in general as: They are essentially about the match between those "products" and "markets. They are part of the marketing strategy needed to achieve marketing objectives. To be most effective, objectives should be capable of measurement and therefore "quantifiable. An example of such a measurable marketing objective might be "to enter the market with product Y and capture 10 per cent of the market by value within one year. The marketing objectives must usually be based, above all, on the organization's financial objectives; converting these financial measurements into the related marketing measurements.
He went on to explain his view of the role of "policies," with which strategy is most often confused: Price- The amount of money needed to buy products Product- The actual product Promotion advertising - Getting the product known Placement- Where the product is located People- Represent the business Physical environment- The ambiance, mood, or tone of the environment Process- How do people obtain your product In principle, these strategies describe how the objectives will be achieved.
The 7 P's are a useful framework for deciding how the company's resources will be manipulated strategically to achieve the objectives. It should be noted, however, that they are not the only framework, and may divert attention from the real issues. The focus of the strategies must be the objectives to be achieved - not the process of planning itself. Only if it fits the needs of these objectives should you choose, as we have done, to use the framework of the 7 P's.
Though marketing strategies and objectives go hand-in-hand, the two concepts are distinct. This acronym stands for specific, measurable, achievable, realistic and time-sensitive. An example of a SMART marketing goal is to increase cereal sales by 5 percent in six months through 10 week-long product awareness campaigns held in five target cities.
Additionally, they must be synchronized with the goals of other departments, including accounting, procurement and customer service. Marketing Strategy Marketing strategies provide the detailed blueprint on how to achieve the marketing objective.
Strategies list which steps to take, specific action necessary to achieve each step and the expected timeline by which to accomplish each stage. While the management team is responsible for devising the marketing objectives, workers at the supervisory level and below are in charge of completing the actual steps. An example of a marketing strategy could be hosting a sweepstakes. Details of the strategy include determining a prize for the top five winners, establishing promotional outlets for the sweepstakes including commercials and newspaper print and writing the fine print of the rules of entry.
Relationship Without a strategy in place, the marketing objective remains an intangible fantasy.