edf40wrjww2CF_PaperMaster:Desc
Companies then must have objectives that tell the company where it should be heading, i.e., give it further direction. Objectives are often in terms of return on investment (ROI), market share, and/or profit. The next step is to have a strategy. As you know, developing a marketing strategy involves two steps: (1) selecting a target market and (2) developing the best marketing mix (the 4 P’s) to satisfy this target. Finally, the tactics are much more specific and provide more precise details about such matters as, say: where should I advertise? When should I run the ads? How will I get distribution in certain types of stores? etc. In effect, the tactics describe how to achieve the strategies. Resources that are required to implement the tactics are budgeted. Companies should analyze and track what their competitors are doing. It is important to know the strengths, weaknesses, objectives, and strategies of the competition. The marketing plan is an important document used by companies for planning. It is a road map and surveys the business environment, describes problems, threats and opportunities in the industry, contains a marketing strategy, and has financial projections/budgets. Do not confuse a marketing plan with a business plan. A marketing plan is concerned more with strategy whereas a business plan is more concerned with financial information. The primary purpose of a business plan is to raise money from venture capitalists or bankers; the primary purpose of a marketing plan is to provide direction for a company. The marketing plan is an integral part of the business plan. Contents of the Marketing Plan
*
I.* Executive Summary and Table of Contents*
**The market ...