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The marketing plan identifies key opportunities, threats, weaknesses, and strengths, sets objectives, and develops an action plan to achieve marketing goals. Each section of the 4P's sets its own objective; for instance, the pricing objective might be to increase sales in a certain geographical market by pricing their own product or service ...
The marketing plan also helps layout the necessary budget and resources needed to achieve the goals stated in the marketing plan. It is able to show what the company is intended to accomplish within the budget and also makes it possible for company executives to assess potential return on the investment of marketing dollars.
Marketing strategy refers to efforts undertaken by an organization to increase its sales and achieve competitive advantage. [1] In other words, it is the method of advertising a company's products to the public through an established plan through the meticulous planning and organization of ideas, data, and information.
These are personal selling, advertising, sales promotion, direct marketing, publicity, word of mouth and may also include event marketing, exhibitions and trade shows. [2] A promotional plan specifies how much attention to pay to each of the elements in the promotional mix, and what proportion of the budget should be allocated to each element.
It is believed that there is an optimal way of allocating budgets for the different elements within the promotional mix to achieve best marketing results, and the challenge for marketers is to find the right mix of them. Activities identified as elements of the promotional mix vary, but typically include the following:
Business-to-consumer communication, also known as direct-to-consumer, is when a company directly communicates with its consumers about product details or company information. The opposite is when a consumer leaves reviews on a product (or service), which may identify how the company could improve its product. Importance of external communication
The communication skills required for successful communication are different for source and receiver. For the source, this includes the ability to express oneself or to encode the message in an accessible way. [8] Communication starts with a specific purpose and encoding skills are necessary to express this purpose in the form of a message.
Strategic communication is the purposeful use of communication by an organization to reach a specific goal. [1] Organizations like governments, corporations, NGOs and militaries seeking to communicate a concept, process, or data to satisfy their organizational or strategic goals will use strategic communication.