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Marketing strategy allows a firm to narrow down its visions into practical and achievable goals while Marketing management involves practical planning to implement these goals. The term higher-order planning is often used to refer to marketing strategy since this strategy helps establish the general direction for the firm while providing a ...
A marketing plan is a plan created to accomplish specific marketing objectives, outlining a company's advertising and marketing efforts for a given period, describing the current marketing position of a business, and discussing the target market and marketing mix to be used to achieve marketing goals.
Marketing objectives are typically broad-based in nature, and pertain to the general vision of the firm in the short, medium or long-term. As an example, if one pictures a group of companies (or a conglomerate ), the objective might be to increase the group's sales by 25% over a ten-year period.
A strategy describes how the ends (goals) will be achieved by the means (resources) in a given span of time. Often, Strategic planning is long term and organizational action steps are established from two to five years in the future. [2] The senior leadership of an organization is generally tasked with determining strategy.
Therefore, the first step in any advertising planning is to review to the objectives as set out in the marketing plan. This is designed to ensure that all promotional efforts, including advertising, are working towards achieving both short-term and long-term corporate and marketing goals and align with the company's values and vision. [71]
The company's mission statement or long-term strategic vision; A statement of the company's key objectives often subdivided into marketing objectives and financial objectives; The marketing strategy the business has chosen, specifying the target segments to be pursued and the competitive positioning to be achieved
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