8.2.1 Planning the marketing strategy
Definition A marketing strategy is a long-term plan to achieve the business's marketing objectives, setting out the target markets and the marketing mix to be used.
A marketing plan is a detailed document setting out the marketing objectives, the resources and research behind them, and the marketing mix and actions to achieve them, with timescales and budgets.
The contents of a marketing plan
| Section | Contents |
|---|
| Objectives | SMART marketing objectives derived from corporate objectives (e.g. raise market share from 8% to 12% in three years) |
| Resources | The marketing budget, staff and other resources available; how they will be allocated |
| Research | Market analysis: size, growth, segments, competitors, customers; SWOT and PEST (Topic 6.2) |
| Marketing mix | Product, price, promotion and place decisions for each target segment, coordinated with each other |
| Timescales and controls | When each action will happen; how success will be measured and reviewed |
Benefits and limitations of marketing planning
| Benefits | Limitations |
|---|
| Forces careful analysis of the market and competitors | Time-consuming and costly to produce |
| Coordinates marketing activities and links them to corporate objectives | Based on forecasts that may prove wrong |
| Helps secure budgets and finance; supports coordination with other departments | Can become rigid — the business may fail to respond to sudden market changes |
| Provides targets against which results can be measured | Plans may be ignored once written unless regularly reviewed |
🔒 Also in the full notes
- 8.2.2 Approaches to marketing strategy
- 8.2.3 Strategies for international marketing
- Exam practice: 4 practice questions
- 2 exemplar answers with full model answers and mark breakdowns
- Where students commonly lose marks
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