Many surveys have confirmed that as an important part of the overall company planning, a marketing plan needs to be carried out to segment markets, identify market position, forecast market size, and to plan a viable market share within each market segment. As a result, company resources will be used better to identify marketing opportunities; team spirit and company identify will be encouraged; and the company will move towards to achieve its corporate goals.
¡°There is no marketing equivalent of Aladdin¡¯s lamp, which can make an organisation¡¯s dream come true.¡± (McDonald, 1992:4) To set a good marketing plan, the right key elements are needed to contribute to success.
First of all, a marketing research needs to be carried out within and outside the company, which is external and internal research. ... Marketing, business and economic environment information should be collected as all of them will affect your business.
The marketing environment generally is broken into two key areas, termed the macro marketing environment and the micro marketing environment.
The macro environment provides the overall backdrop against which marketing activities take place. The key audits for macro environment is well known as a PESTLE analysis, which are Political, Economics, Socio-cultural, Technological, Legal, and Environmental. ... The key audits for micro environment includes suppliers, customers, distributors and competitors.
The importance of different aspects of the macro or micro marketing environment will vary for different companies and markets. Care should be taken when eliminating aspects of the marketing environment from the analysis. ...
A SWOT Analysis is a basic part of any marketing plan, it forces managers to consider the match between internal strengths and weaknesses and external opportunities and threats. ... There are five rules to avoid misuse and maximize the robustness of the SWOT analysis: Carefully define the scope of each particular SWOT; Understand the distinction between the SWOT elements; Strengths and weaknesses can only be viewed as such if this is how they are perceived by the customers; Be objective and use a broad base of inputs to generate the issues for the SWOT analysis; Avoid wide-ranging and ambiguous statements. This SWOT Analysis is taken from the sample marketing plan AMT, Inc.
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