BSB126 Lecture Notes - Lecture 2: Marketing Mix
The Marketing Plan
The marketing plan is central to organising and coordinating all of the marketing
efforts within an organisation. It aids in setting and achieving specific
organisational goals.
The marketing plan operates at two different levels:
• Strategic – focuses on the target market and value proposition
• Tactical – focus on how to execute the marketing plan with the marketing
mix in mind
The plan usually details what you want to achieve within a certain timeframe
and helps you meet your set objectives by providing you with a road map to
your accomplishments.
Overall, the marketing plan:
• Explains where the organisation/firm is currently in the market, from an
internal perspective
• Details the external market that you operate within
• Sets goals and gives realistic direction for the future
• Sets specific, realistic and measurable targets
Segmentation, Targeting and Positioning
Identifying target customers is key is developing a marketing strategy for a
business. Targeting aims to identify and understand consumers for whom the
company will focus their offering/product on. An organisation will also provide a
value proposition for the product; this will explain all of the benefits and costs of
the offering to the target market. However, by having too many freedoms when
designing the marketing mix, the target market will be too broad.
Developing a Positioning Strategy
The positioning strategy establishes a frame of reference for consumer needs
and competitive offerings. It also identifies the organisations primary reason for
their positioning choice.
Writing a Positioning Statement
To begin a positioning statement a firm must summarise the marketing strategy
that will guide all tactical decisions. It should be directed towards he target
customers, reference their needs (non-comparative positioning) and mention
how their product is superior to what is offered by competitors (comparative
positioning).
find more resources at oneclass.com
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Document Summary
The marketing plan is central to organising and coordinating all of the marketing efforts within an organisation. It aids in setting and achieving specific organisational goals. The marketing plan operates at two different levels: Strategic focuses on the target market and value proposition. Tactical focus on how to execute the marketing plan with the marketing and helps you meet your set objectives by providing you with a (cid:494)road map(cid:495) to. The plan usually details what you want to achieve within a certain timeframe mix in mind your accomplishments. Explains where the organisation/firm is currently in the market, from an internal perspective. Details the external market that you operate within. Sets goals and gives realistic direction for the future. Identifying target customers is key is developing a marketing strategy for a business. Targeting aims to identify and understand consumers for whom the company will focus their offering/product on.
