Oxfam Marketing Planning
Report on market planning
Whilst making marketing decisions a business must decide their method of marketing. This will then be the way in which all future marketing activities will be planned. This is marketing planning. It has a huge number of benefits for any business. It’s influenced by the strategic plans of the business and its corporate objectives. Large public limited companies such as Nestle will usually have an overall plan for the business and has set objectives which they’re able to achieve. Smaller companies within the business will then create their own marketing plans which fit in with the overall strategic plan. The business has to consider several questions before coming up with the marketing plan: * Where is the business at present? * Where does the business wish to be in the future? * How will a business achieve its objectives?
A strategic objective is an extremely defined objective that the business must achieve if it wants to make its strategy succeed. There are certain factors that must be thought out before making a strategic objective. These are: * Growth * Revenue * Survival * Social responsibility
Growth
A business must decide if it wants to expand. To be able to expand, a business must first gain enough custom and income so they can afford to open new stores and headquarters. They also need to be able to keep these new premises open and gaining money. It would be no use to put a store into an area which is maybe deprived and a low potential customer rate as they won’t gain enough profit, therefore having to close.
The growth strategy is aimed at gaining a larger market share, and it may require short-term earnings. Growth methods include diversification, product development, market penetration and market development. It’s based on investing in companies and certain sectors which are growing rapidly.
Revenue
This strategy focuses on increasing the value of a business or product. It’s done by
Whilst making marketing decisions a business must decide their method of marketing. This will then be the way in which all future marketing activities will be planned. This is marketing planning. It has a huge number of benefits for any business. It’s influenced by the strategic plans of the business and its corporate objectives. Large public limited companies such as Nestle will usually have an overall plan for the business and has set objectives which they’re able to achieve. Smaller companies within the business will then create their own marketing plans which fit in with the overall strategic plan. The business has to consider several questions before coming up with the marketing plan: * Where is the business at present? * Where does the business wish to be in the future? * How will a business achieve its objectives?
A strategic objective is an extremely defined objective that the business must achieve if it wants to make its strategy succeed. There are certain factors that must be thought out before making a strategic objective. These are: * Growth * Revenue * Survival * Social responsibility
Growth
A business must decide if it wants to expand. To be able to expand, a business must first gain enough custom and income so they can afford to open new stores and headquarters. They also need to be able to keep these new premises open and gaining money. It would be no use to put a store into an area which is maybe deprived and a low potential customer rate as they won’t gain enough profit, therefore having to close.
The growth strategy is aimed at gaining a larger market share, and it may require short-term earnings. Growth methods include diversification, product development, market penetration and market development. It’s based on investing in companies and certain sectors which are growing rapidly.
Revenue
This strategy focuses on increasing the value of a business or product. It’s done by